Accounting firms Crowe LLP and BKD LLP released year-end tax-planning guides Wednesday, during a time of great uncertainty over future tax changes in the midst of the novel coronavirus pandemic and the upcoming election.
Crowe’s Tax Planning: 2020 Year-End Guide discusses a number of issues, including recent legislation passed in Congress in response to COVID-19, such as the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).
Rachel Schwab is director of product at FP Alpha. Previously, she served as product manager, advice technology at Vanguard.
Dan Astrachan is CEO of Bridgepoint Alliance, an accounting and advisory platform built to help entrepreneurial firms grow while preserving their team, culture, client relationships, and local identity. Bridgepoint launched in partnership with CRR Advisors, a Massachusetts-based accounting and advisory firm that has served business owners, executives, and individuals for over 30 years.
Georgina Bulkeley serves as a Managing Director of Global Financial Services and an Industry Leader at Google Cloud. In her role, Georgina works with Banking, Insurance and Capital Markets clients around the world and regularly acts as a spokesperson for Google Cloud.
Georgina brings more than 24 years of experience in the Financial Services Industry. She most recently served as the Chief Operating Officer at NatWest Retail Bank, having previously been the Director of Risk and Compliance and the Head of Financial Strategy. While at NatWest she delivered a number of award-winning Banking innovations in the areas of Voice Banking and Biometric Debit and Credit cards. Prior to NatWest, Georgina was the Director of Structured Finance at Standard Life Investments and she started her career at Goldman Sachs in the Investment Banking and Capital Markets Divisions. She has also served as a Board Member at both FreeAgent, the award-winning Cloud based SME accounting platform and the Edinburgh Sculpture Workshop.
Georgina holds an LLB in Law from Durham University and Diplomas from Oxford University, London Business School and Singularity University in Silicon Valley. She is also a Fellow of the Salzburg Global Finance Forum, an Associate at the Edinburgh Futures Institute and a mentor on the FTSE100 Mentoring Foundation Executive Programme.
“Navigating the current landscape can be tricky and confusing,” said Gary Fox, managing partner of tax services at Crowe, in a statement. “It is important to stay on top of all the fast-moving law changes of the past six months and to remain prepared for the possible changes in the near future.”
Other topics include standard deductions vs. itemizing, state and local tax deductions, home-related breaks and tax-advantaged saving for health care. The guide also covers family-oriented tax breaks such as child, dependent and adoption credits, dependent care breaks, the “kiddie tax,” Section 529 plans, education savings accounts and Achieving a Better Life Experience (ABLE) accounts.
The Crowe guide also covers investor issues, such as capital gains taxes and timing, being tax-smart with losses, mutual funds, income investments and 3.8 percent net investment income tax. Business-related tax topics include business structure, Section 199A deductions for pass-through businesses, projecting income, depreciation, vehicle-related depreciation, meals, entertainment and transportation, employee benefits, tax credits and the self-employed.
Retirement tax topics include 401(k)s and other employer plans, more tax-deferred options, Roth alternatives, early withdrawals, required minimum distributions, IRA donations to charity and the Setting Every Community Up for Retirement Enhancement Act (SECURE Act).
Estate-planning topics in the guide include estate taxes, gift taxes, the generation-skipping transfer (GST) tax, state taxes, exemption portability and tax-smart giving.
The Crowe guide also covers income tax rates for individuals, corporations and estates and trusts.
The BKD Year-End Tax Advisor aims to help businesses and individuals with their year-end planning decisions and the development of an effective tax strategy, given the recent changes in requirements, updated regulations and new tax laws this year.
“2020 has been a year like no other, with the COVID-19 pandemic affecting each of our lives, businesses and communities in ways many of us have never experienced,” said BKD director of tax quality control Jesse Palmer in a statement. “Solid tax planning is probably more important than it’s ever been before as you work to create a healthy financial future for yourself and your business.”
The BKD Year-End Tax Advisor includes reminders for the year ahead. More than a dozen contributors have written 18 articles for the guide, including discussions of how COVID-19 has affected various industries, charitable giving and information-reporting reminders.
