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).
The agency proposed changes in December to how customer relationships affect the definition of brokered funds, which has big implications for banks that are not well capitalized.
Mastercard has increased the contactless payment limit to CA$250 across Canada to provide consumers with a safer way to pay during the coronavirus pandemic.
Bonnie Sinnock is National Mortgage News' Capital Markets Editor at Arizent and has worked for NMN and affiliated publications since 1995. Her previous roles have included assisting in the coordination of origination coverage, technology reporting and chronicling cross-border issues.
Bonnie currently edits and writes about mortgage capital markets topics that include servicing, acquisitions, industry funding sources, securitization and other secondary market sales. Secondary market topics covered include two government-sponsored enterprise loan buyers that the U.S. has been considering spinning off part of in a new and potentially groundbreaking initial public offering.
She also has contributed articles to multiple award-winning Arizent series, including:
- Election Coverage (Finalist, Neal Awards 2025), for her 2024 reporting on the likelihood Fannie Mae and Freddie Mac reform in the second Trump administration
- Online Single-Topic Coverage by a Team (American Society of Business Editors, Regional Bronze 2023), for participating in group reporting about industry layoffs.
- Online Breaking News Coverage (Regional Bronze, Azbees 2021) for contributing to a package of stories on about the initial impact of the pandemic on the mortgage market
- Best News Coverage (Neals 2016) for one of the articles in a package delving into multiple aspects of the transformative TILA/RESPA Integrated Disclosure rule
Other journalistic accomplishments and designations include:
- New York Financial Writers Association member
- Reporter for the NonProfit Times, the Courier News, and the Los Angeles Independent
- Published articles in the Los Angeles Times and the Saginaw News
- Bachelor of Science in Journalism degree from Northwestern University
Twitter: @bcynic
“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.
