New Form PF Requirement & Need For ‘Institutional Readiness’
New Form PF Requirement Underlines The Need For ‘Institu
2020 tax planning strategies have been difficult to advise. The COVID-19 pandemic made 2020 a year of uncertainty. To top it off the election results, on January 5, 2021 for run off senate seats in Georgia, may bring future tax changes. Before the close of the tax year there are effective steps to take now to save on your income taxes. These strategies can help for current and future returns, maximize retirement funds, reduce future estate taxes, and aid in cash flow management.
Firstly, the Coronavirus Aid, Relief, and Economic Security, CARES, Act made changes for both individuals and businesses.
Secondly, Setting Every Community Up for Retirement Enhancement, SECURE, Act also made change.
Thirdly, the TCJA brought many changes to individuals and businesses.
Changes for individuals includes:
Business changes include:
For this unusual year 2020 tax planning strategies we advise clients to be aware of the tax uncertainty that is possible. The uncertainty with a new president in office and the senate status left unknown may cause higher tax rates in the coming years than for tax year 2020. Here are other actions to take in order to reduce 2020 tax liabilities.
These planning moves should be made by year-end to achieve maximum overall tax savings for 2020 and later tax years. Please reach out to us before the year end to see how we can help you!
New Form PF Requirement Underlines The Need For ‘Institu
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