Tax Strategy: More than the usual year-end tax planning

October 30, 2020

By Mark A. Luscombe, Accounting Today

Year-end tax planning for 2020 involves several new wrinkles, in addition to the usual strategies. The Treasury Department and the Internal Revenue Service continued a significant flow of guidance with respect to the Tax Cuts and Jobs Act in 2020. Most of the new tax legislation was related to COVID-19 relief, and frequently expires at the end of 2020. Those pesky regularly expiring provisions are also expiring once again at the end of 2020.

Add to this that the COVID relief often involves the ability to amend prior years’ tax returns for even greater and more immediate relief, and you have much to think about for year-end planning. The year 2020 is also an election year, which could affect the tax law in various ways in future years.

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