It has become a cliché in 2020, but what word other than “unprecedented” can be used to
describe the events we’ve experienced this year? During such times, tax planning is far from
top of mind. But it’s still important. Smart tax planning can provide much-needed financial
relief to individuals and businesses that need it.
To take advantage of all available breaks, you need to be aware of some major changes under this year’s
Coronavirus Aid, Relief and Economic Security (CARES) Act and last year’s Setting Every Community
Up for Retirement Enhancement (SECURE) Act. You also can’t forget about the massive Tax Cuts and
Jobs Act (TCJA) that generally went into effect two years ago but still impacts tax planning. Plus, it’s
possible that there could be more tax law changes before year end — or that the potential for changes
next year could affect 2020 planning.
This guide provides an overview of some of the most significant tax law changes going into effect this
year and other key tax provisions you need to be aware of. It offers a variety of strategies for minimizing
your taxes in the current tax environment. Use it to work closely with your tax advisor to identify the
best strategies for your particular situation. He or she also can keep you apprised of any new tax law
developments that might affect you
This article is intended for educational purposes only and is not a substitute for obtaining competent accounting, tax, legal, or financial advice from a certified public accountant, attorney, or other business advisors. You should not act upon any of the information in this article without first seeking qualified professional guidance from your business advisors on your specific circumstances. The information presented should not be construed as advice or guidance from BFBA.