2020 Year-End Tax Planning Update

The 2020 tax year has certainly been unique with its challenges, legislative changes, and political strife. The pandemic has added an additional layer of complexity to our typical year-end tax planning. At HBK CPAs & Consultants, we want to ensure that our clients and colleagues are aware of the many changes that have occurred over the past year, and how these changes may impact their tax situation.

Some of the changes that this year-end planning letter will address center around the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Setting Every Community Up for Retirement Enhancement (SECURE) Act, and the interaction these acts may have with the changes from the Tax Cuts and Jobs Act (TCJA) of 2017. While many questions still exist, the IRS has issued key guidance on many tax provisions that have helped provide clarity.