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.

With 2019 coming to a close, individuals and businesses may still benefit from several tax savings strategies. At HBK CPAs & Consultants, we want to ensure that our clients and colleagues are aware of the many opportunities still available and applicable even this late in the year.

Year-end planning for 2019 remains complicated by the various changes to the tax code under the Tax Cuts and Jobs Act (TCJA). Fortunately, the IRS has issued key guidance on some important areas throughout the year that have helped to address many areas of uncertainty following the implementation of the TCJA. However, several questions still linger as 2019 nears its end.