We expect 2020 to be one of the most crucial years for tax planning due to the COVID pandemic in addition to the unusual fluctuations in business income, expenses and payroll.
The material tax implications that will arise from PPP and EIDL loans and the many changes to the tax law that were imbedded into the CARES Act and SECURE Act will provide significant opportunities for tax minimization thru thoughtful timely tax planning.
It will be essential for businesses to get current in order to assure that there is time for tax planning and projections for 2020 and 2021. As such, SJG strongly suggests that businesses get their accounting, financial statements and forecasts up-to-date so that there is ample opportunity for income tax projections, planning, and implementation of recommended action steps before year end.
Read 20 Million Benefits of Tax Planning for examples of tax savings we have helped our clients realize and past strategies utilized.
Tax planning for 2020 should consider old and new opportunities for tax minimization. Some of these include:
- Considering Utilization of Expanded Depreciation Methods and Cost Segregation Studies
- Implementing Changes to Retirement Plans to Capture New and Expanded Tax Credits
Developing strategies that are tailored to the taxpayer is an area where SJG excels and that truly differentiates us from other “tax preparers.” Please reach out to our team as soon as possible so we have ample time to help you prepare to maximize opportunities for this year and into the future.