More than the usual year-end tax planning

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.

Original Article Posted at : https://www.accountingtoday.com/opinion/more-than-the-usual-year-end-tax-planning