The upcoming election will play a crucial role in determining what types of tax planning might be in store for firms and their clients heading into 2021. Many of the COVID-19 relief provisions and tax extenders expire at the end of the year, which means there are many questions still unanswered.
Join us for a 60 minute presentation led by Mark Luscombe, J.D., LL.M., CPA and Principal Analyst for Wolters Kluwer Tax & Accounting and Chuck Moss, Solutions Architect for Wolters Kluwer Tax & Accounting as they delve into some of the tax planning scenarios for 2021. Luscombe is the senior tax expert on the editorial and analyst staff, and is a key member of the Tax Legislation team that tracks, reports and analyzes tax legislation before Congress. Topics Mark and Chuck will discuss include:
- Businesses will have to deal with the new payroll tax credits and deferrals, and consider the new net operating loss carryback options. They’ll also have to address the modifications to the business interest deduction limits and the several elections that the IRS has created.
- Individuals will have the new recovery rebate credit related to the economic stimulus payments, the new above-the-line charitable deduction and expanded charitable itemized deduction, and retirement plan changes from both the SECURE Act and the CARES Act.
- Kiddie Tax relief and disaster relief provisions.
- Tips for using tax planning activities to uncover opportunities for more valuable client services.
