We thought we knew what was in store for 2020 – continued regulatory interpretation and clarifications around tax reform, and education for individuals and business owners on the tax and retirement planning changes passed as part of the SECURE Act in December 2019.
Just three months into the year, we were confronted with an unprecedented event: a global pandemic that ground the economy to a halt and provoked historic levels of government intervention and fiscal stimulus. Faced with this upended reality, some businesses and organizations struggled to maintain financial footing as others tapped into new levels of demand.
The pace of tax-related legislative and regulatory changes in recent years has been rapid and transformative. The tax code has been altered in key ways and many traditional practices are now a thing of the past. The 2020 Year-End Tax Planning Guide is intended to provide an overview of timeless tax advice as well as an update on new provisions and opportunities. We hope you’ll find it to be a reliable resource during a time of tumult, and use it to spur conversations with your RKL advisor as you move through year-end planning and prepare for 2021.