2020 Marcum Year-End Tax Guide Reviews Impacts of COVID and Planning Strategies for 2021
(New York City, NY) – Marcum LLP today released its 2020 Year-End Tax Guide, reviewing the impacts of the COVID-19 pandemic on individual and business taxpayers and outlining tax strategies for consideration before the end of this year and looking ahead to 2021.
The 88-page report’s nearly two dozen articles cover topics ranging from the Paycheck Protection Program and gift and estate tax planning opportunities, to nonprofit stimulus and international taxation.
“This tax guide is a roadmap to many of the changes brought about by new governmental policies directed at COVID-19, not the least of which is the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Due to the magnitude of the legislation, this guide serves as a summary of highlights, covering many of the top-level issues and opportunities in the country’s economic recovery efforts. The outcome of the 2020 Presidential and Congressional election, no doubt, will bring additional changes. As always, Marcum will remain vigilant about how these changes may affect regulations, create new planning opportunities, or impact our clients in other ways,” said Joseph Perry, national leader of Marcum’s Tax & Business Services Division.
“The Treasury Department and the Internal Revenue Service were involved throughout the year with interpreting and providing guidance on certain areas of tax law under the Tax Cuts and Jobs Act (TCJA). However, as a result of the COVID-19 pandemic, the Service had to deal with a new reality and develop rules under the massive pieces of legislation passed by Congress and numerous Executive Orders signed by the President to provide relief to affected taxpayers. Marcum’s professionals remain up-to-date on the latest developments to ensure our clients receive the most current information and advisement pertinent to their specific needs and circumstances,” said Tax Partner Diane Giordano, editor of the Marcum tax guide.