With the spread of the COVID-19 pandemic throughout the United States and around the world, 2020 has been an unprecedented year, leaving many of us wondering about finances and potential tax ramifications.
By ISHAAN ANAND
The legislative changes we’ve seen so far this year have been record-breaking. The Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security (CARES) Act were signed in March and made significant changes to tax and employment law for American individuals and businesses.
Ensuring the orderly transfer of one’s estate and assets after death is an important responsibility. This often results in the creation of an estate plan that identifies potential tax issues, explores tax-saving strategies, and implements them over time.
Before meeting with your tax accountant, it’s essential to review a list of required items necessary to complete the filing. While each taxpayer is different, both individual and business, there are standard items required for each to prepare the returns.
By Klatzkin Tax Team
The end of the year is a time of review and evaluation for many business owners. It’s an excellent time to review company sales performance, new product/service development, customer retention, and production efficiency.
