Factors for individuals & businesses to keep in mind during times of uncertainty
2020 has been nothing short of eventful and filled with great amounts of uncertainty that we do not foresee slowing down any time soon as we head into an election. With financial and tax planning in mind, there are some unknowns specific to individuals and businesses that require further clarification to make decisions.
As an individual, there are a flurry of questions surrounding the SECURE Act and retirement plans, the CARES Act impact on IRAs, estate planning and gifting, investment planning, and more. From a business perspective, there are strategic planning elements in limbo, including annual financial initiatives that have been put on hold; therefore, creating more change ahead, whether that be accounting methods, capturing inventory and receivable write offs, tax incentives, and more.
Now, more than ever, it is necessary to start considering 2020 tax planning and the possible implications as an individual or business to better prepare for year-end tax planning.
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