United States

2020 year end tax considerations for businesses

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RSM US LLP’s 2020 year-end tax guide reflects the tax considerations and developments that we believe may create risk or opportunity for businesses in 2020 and beyond. It is not a holistic list of all tax issues that may affect your business, but it is designed to help you make informed decisions related to year-end tax planning.

This year has brought unprecedented challenges and major disruptions for businesses as they deal with the COVID-19 pandemic, the resulting economic crisis and political crisis. In response, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act that included significant tax law changes designed to provide liquidity to taxpayers. Additionally, the IRS and U.S. Treasury continue to release a considerable amount of guidance related to the Tax Cuts and Jobs Act (TCJA), enacted in December of 2017.

As year-end approaches, companies must carefully consider the tax planning opportunities that exist in light of the uncertainty regarding the economy and the outcome of the presidential election, along with the evolving nature of the tax laws and regulations.

Within the guide you will find guidance on:

  • Accounting methods and credits
  • Excise taxes
  • Compensation and benefits
  • Corporate and transactional considerations
  • International tax issues
  • Considerations for pass-through entities
  • State and local tax topics

This year-end guide can help companies make informed decisions related to year-end tax planning. In a year with many complexities, challenges and unknowns, planning becomes all the more important.

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