Don Farmer's 2020 Tax Update will get you up to speed on the avalanche of tax changes first effective in 2020!
2020 has been a most unusual year! Not only because of COVID-19, but also for the volume of tax changes first effective for 2020.
The Consolidated Appropriations Act was signed on December 20, 2019 and contains more than 25 retirement plan changes. Then came the Families First Coronavirus Response Act on March 18, 2020 providing employers credits for payments of Sick Leave or Family Leave. Then the CARES Act signed on March 27, 2020 providing Economic Impact Payments to individuals and relief to businesses.
Almost all these new law provisions are first effective for 2020. In addition, the IRS has issued important regulations and other guidance during 2020.
The following are just some of the topics Don will review in his upcoming Tax Update:
• PPP Loan Forgiveness Including IFRs & FAQs
• Contributing to IRAs After 70 ½
• Changes to Rules For QCDs From IRAs
• Waiver of 2020 RMDs
• 10-Year Payout Requirements for IRAs and Qualified Plans at Death
• Penalty-Free Withdraws From IRA or Other Retirement Plan for Birth or Adoption of a Child
• Coronavirus-Related Distributions From IRAs and Qualified Retirement Plans
• 100% of AGI Limit for Charitable Contributions
• 50% Employee Retention Credit
• Deferral of Employer Payroll Tax Deposits
• Sick Leave and Family Leave Credits
• 5-Year NOL Carrybacks
• Proposed Regs on Using Cash Method, etc., if Gross Receipts $25/$26 Million or Less Including Definition of “Tax Shelter”
• §168(k) Deduction for QIP & Final 168(k) Regs
• Increased Business Interest Expense Deduction Limit and Final §163(j) Regs
• Deductions on Termination of Estate or Trust
• Final Qualified Opportunity Fund Regs
• Final Meal and Entertainment Deduction Regs
Thank you to our sponsors:
Jewish Tuition Organization
Arizona Community Foundation
Catholic Education Arizona
Sponsorship opportunities are available. For details, contact Heidi Frei, MBA, ABC, Director of Marketing at (602) 324-4743 or at firstname.lastname@example.org
Don Farmer CPA PA More With This Vendor
Individuals having one or more Tax Seasons and a general understanding of individual, corporate and business income taxation who are involved in the preparation and/or review of individual, corporate and business income tax returns or who provide tax planning advice to individuals and businesses.
Don Farmer is the President of Don Farmer, CPA, PA.
Don was formerly a Tax Partner with Deloitte & Touche in charge of the tax practice for their five Western North Carolina offices.
In 1984, he resigned his position as Partner and created Don Farmer, CPA, PA in order to devote most of his time to writing and lecturing. He also consults with other CPAs across the country concerning tax matters.
Each year, Don authors and presents CPE programs across the United States. He has made presentations in over forty states and has received discussion leader awards from various states and from the AICPA. He also authors a tax newsletter “Don Farmer’s Federal Tax Newsletter”.