2020 year end tax considerations for businesses

GUIDE | October 15, 2020

Authored by RSM US LLP

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.

This article was written by Patti Burquest, Anne Bushman, Nick Passini and originally appeared on Oct 15, 2020.
2022 RSM US LLP. All rights reserved.

The information contained herein is general in nature and based on authorities that are subject to change. RSM US LLP guarantees neither the accuracy nor completeness of any information and is not responsible for any errors or omissions, or for results obtained by others as a result of reliance upon such information. RSM US LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect information contained herein. This publication does not, and is not intended to, provide legal, tax or accounting advice, and readers should consult their tax advisors concerning the application of tax laws to their particular situations. This analysis is not tax advice and is not intended or written to be used, and cannot be used, for purposes of avoiding tax penalties that may be imposed on any taxpayer.

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