This year has been one for the books. In addition to how it has changed everyday life for most, the pandemic’s impact on taxes has been far reaching. New legislation, such as the "Families First Coronavirus Response Act" and the "Coronavirus Aid, Relief, and Economic Security Act," enacted tax changes and other programs, including the Paycheck Protection Program, to help employers and other taxpayers weather the uncertainty. Now more than ever, the tax changes designed to help taxpayers increase cash flow can make a big difference.
Additionally, the 2020 presidential election presents big questions on taxes for voters. Significant changes in tax law could be on the horizon, depending on which way the election goes. Crowe has tracked candidates’ tax proposals in presidential elections for the past decade and is here to help you understand the tax possibilities from the election as well as from all recent tax legislation.
Navigating the current landscape can be tricky and confusing. It is important to stay on top of all the fast-moving law changes of past six months and to remain prepared for the possible changes in the near future. Crowe was at the forefront of assisting clients from the first days of the pandemic, and we will continue to be here to help you meet your challenges and successes of tomorrow.