Taxpayers should be able to approach year-end tax planning for 2019 with more confidence than last year.
Tax reform made 2018 a particularly difficult year as taxpayers and the Internal Revenue Service (IRS) raced to contend with sweeping changes. But, with the dust settling and significant IRS guidance available, taxpayers can approach the end of the year with more certainty.
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To help individuals and businesses prepare for filing season now that tax reform has taken shape, Grant Thornton LLP has released a collection of year-end tax tips for 2019.
“The changes brought on by historic tax reform in 2017 are starting to come into focus for most people and businesses,” said Dustin Stamper, managing director in Grant Thornton Washington National Tax Office. “Tax reform upends a lot of traditional tax planning, so it’s important to revisit the usual year-end strategy.”
Stamper continued by stressing the need to take action now that tax reform has come to fruition. “A ‘wait and see’ approach to tax planning is no longer a viable option for taxpayers. Businesses and individuals alike have now seen tax reform play out, and they must adjust their tax planning in response. Limits on popular deductions like state and local taxes present challenges, but there are also new opportunities to employ transfer tax planning and defer capital gains with targeted investments.”
Grant Thornton LLP (Grant Thornton) is the U.S. member firm of Grant Thornton International Ltd, one of the world’s leading organizations of independent audit, tax and advisory firms.
Grant Thornton, which has revenues in excess of $1.9 billion and operates more than 50 offices, works with a broad range of dynamic publicly and privately held companies, government agencies, financial institutions, and civic and religious organizations.
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