2019 Financial Services Year-End Tax Planning Alert

The Tax Cuts and Jobs Act of 2017 (TCJA) made sweeping changes to income taxation, estate and gift taxation and international taxation. In the year since enactment, the Internal Revenue Service has provided guidance in many areas, some of which still require further clarification. However, there are still many sections of the newly passed law where no clarity has yet been received. This has created many challenges for individuals, businesses and tax professionals in addressing certain tax issues.

Every year, along with Thanksgiving turkey and the ensuing holiday celebrations, comes the time for year-end tax planning. The sooner that one focuses on their tax situation and the available tax planning opportunities, the more likely you are to put yourself in a better tax position. We know that the changes under the TCJA as well as additional changes that may occur as a result of the 2020 elections may be weighing heavily on your mind. While we cannot predict the future, we can assist you with your tax planning.

As we continue to monitor the prospects of regulations, guidance and potential new tax reform and as year-end approaches, you should consider the following opportunities as you review your tax picture. However, before taking action with any of these suggested planning ideas and opportunities, taxpayers should completely analyze the proposed transaction(s) and alternative outcomes.

Click here to read this year’s tax planning update. Please contact your Anchin Relationship Partner or George Teixeira at 212.840.3456 should you have any questions on year-end tax planning.