Year-End Tax Letter 2020

Year-End Tax Letter 2020

December 10, 2020
By Tonneson
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We are pleased to provide you with this 2020 year-end tax letter outlining important guidelines for compliance with federal and state rules of taxation and reporting requirements. The letter contains useful information regarding some of the more significant changes to the tax code from the Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020, the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, and the Tax Cuts and Jobs Act of 2017. It also contains 2020 and 2021 payroll tax requirements, employee benefits reporting, informational return filing requirements, and other information for tax planning.

Please note that this letter is designed to provide an overview of selected tax rules that we believe to be of interest to our clients. Tax rules are very complex and can be subject to interpretation. There are many special rules and exceptions that have not been addressed. In addition, the contents of the letter are subject to change as new tax laws are passed. We will do our best to keep you updated as new information becomes available.

The Covid-19 pandemic has made this a difficult and trying year. We want to express our utmost appreciation and respect for all front-line workers and service men and women who continue to protect and serve our communities. We hope you and your families stay safe and healthy as we press on through this challenging time.