When you were doing your personal tax planning a year ago, you probably didn’t expect a pandemic. Now it’s time to start preparing your 2020 tax returns and planning for 2021. And much has changed. Are you ready?
In this edition of Privately Speaking, we highlight some of the key tax changes that occurred in 2020 and provide some advice to help individuals and private company owners enhance their returns and plan for the year ahead.
Last year, taxpayers were busy processing the impacts of the Tax Cuts and Jobs Act, which compared to this year, seems easy. Now, taxpayers must consider the complexities and opportunities from the CARES Act and rapidly evolve their businesses to survive, and do so with the uncertainty of potential tax legislation in 2021. Rarely has tax planning been so complex and important to businesses and their individual owners. —Brad Sprong, National Tax Leader, KPMG Private Enterprise
Privately Speaking Series
Privately Speaking tackles the issues that privately-held entities, including private equity- and venture capital-backed companies, care about most. In each edition, we share insights, as well as practical, actionable tips to help boards and executive management grow, strengthen, and transition their privately-held businesses.
Whether your company is starting out and growing or strengthening and transitioning, this series promises to explore ways to help companies be successful at any stage of the business lifecycle.