Important Tax Strategies for a Transitional and Untraditional
Year-End
First and foremost, we hope that you, your family and all of
your loved ones are remaining safe and healthy during this
incredibly difficult year, which has been challenging on many
different levels. While achieving tax savings is an important
financial goal, 2020 has certainly emphasized how secondary or even
tertiary of a concern this can be.
That being said, this past year has seen the passage of several
significant tax laws – among them the Setting Every Community
Up for Retirement Enhancement Act (SECURE Act), which we wrote
about in this
Alert and the Coronavirus Aid,
Relief and Economic Security Act (CARES Act), which we wrote about
in this
Alert). The SECURE Act changed many
tax rules related to retirement contributions and distributions
under an individual retirement account (IRA) or 401(k), while the
CARES Act utilized numerous tax and other financial provisions to
inject cash
