As we enter the 2020 tax filing season, it is important to consider how recent and anticipated tax changes may impact or influence your planning.  The numerous economic stimulus and relief initiatives will most certainly require substantial revenue to support, and the most likely source of funding is rolling back parts of the 2017 Tax Cuts and Jobs Act (TCJA) and raising new tax revenues. While premature to predict the timing and scope of future tax legislation, potentially adverse changes seem all but inevitable.  While your Pathstone advisory team continues to monitor and advise on the fluid tax environment, consider the following 2020 tax reporting and potential 2021 tax planning opportunities.

HerPath Committee Member, Anna Veret, caught up with Erika Karp, Pathstone’s Chief Impact Officer. Erika recently joined Pathstone from Cornerstone Capital Group, the sustainable and impact investment advisory firm she founded in 2013. 

Between the SECURE Act of 2019 and the CARES Act of 2020, it may be difficult for individuals to stay updated on the evolving tax laws. The CARES Act RMD changes are exclusive to the 2020 tax year, so it’s important to stay on top of temporary modifications.