As the year draws to a close, now is a good time to both reflect and to plan for the future. Much like the prior year, the 2019 calendar year has continued to be a year of significant change and uncertainty. The Internal Revenue Service (IRS) and the U.S. Treasury have continued to issue interpretative guidance on the Tax Cuts and Jobs Act (TCJA) and other legislative changes at a rapid pace. In some instances, guidance issued is entirely new and not yet finalized. In other instances, the new guidance replaces prior guidance issued in the form of proposed regulations and notices. The result is a myriad of effective dates and choices for taxpayers to navigate.
Dixon Hughes Goodman (our parent company) has put together the attached letter which highlights a few tax planning areas for you to consider before year end. This letter does not address the nuances and variations in existing guidance that must be carefully evaluated before implementing any provision highlighted herein. We anticipate that this letter may raise some questions, and we are here to help. Our hope is that it also sparks some ideas and serves as a starting point for identifying and evaluating options with your DHGWA financial advisor and CPA as part of your plan.