As a tax professional, staying on top of all the annual changes to tax law and provisions is a substantial challenge. The upheaval resulting from the COVID-19 pandemic has left no aspect of life untouched, and that includes the realm of federal tax. To help you understand recent updates and essential regulations, Wolters Kluwer offers the U.S. Master Tax Guide (2020) Special Edition. This comprehensive guide has been carefully researched by experts to address the current U.S. tax structure, and includes explanations updated for the tax aspects of Congressional and administrative action in response to the pandemic, the Taxpayer First Act and the Consolidated Appropriations Act, 2020 (which includes the Taxpayer Certainty and Disaster Tax Relief Act of 2019 and the SECURE Act), so you can best serve your client’s 2019 filing needs and get ready for 2020. It also includes the latest IRS guidance of the massive Tax Cuts and Jobs Act.
What Is Covered in the U.S. Master Tax Guide (2020) Special Edition?
You'll find extensive information on new tax legislation, including the:
- Coronavirus and COVID-19 relief acts
- Taxpayer First Act
- Taxpayer Certainty and Disaster Tax Relief Act of 2019
- The SECURE Act
Tax preparers can access resources for tax planning opportunities and guidance on several key issues, including changes to retirement planning, retirement funding and distributions, the transition tax, Section 199A Qualified Business Income Deductions, bonus depreciation, GILTI, and more. The guide also includes easy-to-use cross-references to the Internal Revenue Code, Income Tax Regulations, and other key tax law sources to connect explanatory text to the complex regulations it applies to. Additionally, it includes reference to additional material, including explanations, tools, calculators and practice aids, available on CCH® AnswerConnect.
Included Tables and Resources
Alongside detailed reviews of credits, expenses, penalties and interest, the U.S. Master Tax Guide (2020) Special Edition also includes numerous tables that provide fast reference information when you need it most. There's no need to study multiple resources and wonder which details are most applicable to your needs – simply refer to the guide's checklists, overviews, and tables, including:
- Tax rates
- Rules for individuals, corporations, S corporations, partnerships, trusts and estates, and exempt organizations
- Exclusions from gross income
- Business and non-business expenses
- Losses and passive activity losses
- Depreciation, amortization, and depletion
- Tax credits
- Alternative minimum tax
- Basis for gain or loss
- Sales and exchanges – capital gains
- Installment sales – deferred payments
- Health and employee benefits
- Retirement plans
- Corporate acquisitions, reorganizations, and liquidations
- Special corporate status
- Foreign income and transactions
- Withholding and estimated taxes
- Penalties and interest
- Estate, gift and generation-skipping tax
A topical index makes it easy to quickly locate information, while Standard Federal Tax Reports simplify research. There's no need to rely on multiple guides, complicated documentation, or outdated information – everything you need is contained in this comprehensive resource.
A Trusted Source for Tax Information
When it comes to preparing your clients' taxes, there's no room for errors. That's why accountants and other financial professionals turn to Wolters Kluwer for reference guides and continuing professional education (CPE) programs that allow them to stay on the cutting edge of this ever-changing field. Our team of industry experts provides the comprehensive information you need to stay one step ahead of the latest legislation and evolving tax codes, so you can provide clients with accurate, informed services that protect their financial interests – and your reputation. From exploring new areas of practice to brushing up on the fundamentals, we offer the resource you need to remain up-to-date year after year.
Order the U.S. Master Tax Guide, 2020, Special Edition Today
Make sure you're prepared for all of your clients’ filing and planning needs with help from the U.S. Master Tax Guide (2020) Special Edition from Wolters Kluwer. To learn more, contact us online or call 800-344-3734 for additional information. Need to stay compliant and complete mandatory CPE hours? Check out our full range of webinars and self-study courses today.