What the 2020 elections mean to the outlook for federal taxes
This article reflects what we believe our nation can expect in federal tax law changes, but the election results, as uncertain as they are currently, make that effort quite a challenge. So, the Q&A which follows will try to inform you about the Biden proposals that surfaced during the campaign.
Tax planning for 2020 is considerably more complicated for many individuals and businesses. A discussion of all the “what ifs” is beyond the scope of this article, so our planning ideas that follow focus on reducing 2020 taxes.
Below, we have created a visual representation of the 2020 federal income tax brackets for both single and married taxpayers. Although our graph stops at $700,000 of taxable income, the top bracket continues up indefinitely.
Nearly two years ago, we published an article on the proliferation of dollar and other thresholds set by states that, if exceeded, would result in a business having to collect the states’ sales tax. Before a state can exercise its taxing authority over a business, the business must have “nexus” with the state. This article provides an update on where the states stand on nexus for income taxes.
We welcome the following new team members to Dean Dorton:
Athanasis Agamemnonos, a CPA, joined our Tax team in Louisville. He has more than nine years of tax and business consulting experience. Athanasis earned his bachelor’s degree in accounting from the University of Kentucky and his master of accountancy from the University of Louisville.
Megan Ball, a CPA, joined our Tax team in Louisville. She has more than 10 years of tax and accounting experience. Megan earned her bachelor’s degree in accounting and master’s degree in business administration from McKendree University.
Angie Harness joined our Office Services team in Louisville. She has more than 10 years of office services experience. Angie earned her bachelor’s degree in biology from the University of Louisville.
Allison Schnell joined our Office Services team in Louisville. She has 30 years of varied office work experience.
We welcome the following team members who are starting their professional accounting careers with us:
Austen Bloomer earned her bachelor’s degree in political science and government from the University of Kentucky and her Certificate in Accounting from Eastern Kentucky University; Savannah Carter earned her bachelor’s degree in accounting from the University of Kentucky; Ryan Garner earned his bachelor’s degree in accounting from Georgetown College and his master’s degree in accounting from the University of Kentucky; Jordan Martin completed his accounting coursework at Morehead State University; and Sarah Williamson earned her bachelor’s degree in accounting and master’s degree in business administration from Murray State University.
We recognize the following activities and accomplishments:
Congratulations to Erin Donohew and Ryan Garner for successfully completing the CPA exam.
Crystal Brake obtained the AAPC Certified Professional Biller certification.
Jordan Johnson obtained the CrowdStrike Certified Falcon Administrator certification.
Billy Zoellers obtained the Cisco Certified DevNet Professional and Okta Certified Professional certifications.
Roberto Rivera passed the Certified Information System Auditor (CISA) exam.
Savannah Carter joined the Strengthening Transformations, Inc. Board of Directors.
Stephanie Hankins joined the Girls on the Run Kentuckiana Board of Directors.
Kevin Cornwell and Amy Justice presented on HIPAA HITECH compliance at the Health Care Compliance Association’s Louisville Regional Healthcare Compliance Conference.
Jen Shah presented at the Kentucky Horse Council’s Kentucky Equine Networking Association (KENA) meeting.
Melissa Hicks, Erica Horn, Jason Miller, Maddie Schueler, and Jen Shah presented at Dean Dorton’s annual Equine Financial, Tax, & Operational Update.
Bill Kohm, Jason Miller, Jim Tencza, and Elizabeth Woodward presented at Dean Dorton’s annual Board Oversight and Risk Management Seminar.
Gui Cozzi, Missy DeArk, John Herring, Polina Nikolova, and Elizabeth Woodward presented at Dean Dorton’s Forensic Accounting for Attorneys.
Allison Carter, Megan Crane, Erica Horn, Justin Hubbard, Simon Keemer, Bill Kohm, Jason Miller, David Parks, Brittany Rebholz, Maddie Schueler, Elizabeth Woodward, and John Wurtenberger presented at Dean Dorton’s annual Accounting & Ethics Update.
Danielle Langdon and Brandy Montgomery hosted a webinar on E/M coding changes.
Justin Hubbard and Krista Nash hosted a webinar on the nonprofit accounting function.