Looking forward to 2020 tax season

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Old 04-23-2020, 09:42 AM
Bloom&Company Bloom&Company is offline
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Default Looking forward to 2020 tax season

Thank you all for your trust in me as your CPA. I wish you all well during this trying time, and look forward to connecting with you to complete your 2020 tax return next year. As always, I am available throughout the year to answer your questions and discuss any decisions you may want to run past me before acting upon, in regard to potential tax implications. I will not be accepting any more returns for 2019. If you were wanting me to do your taxes this year and I could not because we were full, now is the time to call me and make an appointment for meeting up in fall. My office is on 466A just West of Powell Road but call first to meet in person when social distancing has passed, or just call for a phone consultation. I will still come to your home, when the social distancing has passed, if you cannot get to the office. Bob Bloom CPA 425 941 5224
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Old 04-23-2020, 02:49 PM
Boomer Boomer is offline
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Quote:
Originally Posted by Bloom&Company View Post
Thank you all for your trust in me as your CPA. I wish you all well during this trying time, and look forward to connecting with you to complete your 2020 tax return next year. As always, I am available throughout the year to answer your questions and discuss any decisions you may want to run past me before acting upon, in regard to potential tax implications. I will not be accepting any more returns for 2019. If you were wanting me to do your taxes this year and I could not because we were full, now is the time to call me and make an appointment for meeting up in fall. My office is on 466A just West of Powell Road but call first to meet in person when social distancing has passed, or just call for a phone consultation. I will still come to your home, when the social distancing has passed, if you cannot get to the office. Bob Bloom CPA 425 941 5224

Tax planning 2020 sure brings up a few things to think about before year’s end.

For those who have reached the RMD age, the waiving of that requirement for 2020 could make it worth checking on whether this could be a window for doing a conversion to Roth.

I understand that in previous RMD years, a conversion to Roth could be done — but only after the RMD amount had been met.

If a conversion to Roth is a possibility and that conversion can be done in-kind, it could present an opportunity to get more shares of stock out of a traditional IRA while the share price is low, resulting in the possibility of a significant tax advantage in the future.

Also maybe worth checking into is with the waiving of the RMD does the QCD still remain in place so that charitable contributions from an IRA account do not show up in the AGI.

I am not giving tax advice. I am not qualified to do so. I am just saying that 2020 taxes bring some different questions and it could be worth getting advice on tax planning.

Last edited by Boomer; 04-23-2020 at 07:07 PM. Reason: Typo
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Old 04-23-2020, 05:23 PM
Bloom&Company Bloom&Company is offline
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Tax planning is an integral part of what I do with each and every client. The tax return is only one aspect of what we will work on together. That is why I urge clients to call me throughout the year, 7 days a week, and they do, to talk about pending financial decisions they are making in order to understand short and long term implications. Your discussion points are very valid.
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