Banking + Finance

Perspective Finance


Perspective Finance Patriciabessleman

Patricia Besselman-Main, CFP®
Besselman Wealth Planners
After the CARES Act of December 2019, it may be prudent for people to consider converting Beneficiary IRAs to Roth IRAs given that the Stretch IRA has been largely discontinued. Given the volatility that we have seen in the market throughout this year, taxpayers may be able to take advantage of tax loss harvesting, realizing gains to offset any losses seen throughout the year. For those whose income decreased in 2020 such that they are now eligible to participate in a Roth IRA, it may be worthwhile to consider contributing retirement dollars there as opposed to a Traditional IRA. For 2021, we are keeping an eye out to see how the recent election will impact tax policy moving forward.


Perspective Finance Ginarachel

Gina Rachel, CPA
Tax Director
Postlethwaite & Netterville, APAC
My top tax advice for the end of 2020 is for taxpayers—especially those with businesses or individuals with complex tax issues—to speak with their tax advisor before the end of the year. There are things a taxpayer can do before the year ends to help improve their tax situation. There is no “one size fits all” approach to tax planning, so it’s important to meet with your tax advisor to discuss your situation and create a customized plan.

As we enter into 2021, I highly recommend starting the tax preparation process as early as possible. With all the new complex tax changes in effect for 2020, tax preparers will need additional information and time to complete 2020 tax returns.


Perspective Finance Frankholzenthal

Frank Holzenthal, CPA 
Tax Manager
Wegmann Dazet & Co. CPA firm
In general, the key is to defer income and accelerate expenses, which involves deciding when to purchase equipment, whether to enforce or delay collections and whether to pay expenses early.

For 2020, businesses should take advantage of CARES Act provisions such as loss carryback opportunities, full deduction of pass-through losses, and payroll tax credits and/or deferrals. Businesses also should think about timing of PPP loan forgiveness. They should also begin gathering 1099 information due in early 2021.

Individuals should consider retirement withdrawals, increasing charitable contributions, and any personal losses that can be taken in 2020.


Perspective Finance Tonimccord

Shirley “Toni” McCord, CPA
Start early, plan ahead and be prepared for possible changes!

As the year-end approaches, it can be beneficial to plan this year and next at the same time to take advantage of certain strategies. If your situation has become more complicated, consider using a CPA to prepare your 2020 tax returns and to assist you into 2021. Begin looking for a CPA now to make sure they have ample time to prepare your returns.

The rules around COVID-19 issues have been constantly changing: Be prepared for that to continue. Working with a CPA to start planning now will help you be proactive and prepared to take advantage of anticipated changes.


Perspective Finance Kellyhaden

Kelly Haden CPA, CGMA
Senior Manager
Ericksen Krentel
Seek advice from your tax advisor and start planning now. Proposed tax policy should be considered in year-end planning discussions for 2020 to address whether it’s beneficial to reduce, defer or accelerate tax. Business owners need to assess 2020 profitability and cash flow to determine planning opportunities that could benefit them now or in 2021. Pay close attention to the due dates for making any necessary elections. Taxpayers in the higher brackets need to be prepared for tax rate increases and could benefit from reviewing investments and other revenue projections to see if there are opportunities to defer or accelerate tax.