Wolters Kluwer Releases 2019 Year-end Tax Planning Guide

2019 was light on legislation, but taxpayers still have much to consider

Along with the tried-and-true year-end tax planning strategies that are relevant each year, there are always some new wrinkles to consider resulting from new tax legislation provisions coming into effect and new Internal Revenue Service (IRS) guidance on existing tax provisions. The Tax & Accounting division of Wolters Kluwer has recently issued a tax briefing addressing some of the year-end tax planning strategies for the upcoming tax season.

Key items for consideration

Key items to consider in year-end 2019 tax planning include:

  • Qualified Business Income Deduction: The IRS has issued new guidance on when a real estate activity constitutes a trade or business for purposes of the 20 percent qualified business income deduction
  • Qualified Opportunity Zones: Gain on the sale of property in 2019 must be invested in a Qualified Opportunity Fund (QOF) by December 31, 2019 to qualify for the maximum 15 percent forgiveness of tax on the gain. Also, the IRS has issued a new proposed form for reporting QOF investments
  • Technical Corrections, Expired Provisions, and Disaster Relief: Although there is legislation in Congress involving technical corrections to the Tax Cuts and Jobs Act, as well as over 30 tax provisions that expired at the end of 2017, it appears unlikely that the legislation will make it through Congress this year. Those corrections, if passed could affect not only 2019 but also 2018 tax returns
  • Virtual Currency: The IRS has added a new question to the tax return as to whether or not the taxpayer has engaged in a virtual currency transaction during the year

Get your 2019 briefing now

You can access the Wolters Kluwer Tax Briefing dated November 7, 2019 and titled “2019 Year-End Tax Planning” by following this link.

Federal tax expert Mark Luscombe, JD, LL.M, CPA, Principal Federal Tax Analyst at Wolters Kluwer Tax & Accounting, is available to discuss issues involved in year-end tax planning.

To read our full press release, click here.

PLEASE NOTE: The content of this alert and briefing are designed to provide accurate and authoritative information in regard to the subject matter covered. The information is provided with the understanding that Wolters Kluwer Tax & Accounting is not engaged in rendering legal, accounting, or other professional services.

About Wolters Kluwer

Wolters Kluwer (WKL) is a global leader in professional information, software solutions, and services for the healthcare; tax and accounting; governance, risk and compliance; and legal and regulatory sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with advanced technology and services.

Wolters Kluwer reported 2018 annual revenues of €4.3 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 19,000 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.

Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt (ADR) program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).

For more information, visit www.wolterskluwer.com, follow us on Twitter, Facebook, LinkedIn, and YouTube.

Contacts

Media Contact:
MARISA WESTCOTT
212-771-0853
Marisa.Westcott@wolterskluwer.com

AUTHOR

Wolters Kluwer Tax and Accounting

Wolters Kluwer Tax and Accounting is a leading provider of software solutions and local expertise that helps tax, accounting, and audit professionals research and navigate complex regulations, comply with legislation, manage their businesses and advise clients with speed, accuracy and efficiency. Wolters Kluwer Tax and Accounting is part of Wolters Kluwer N.V. (AEX: WKL), a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2016 annual revenues of €4.3 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide. Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).

All stories by: Wolters Kluwer Tax and Accounting