As a tax professional, staying on top of all the annual changes to tax law and provisions is a substantial challenge. To help you understand recent updates and essential regulations, Wolters Kluwer offers the U.S. Master Tax Guide (2020). This comprehensive guide has been carefully researched by experts to address the current U.S. tax structure, as well as the latest updates covered by the Tax Cuts and Jobs Act, so you can ensure that your clients or business files their 2019 taxes accurately.
What Is Covered in the 2020 U.S. Master Tax Guide?
With a careful assessment of all recent tax code changes, the U.S. Master Tax Guide (2020) has been reorganized to reflect the updated tax structure and includes all the latest regulations to help you address the needs of clients, especially those affected most: individuals and businesses. You'll find extensive information on new tax legislation, including the:
- Tax Cuts and Jobs Act
- Consolidated Appropriations Act, 2019
- Bipartisan Budget Act of 2019
Additionally, the guide includes summaries of provisions enacted by each state to address these adjustments to the tax code. Tax preparers can access resources for tax planning opportunities and guidance on several key issues, including 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.
Included Tables and Resources
Alongside detailed reviews of credits, expenses, penalties and interest, the 2020 U.S. Master Tax Guide 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.
