Tax Planning in Recessionary Times



Now that the first wave of tax planning moves for specific coronavirus legislation has passed or is underway, it is time to shift tax planning perspectives to some that more broadly respond to recessionary times. This presentation will explore some areas of federal taxation that have become more relevant during the current business environment, including consequences of debt modifications and workouts, the timing of tax deductions associated with losses that result from federally-declared disasters, the impact of business valuations on loss carryforwards for corporations experiencing ownership changes, and the impact of valuations on estate planning and wealth transfer strategies.

Course Objectives

After completing this course you will be able to:

  • Summarize debt modification factors for federal tax purposes
  • Apply a debt modification event to debt issuance cost writeoff scenarios, and to loan forgiveness scenarios, including those when the debtor is insolvent
  • Plan for the impact of current valuations on net operating loss limitations triggered by corporate ownership changes, including for corporations in bankruptcy
  • Identify losses on account of federally-declared disasters that may be eligible for accelerated tax deductions
  • Plan for optimal estate and wealth-transfer strategies on account of current valuations

Additional Details

  • While CPE was offered during the live presentation, it is not available for the recording

Scheduled Panelists include:

  • Bill Smith – Managing Director, CBIZ MHM National Tax Office
  • Nate Smith – Director, CBIZ MHM National Tax Office
  • Kristin Jones - Corporate Tax SME Consultant, CBIZ MHM National Tax Office
  • Howard Krieger - Managing Director, CBIZ Valuation Group