We recently came across and article from the America Institute of CPAs (AICPA), which has some unorthodox planning tips for these uncertain times.  Four tips to consider during this planning season:

• Pay taxes during low tax years (IRA withdrawals and/or Roth Conversions)
• Review your credit reports and possibly freeze credit for security purposes
• Refinance loans with interest rates at all-time lows (including intra-family loans)
• There are no Required Minimum Distributions (RMDs) from IRAs for 2020, but if you still want to give to your favorite charity, consider contributing via a Qualified Charitable Distribution, rather than taking the contribution from your current cash flow.

Tax planning is more important than ever this year with all of the COVID-19 tax changes.  If you would like to schedule a tax planning appointment, reach out to your tax preparer.

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