Most CEOs don’t anticipate changes to tax preparation this year
CEOs were asked: It’s tax season, and a number of new statutes have been enacted. Do you anticipate that doing your business taxes this year will be easier, harder or about the same as last year?
About the same because the biggest parts of the changes were implemented years ago. What is changing this year are generally tweaks to those changes.
Andy Ansin,vice president, Sunbeam Properties
As a nonprofit, recent tax law changes are inextricably tied to our bottom line. The number of tax returns claiming deductions for charitable contributions is expected to significantly drop as a result of new regulations. As a sector, we need to monitor the impact of these changes very carefully. We also need to be both nimble and responsive in the face of opportunities such as the IRA Charitable Rollover. Many of our donors are reaching the age (70.5 or 72 with the SECURE Act 2020) where they can exercise the opportunity to direct Required Minimum Distributions (RMD) for charitable purposes. We are experiencing an increasing number of donors looking to direct lump sum contributions to the Jewish Federation of Broward County and our partner agencies.
Michael Balaban, president, CEO, Jewish Federation of Broward County
One of the executive perks at Lime is local CEOs can focus on the business while headquarters does the heavy lifting on requirements like taxes. Needless to say, I am extremely grateful for that support as it allows the expertise to lie in the right spots. Lime has a fantastic team at HQ that is diligent and exacting when it comes to compliance.
Uhriel Bedoya, Florida general manager, Lime
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Some minor changes due to reaching new size benchmarks, but nothing substantive. Tax preparation will be no easier or harder than the past year.
Carlos R. Fernandez-Guzman, president, CEO, Pacific National Bank (PNB)
It will be harder for us as we are still struggling to grasp the ramifications of all the changes and what will be in our best interest to maximize our tax savings. Over the next few years, as we digest the new statutes and become more familiar, we will adjust as we always do. Our taxes are done by an accounting firm and it tells us what it needs to keep us in compliance.
I let the pros handle my business and personal taxes; however, my perspective on taxes is that we are lucky to be part of a system where you get to pay them and receive the services and benefits of being American. I try not to complain about paying taxes and frankly, I wouldn’t be opposed to paying more if I knew that they were going to the right place. I don’t see why doing taxes would be harder this year than any other year, as basic arithmetic hasn’t changed much year over year.
Tax season is always an interesting time as it always creates the same level of anxiety. I am also in a regulated industry that requires audits and that adds a layer of complexity to tax season. But I feel that doing taxes and the results for businesses should be the same this year. In 2019, we had to decipher a lot of the new tax code.
Bernie Navarro, founder and president, Benworth Capital Partners
Based on our engagement so far, it does not seem to be a significant concern for us.
Sanket Parekh, founder and managing partner, Secocha Ventures
I do not see major changes in my business taxes this year, although I always recommend having proper tax advice from professionals.
Julio Ramirez, president, CEO, JEM Global Consulting
As a nonprofit, we do not anticipate any major challenges.
Evelio C. Torres, president, CEO, Early Learning Coalition of Miami-Dade and Monroe
The disastrous health effects of the novel coronavirus,
and the extraordinary economic problems it is creating, are becoming all too familiar for companies around the world. Unfortunately, the problems spawned by COVID-19 do not end there. The virus also raises substantial data privacy and data security issues. There are two major categories of issues.
The first area of concern relates to the sudden and dramatic increase in company employees working remotely — either predominantly or exclusively. With so many people required to work outside of their normal workplace, organizations face a heightened risk of cyberattacks. Companies that are temporarily working remotely often rely on tools such as DocuSign, Zoom, and WebEx to perform tasks that, under normal circumstances, would take place in person.