Take time to review your tax situation before the end of 2020
Not only is it a good idea to ensure you are receiving distributions from your company in a tax-efficient manner, but also to consider existing rules affecting small businesses, including the tax on split income (TOSI) rules. This year, it's also important to consider the effect of any financial assistance that your business received as part of the government's emergency COVID-19 measures.
This publication outlines important issues and tax tips that you should consider in order to assess your 2020 tax situation. While these tips assume your corporation has a December 31 year-end, you can still use most of these ideas to improve your overall tax position whenever your business' year-end comes up.
The tax rules affecting small businesses are complex and can have far-reaching effects on you, your family and your private company. As a result, we recommend you meet with your KPMG Enterprise Tax Advisor as soon as possible—well before the end of the year—to review your tax situation.
Download this edition of the TaxNewsFlash to learn more.
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