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NORTH AmERIcAN Newsline DECEMBER 11, 2020 |
gOPiO-CT Organizes experts Panel
on 2021 major us Tax reform
Our Bureau (From left to right) cecil Nazareth, michael markhoff, andrew e. roth, Kim ramchandani and shiva Bhashyam
Stamford, CT
Cecil Nazareth, ACA, CPA,
ith the year 2020 with MBA addressed the audience
all the uncertain- on Tax Planning 2020-’21 and
Wties due to the Covid International Taxes with par-
pandemic coming to a close, ticular focus on: IRS enforce-
most of us, especially the Indi- ment; Biden proposed tax
an Americans are getting ready plan; Year-end Tax planning;
to file the annual Tax Returns. and, Other proposals/planning
With ever changing Tax Laws, tools. He recommended tax
and in the context of the Covid filers to avoid “red flags” that
pandemic and the ushering in could potentially lead to one
of a new administration led by greater scrutiny. Under Biden
President-Elect Joe Biden and administration, Nazreth stated,
Vice President Elect Kama- “Chances of tax cut is great-
la Harris preparing to lead the er for lower and middle class
nation, there are several unan- Americans, with tax rate possi-
swered questions on how best bly to go up for those earning
to use the prevailing tax laws to over $400,000.” He was of the
benefit individuals, families and opinion that “No tax hike in
businesses. Covid times” and “New credit
GOPIO-CT, the most active for people providing long term
Chapter in the world, under care to relatives with incentive
the leaderships of Dr. Thomas to offer more retirement sav-
Abraham, Chairman of GO- ings.” He suggested small busi-
PIO International and Ashok nesses to “Apply for PPP loan
Nichani, the local Chapter forgiveness NOW” while cau-
president and the Exceptive tioning that “Expenses are not
Committee organized a Virtual deductible if loan is forgiven.”
Zoom Session on Friday, Dec. Cecil Nazareth CA, CPA is
4, 2020, with the objective of a partner with Nazareth CAs &
educating Indian Americans CPAs, Cecil worked at Ernst &
on 2021 Major US Tax Reform, Young and the AICPA in key
Tax Planning and Tax Saving strategic positions. Cecil is an
Tips, International Taxes, Es- Indian Chartered Accountant
tate & Gift tax and Retirement and a U.S. CPA. Cecil is a lead-
Plans. Attended by hundreds of ing authority on Indo–US tax
members and leaders of GO- issues. Cecil has an M.B.A. in
PIO, the educative session was Finance from Fordham Uni-
led by several experts on Tax versity and Information Tech-
law in the US, with particular nology from Columbia Uni-
focus on international Taxes. versity. His is also an author of
www.TheIndianEYE .us
The Indian Eye 20
“International tax and compli- ica.
ance handbook” with special Andy Roth, Esq., addressed
emphasis on India-U.S. taxes. the audience on “Looking into
In his address, Michael Key CARES Act and SECURE
Markhoff. Esq., spoke about Act - Retirement Plan, includ-
Estate, Gift taxes and Trust Op- ing on taxes for those with
tions for Children, while edu- Coronavirus infections. Under
cating the audience on “chang- CARES ACT, he said, “You, or
es you should consider to your your spouse or dependent, are
estate plan in 2021 due to the diagnosed with coronavirus by
election; Planning to minimize a CDC-approved test (includ-
state estate taxes; and Trust op- ing a test authorized under the
tions for children.” Federal Food, Drug, and Cos-
Markhoff said, the new Ad- metic Act;) and, or our expe-
ministration under Biden is rience adverse financial conse-
likely to lower the exemption, quences as a result of your, or
resulting less returns for people your spouse or a member of
with higher income. He suggest- your household that is, some-
ed to “make gifts before the end one who shares your principal
of the year” and highlighted the residence. “Qualified individu-
options for making gifts from als can elect in their tax return
one person to another within to treat allowable in-service
family to avoid higher taxes. distributions in 2020 as CRDs
Suggesting that Life Insurance even if their employer’s plan
is a good planning and will help does not adopt CRDs,” he told
pay for estate plans, he rec- the audience.
ommended “charity plans will Attorney Andrew E. Roth is
leave with lower state taxes.” a partner of Danziger & Mark-
Attorney Michael Mark- hoff LLP with over 35 years of
hoff, a partner at Danziger & experience as an ERISA attor-
Markhoff LLP, is a graduate of ney. He is a frequent lecturer
Columbia College and Brook- in the areas of pension, prof-
lyn Law School and is listed it-sharing and employee ben-
in Best Lawyers in America - efits law. Mr. Roth attended
Trusts and Estates and Catego- University College of Arts and
ry and Super Lawyers – Trusts Science of NYU and graduated
and Estates Category. Michael magna cum laude from Brook-
was named Trusts and Estates lyn Law School. Mr. Roth also
Lawyer of the Year for White received an LLM in Taxation
Plains, New York for 2016 and from NYU School of Law.
2018 by Best Lawyers in Amer- Continued on Page 23... >>