With the window of opportunity ending on December 31, 2020, once again we are faced with last minute decision-making. This year, however, is truly unlike any other. In 2020, tax allowances and bending of tax requirements emerged on the national scene narrowly directed toward minimizing the financial impact of the pandemic. In addition to these time-limited tax modifications, court closures impacted on individuals and couples in many ways. Divorcing couples were not granted their day in court, resulting in an extension of their entitlement to file joint tax returns—a result that may or may not be greeted with applause.
This article intends to raise questions and supply information that may be applicable to your end of the year planning for 2020 tax filings.
Centre for Mediation and Dispute Resolution strongly recommends that individuals and couples seek qualified tax advice to maximize the unique aspects of 2020 tax law.