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Coronavirus Impacts on Tax and Accounting

Governments across the globe are proposing extensions, exemptions, incentives, and other ways to ease the impact of the crisis. Here’s what you need to know to advise your clients or business.

Federal, state, and international tax practitioners have a lot of changes to track, as governments respond to the unprecedented impact of the coronavirus outbreak on individuals and businesses. The resources below cover everything from filing and payment extensions to other relief measures designed to alleviate the financial and economic fallout.

Tax Resources

REPORT

Federal Tax & Accounting Coronavirus Roadmap

Track the latest developments in federal tax and accounting changes as a result of Covid-19 with our roadmap.

REPORT

State Tax Coronavirus Roadmap

Explore the state-level tax implications of the virus for your organization or your clients with our exclusive roadmap.

REPORT

International Direct Tax Coronavirus Roadmap

Track the latest developments in international direct tax for both corporations and individuals with our Covid-19 roadmap.

IN BRIEF

The Tax Department’s Evolving Covid-19 Journey

Learn how Covid-19 is permanently changing corporate tax departments – and the key to future success.

IN BRIEF

Claiming Rapid Refunds for Corporate Net Operating Losses Under CARES

Seize 2020 NOL planning opportunities and explore the complicated interactions of the CARES Act with other rules.

REPORT

International Indirect Tax Coronavirus Roadmap

As the coronavirus impacts the tax landscape on a global scale, track the latest developments in international indirect tax with our roadmap.

NEWSLETTER

Tax Regulatory Alerts

Receive timely alerts on new tax developments, including coronavirus policy decisions and legislation, as well as final and proposed regulations issued by Treasury related to TCJA.

IN BRIEF

Covid-19 State Tax Impacts

Understand how state tax authorities are responding to the coronavirus pandemic.

INTERVIEW

Potential Change Muddles Already Uncertain Tax Outlook

James Ross, partner with McDermott Will & Emery in London, shares some insights on the most pressing issues likely to be raised by the OECD and other country actions on the tax front.

IN BRIEF

Impacts of Covid-19 on International Taxation

Understand how Covid-19 and the various actions of individual countries to respond to it affect companies’ international tax positions.

REPORT

State Conformity to CARES Act Coronavirus Roadmap

Track whether or not a state likely follows the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

IN BRIEF

Coronavirus Concerns for VAT Practitioners

As the spread of Covid-19 disrupts markets globally, here’s what you need to know about VAT relief, compliance deadlines, refunds, and debt forgiveness.

PODCAST

Tech Savvy Accounting Firms May Thrive After Pandemic

Some accounting firms that delayed or deprioritized adopting new technology are now finding that their strategy is no longer an option.

IN BRIEF

Correcting the ‘Retail Glitch’

The CARES Act effectively allows businesses to claim 100% bonus depreciation on qualified improvement property placed in service after 2017.

Featured Event
London skyline
Credit: Unsplash.com

The Brave New World of Global Tax Event Series

In this three-part virtual event series, policy leaders and tax practitioners share practical insights on the latest developments and how to cope with uncertainty and complexity.

Financial Accounting Resources

REPORT

Financial Accounting (U.S. GAAP) Coronavirus Roadmap

Track the latest developments in financial accounting with our Covid-19 roadmap.

IN BRIEF

Asset Impairment Could Be Next Domino to Fall From Coronavirus Impact

One area of corporate financial reports that could see a material impact from the virus is long-term asset impairment. Here are some of the pressing questions companies should be asking.

REPORT

Financial Accounting (IFRS) Coronavirus Roadmap

Quickly navigate IFRS impacts stemming from the coronavirus and understand key components of relief programs, including the CARES Act.

NEWS

Bank Regulators Ease Accounting for Troubled Debt Modifications

Six banking regulators offered accounting relief to banks facing an onslaught of customer requests to extend loan terms or reduce interest rates due to the coronavirus.

NEWS

U.S. Audit Board Pauses Inspections Amid Pandemic

“This opportunity for a pause will give audit firms the time, resources, and flexibility to work through significant matters with their issuer and broker-dealer clients,” the board said in a statement.

INSIGHT

Coronavirus Triggers SEC Disclosure Obligations

Adele Hogan, partner at Nelson Mullins, says the known and unknown impacts of the coronavirus on earnings, supply chains, customers and other stakeholders, and other business matters are likely to be material for some companies and require disclosure.

PODCAST

Talking Tax

Talking Tax, from Bloomberg Tax, is a weekly discussion of the most pressing issues facing tax and accounting professionals. Each week the podcast features discussions with lawmakers, federal regulators, practitioners, and journalists. From the courts to Capitol Hill to the IRS, Talking Tax has it covered. Hosts: Siri Bulusu and Amanda Iacone.

Payroll Resources

IN BRIEF

Coronavirus Response Results in Payroll Changes

Keep up with payroll-related changes in response to the coronavirus outbreak, including income tax withholding, unemployment insurance, paid leave, and more.

REPORT

Payroll – State UI & Income Tax Withholding Coronavirus Roadmap

Track state activity regarding payroll-related changes to provisions on unemployment insurance and income tax withholding from employment income.

REPORT

Payroll – Federal Provisions Coronavirus Roadmap

Explore payroll-related provisions established by the federal government to provide relief to employers and employees in response to the coronavirus outbreak.

REPORT

Tackling the Coronavirus: Payroll Plays Its Part

Two major new laws containing payroll requirements are the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the Families First Coronavirus Response Act.

REPORT

2019 Payroll Benchmarks Survey Report

Based on the results of our in-depth survey, this report covers payroll operations and functions, timekeeping, outsourcing, and incidents of fraud and data breaches.

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