Businesses experiencing economic distress as a result of the COVID-19 pandemic are facing difficult decisions. From reductions in capital spending and workforce needs, to inventory stress and shortages in supply chain, careful consideration should be given to how decisions affect your organization’s state tax position.
To better navigate uncertainty and distress at the state and local level, there are a number of questions that organizations should ask if in the midst of rapidly changing organizational norms.
- How are my income, sales tax, and other state and local tax filings and payments affected?
- Are my previously approved state tax incentives at risk?
- Does my increasingly remote workforce affect my state tax obligations?
- What relief are state and local governments offering to small and mid-sized businesses in the middle market?
- How else can we increase my organization’s cash flow?
