United States

State tax planning in response to economic distress

INSIGHT ARTICLE  | 

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?

 


The state tax insights below aim to provide planning opportunities and guidance to organizations feeling the immediate effects of a distressed economy:

State income tax considerations for remote employees during COVID-19

State income tax considerations for remote employees during COVID-19

Employees working remotely due to the COVID-19 pandemic may result in income tax consequences to both the employee and the employer.

  • April 02, 2020
State taxing authorities address COVID-19 filing and business changes

State taxing authorities address COVID-19 filing and business changes

State and local tax filing and penalty relief guidance in response to COVID-19 has accelerated as deadlines approach.

  • April 02, 2020
State tax challenges for the restaurant industry coping with COVID-19

State tax challenges for the restaurant industry coping with COVID-19

State and local tax opportunities are available for restaurants for cash flow maximization and support during the pandemic.

  • March 31, 2020
Manufacturing and the state tax ramifications of COVID-19

Manufacturing and the state tax ramifications of COVID-19

State and local tax strategies may alleviate some of the economic consequences of COVID-19 on the manufacturing industry.

  • March 31, 2020
State and local tax cash-flow strategies for technology businesses

State and local tax cash-flow strategies for technology businesses

Businesses in the technology industry may benefit from a roadmap of cash-flow maximization considerations during the COVID-19 pandemic.

  • March 31, 2020
Law firms, coronavirus and state taxes

Law firms, coronavirus and state taxes

Law firms and professional services businesses are experiencing challenges with the COVID-19 pandemic, creating state and local tax issues.

  • March 30, 2020
State tax challenges for the health care industry during COVID-19

State tax challenges for the health care industry during COVID-19

Immeasurable operational challenges face the industry as some sectors see opportunities while others see risk.

  • March 30, 2020
State tax planning in response to economic distress

State tax planning in response to economic distress

Businesses feeling the economic distress of COVID-19 should consider how to maximize cash flow and stay current with state tax

  • March 26, 2020
Middle market relief for businesses impacted by the coronavirus

Middle market relief for businesses impacted by the coronavirus

Widespread availability of credits and economic incentives during the COVID-19 pandemic may help businesses increase cash flow.

  • March 25, 2020
Unemployment tax considerations for the COVID-19 pandemic

Unemployment tax considerations for the COVID-19 pandemic

Businesses facing unemployment claims or layoffs due to COVID-19 should carefully review a number of considerations.

  • March 25, 2020
Coronavirus credits and incentives relief for small businesses

Coronavirus credits and incentives relief for small businesses

Federal and state governments and taxing authorities are beginning to offer relief to businesses impacted by COVID-19.

  • March 24, 2020
State conformity to federal COVID-19 extensions

State conformity to federal COVID-19 extensions

Federal income tax filing and payment relief extension to July 15, 2020 may not apply to all state income tax filings.

  • March 24, 2020
State and local sales tax extensions and relief due to COVID-19

State and local sales tax extensions and relief due to COVID-19

Limited sales and use tax filing and payment relief has been included in some of the state and local COVID-19 response guidance.

  • March 20, 2020
State tax considerations when bringing a new drug to market

State tax considerations when bringing a new drug to market

Proper evaluation can help life sciences companies prevent the undue state tax exposures when launching a new drug.

  • March 16, 2020

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