State Tax Asset and Wealth Management Newsletter / Vol 16

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July 2020

Overview

I hope this newsletter finds you well. 

Over the past few months, the impact of the COVID-19 pandemic has continued to bring significant challenges to individuals and organizations. The economy and certain businesses have seen a level of disruption not previously experienced in this century. Many businesses were required to temporarily close or were subject to significant restrictions relating to their normal business practices as part of efforts to respond to the pandemic. 

While organizations had to quickly adjust their operations to accommodate state shelter-in-place orders, many are now adjusting and developing new operating models that will maintain employee health as a priority, while bringing operational capacity back to pre-COVID-19 levels and making efforts to be positioned for growth. Many tax departments have navigated their first deadlines, whether income, franchise or sales tax, and are now looking for ways to implement lessons learned and leverage technology to increase efficiency and accuracy. This quarter’s spotlight article examines the nexus and apportionment issues, as well as the employment tax considerations, that organizations may need to consider with a remote workforce due to shelter-in-place orders and with remote working arrangements becoming the new norm. 

To assist in providing timely updates and examining unique state issues relating to the asset and wealth management industry, I am excited to share with you our first podcast in PwC’s Tax Readiness series, Tax Readiness: CARES Act Implications on the SALT Asset and Wealth Management Industry. Through short, timely discussion, the specialists across our practice will discuss both recent developments and complex tax issues that our practice has experienced. The podcast series can be found on pwc.com or you can subscribe and listen to all episodes at your convenience. I hope you enjoy our first episode.

If you have questions as we continue to navigate these changes and the impact of COVID-19 on the economy, businesses, and across the states, please reach out to me or a member of PwC’s SALT AWM team, which can be found here

Caragh DeLuca
Partner, Chicago
SALT Asset and Wealth Management Leader

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Caragh DeLuca

Partner, PwC US

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