More agile tax models are needed in the face of an evolving landscape including global uncertainties, impacts of the US election, Tax Reform and Wayfair to allow the tax function to effectively provide critical inputs in business decisions. Companies should consider:
Whether state corporate, partnership, sales tax or unclaimed property, navigating the evolving compliance process has always been challenging. Now, businesses must take what was put into place post-federal Tax Reform and post-Wayfair and adapt it to a rapidly changing situation. Meeting this challenge will require a new vision of how we work and what we are trying to accomplish.
Equally important, companies will need to uncover cash and increase liquidity to meet demand and stay afloat.
Please visit us often for updates and resources as we navigate these uncertain times together.
The course of the pandemic and the possibility of future federal aid to states and localities will be key factors in the state tax policy decision-making process. What else will play a role in state tax policy? Dive into our 2021 Tax Policy Outlook to learn more.
State and local tax professionals need a strategy to stay ahead of and manage state and local tax burdens and to identify opportunities that result from evolving changes in legislation and administrative policy changes.
PwC’s State and Local Tax (SALT) practice can help you with strategies to manage your state and local tax issues by recommending solutions that are consistent with your company’s overall business objectives. We can also identify appropriate tax treatment that is consistent with good business practices and states’ applicable tax laws and rules.