Measures to address the business impact of COVID-19 in the United States of America (US) have been announced both at the federal level and at individual state level. Businesses with operations in the US which have been adversely affected by the COVID-19 pandemic will need to monitor both sources of potential supports and reliefs in order to take advantage of supports and reliefs best suited to their US based employees and business operations.
On 31 March 2020, KPMG’s member firm in the US hosted a one hour webinar on the key tax aspects of new legislation in the US which was passed to provide relief to taxpayers affected by the ongoing coronavirus crisis. This is the Coronavirus Aid, Relief, and Economic Security Act which includes nearly $600 billion in tax benefits. Senior KPMG Tax professionals provide an overview of developments and provide insights on the potential implications for business of the tax-related provisions.
On 1 April 2020, KPMG’s member firm in the US hosted a webinar on the State and Local Tax (SALT) impact of COVID-19. Many states and localities are trying to assist those affected by offering extensions of time to file and pay certain taxes. But there are other potential state tax considerations and issues resulting from COVID-19, such as state conformity to federal tax relief provisions, nexus considerations in light of employees working from home, credits and incentive opportunities, and how the interruption in the way we traditionally interact with state taxing agencies may affect audits and controversies.
KPMG’s member firm in the US provides regular updates of developments as well as detailed insights on measures at both the federal and state and local level in the US. These include links to KPMG US reports which update and collate insights from measures announced by individual states in response to the COVID-19 crisis.
The US is not alone in implementing a package of measures (including tax reliefs) to support businesses adversely affected by the crisis. KPMG member firms globally issue update alerts on jurisdictional developments as countries adopt a range of measures to respond to the crisis.
You can view alerts on existing measures from the US and jurisdictions around the world as well as keeping track of future announcements from the US and around the world by clicking here. Collated on this page are individual country alerts as well as a summary document grouping alerts by countries which is updated regularly. You can also use the link to sign up to regularly receive alerts on these developments as they happen.