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KPMG report: Income tax accounting, possible effects from coronavirus (COVID-19)

Income tax accounting, possible effects, coronavirus

The COVID-19 outbreak is having a significant impact on global markets driven by supply chain and production disruptions, workforce restrictions, travel restrictions, reduced consumer spending and sentiment, among other factors, that are negatively affecting companies’ financial performance.

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These effects, and a company’s actions in responding, may impact the company’s income tax accounting.

What are the possible income tax accounting impacts stemming from the economic and financial markets effects of the COVID-19 outbreak?

Read a March 2020 report [PDF 100 KB] prepared by KPMG LLP, that discusses interim period matters as well as valuation allowance considerations.

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