KPMG report: Tax issues that banks are facing due to COVID-19

KPMG report: Tax issues for banks, COVID-19

Banks are facing unprecedented challenges from COVID-19. Customers are struggling to satisfy their financial obligations, and there is significant turmoil in the markets.


Related content

Banks are also needing to face these headwinds with a remote workforce that is being pulled in multiple directions. The actions that banks are taking to handle these issues have tax consequences to the organizations and their customers. In addition, the government passed legislation in an effort to provide financial relief to both individuals and businesses. The “Coronavirus Aid, Relief, and Economic Security Act” (the CARES Act) includes a number of tax provisions that affect the financial services industry. 

Read an August 2020 report [PDF 478 KB] prepared by KPMG LLP that addresses tax issues that are currently affecting banks and their customers, including the impact of the CARES Act.

The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us


Want to do business with KPMG?


loading image Request for proposal