Ken Brewer, Senior Advisor with Alvarez & Marsal Taxand, LLC, was published in the April 6, 2020, issue of Tax Notes Federal. In "Global Tax Planning for Strange Days," he addresses some specific issues and tax planning strategies for losses incurred during the coronavirus pandemic and loss recoveries under U.S. tax law, and he provides some general observations about strategies that may create tax benefits in other countries.
“For many businesses, the strangeness and uncertainty caused by the coronavirus pandemic are rampant. From a financial perspective, it starts at the revenue line and works its way all the way down to the bottom line.
"One thing that is not uncertain is that many companies will experience losses like never before
(both in magnitude and strangeness). In times of trouble for a business enterprise, the tax
department is presented with the opportunity (welcome or not) to be a valuable — and perhaps
the only — profit center. With that in mind, this article ponders strategies for maximizing the
kinds of profits that might be generated by a tax department during these strange days."
Click here to read the full article
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