As corporate tax payers start preparing themselves for 2020 tax filings and evaluating their probable tax position for 2021, they need to be mindful of various updates (including updates from CARES, CAA, etc.) which can impact both of these. Similarly Biden administration’s policy agenda may have specific tax implications for corporations especially ones with international operations.

The following points were discussed during the webinar:

• Impact of some of the CARES provisions like PPP, payroll tax deferral, ERC, etc. on 2020 federal and state income tax filings;
• Update on phase out of certain benefits introduced as part of The Tax Cuts and Jobs Act including bonus depreciation, change in section 163(j), etc., and emanating tax planning considerations;
• Tax planning opportunities for March year-end taxpayers;
• Multistate tax updates- income tax and sales and use tax;
• Overview of some key provisions of Joe Biden’s tax plan;
• Important tax accounting considerations as you close the current year financial statements, and
• Important FAQ’s released by IRS on transfer pricing documentation.