Companies that have been affected by the economic impacts of COVID-19 are encouraged to think about the broader tax implications of their business decisions and how tax may impact their strategies moving forward. Key focus areas include understanding the legislative changes (utilization of net operating losses), considering how expanded teleworking can change state and local nexus, and recognizing how to take advantage of new and existing tax incentives, such as R&D credits.
As most financial and leadership teams know, forecasting under normal circumstances can be cumbersome and challenging, and in today’s current environment, it will seem even impossible.
But as the global economy heals and reopens, companies that have been affected by the economic impacts of COVID-19 are encouraged to think about the broader implications of their business decisions and their strategy moving forward. It’s crucial for businesses to build out scenarios based on their current state, identify potential opportunities to respond more flexibly to rising uncertainties, and assume a wide range of outcomes – accounting for cash flow, tax impacts, credit concerns and liquidity – with some of that dependent on outcomes related to the labor force and supply chain disruptions.
What We Can Do For You
Scenario Planning & Forecasting
As we continue to feel the impacts of COVID-19, it is important for businesses to be proactive in assessing their capability to withstand disruption. Our scenario planning and financial forecasting services were designed to keep your decision makers well informed and equipped with regular tracking and reporting data.
Crisis-Impact Assessment & Continuity Planning
Your business has been disrupted by COVID-19. Now it's time to assess the damage and plan for your recovery. We carefully monitor all areas of your business functions to identify the impacts and then provide specialized resources for immediate and long-term continuity planning.
Our performance improvement strategy helps business owners and executives answer three key questions: How are you doing? What can be improved? How much does it need to be improved? We also monitor the performance of your business across multiple dimensions to identify areas for value creation and growth.
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Caroprese & Company.
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