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What is Your COVID-19 Tax Strategy?

CFOs must aggressively manage their tax strategy in the wake of the COVID-19 pandemic to maximize opportunities and identify savings that could improve cash flow. The federal government has enacted tax law changes and infused the economy with stimulus funds that businesses and organizations can use to their advantage to stabilize their operations and position themselves for future growth. Understanding all the changes and how they impact you can be difficult to understand.

The current business environment is complex, unpredictable and rapidly changing. The professionals at Brown Smith Wallace are the partners you need right now to guide you. They will help you decipher recent changes in the tax law and devise a tax strategy that suits your unique circumstances.

With 83 professionals offering services in many specialty areas, the Brown Smith Wallace tax practice is one of the largest, most experienced teams based in St. Louis. Our tax practice includes CPAs and tax attorneys with deep, public accounting and corporate industry experience that our clients benefit from every day.

COVID-19 Tax Opportunities

It’s likely that more tax law changes and stimulus programs, like the CARES Act, will be enacted to continue to support the weakened economy. It’s been several months since the first round of programs has been enacted. Contact a Brown Smith Wallace tax advisor today to discuss the following opportunities which are available today:

  • Payroll tax deferral
  • Refundable employee retention credit up to $5,000
  • Five-year NOL carrybacks
  • Interest limitation changed to 50% instead of 30% of taxable income
  • QIP eligible for bonus depreciation
  • Corporate AMT credits immediately refundable

Saving money to improve cash flow is critical for many businesses right now. The tax advisors at Brown Smith Wallace are helping clients increase their tax savings using some of the following planning strategies:

  • Deferring revenue and accelerating expenses through accounting method changes or elections
  • Evaluating worthless/abandonment losses
  • Writing down of partial or total bad debts
  • Reviewing global attributes for monetization strategies
  • Examining state and local tax areas for deferrals, overpayments and opportunities for savings including sales & use, VAT, income and franchise, and property taxes

The time to act is now. Reach out to John Schwartze or your Brown Smith Wallace tax advisor today.

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