COVID-19 is having wide-ranging economic, business, and social impacts. Tax, trade, and other authorities around the world are responding with regulatory change, relief measures, and extensions. For dedicated information on the impact that COVID-19 is having on midmarket companies, bookmark this page and check back often.
Cash planning
Cash Planning
August 2020 Updates
- KPMG report: Initial analysis of Notice 2020-65, guidance on employee payroll tax deferral (8.31.20)
- FAQs on PPP loans; payments of fees and health benefits (COVID-19) (8.12.20)
- Executive memorandum: Deferral of collection of payroll taxes (COVID-19) (8.8.20)
- Notice 2020-55: Postponed deadline, federal excise tax for sports fishing, archery equipment (COVID-19) (8.7.20)
- Notice 2020-61: Special rules for single-employer defined benefit pension plans (COVID-19) (8.6.20)
- Notice 2020-62: Safe harbor explanations about eligible rollover distributions (COVID-19) (8.6.20)
- FAQ address PPP loan forgiveness issues (COVID-19) (8.4.20)
July 2020 Updates
- House passes child care support bill, includes tax provisions (COVID-19) (7.30.20)
- U.S. Treasury relief, reduced assessments from banks paid to Comptroller of Currency (COVID-19) (7.24.20)
- Addressing Liquidity Issues during COVID-19 Using Intercompany Pricing Tools (7.20.20)
- Expediting NOL Refunds (7.20.20)
- Chief Tax Officer Insights – Employee Retention Credit: Seeking clarity amid COVID-19 (July 2020)
- IRS notification regarding delay in processing advance payment of employer credits (COVID-19) (7.15.20)
- Congress passes unemployment relief for tax-exempt entities (COVID-19) (7.10.20)
- Legislative update: Extension of PPP loan application deadline enacted (COVID-19) (7.6.20)
- FAQs on coronavirus relief fund payments to states, local governments (COVID-19) (7.6.20)
- Regulations: Consolidated net operating losses (text of regulations) (7.2.20)
- Congress passes PPP extension bill; House passes infrastructure bill (COVID-19) (7.2.20)
June 2020 Updates
- FAQs on PPP loans, maturity of loans (COVID-19) (6.29.20)
- IRS updated FAQs on deferral of employment tax deposits, payments (COVID-19) 6.26.20)
- State and local employment tax and telework guidance in response to coronavirus (6.11.20)
- Navigating IRS Fax Rules to Expedite NOL and Minimum Tax Refunds (6.8.20)
- COVID-19 and U.S. tax impacts for infrastructure (6.10.20)
- President signs legislation providing payroll tax deferral for taxpayers with forgiven PPP loans (COVID-19) (6.5.20)
- Legislative update: Senate passes bill, payroll tax deferral for taxpayers with forgiven PPP loans (COVID-19) (6.4.20)
May 2020 Updates
- Rev. Proc. 2020-34: Relief for mortgage loans, lease arrangements of certain trusts (COVID-19)
- Managing Global Indirect Taxes During COVID-19 – An Overview of Savings Opportunities and Unintended Consequences (5.21.20)
- House passes bill, payroll tax deferral for taxpayers with forgiven PPP loans (5.28.20)
- FAQs on “Main Street Lending Program” (5.29.20)
- FAQs for PPP borrowers, safe harbor from SBA audit for “good faith” certification (5.13.20)
- COVID-19 Disruption in Life Sciences Industry – Tax, Trade, Value Chain Considerations (5.11.20)
- KPMG COVID-19 Global Tax Relief Evaluator (5.5.20)
- FAQs for PPP borrowers, safe harbor from SBA audit for “good faith” certification (5.13.20)
- COVID-19 Disruption in Life Sciences Industry – Tax, Trade, Value Chain Considerations (5.11.20)
April 2020 Updates
- Initial impressions of additional FAQs on the employee retention credit (COVID-19) 4.30.20
- IRS updates, expands FAQs on employee retention credit (COVID-19) 4.29.20
- COVID-19-related Inventory Impairments: Cash Flow Opportunity for Resellers (4.21.20)
- COVID-19 Transfer Pricing Strategies for Private Equity Portfolio Companies (4.20.20)
- Evaluating the tax impact of COVID-19 on RICs and their shareholders (4.20.20)
- Treasury issues guidance on Paycheck Protection Program (PPP): Trump signs PPP funding legislation (4.28.20)
- JCT description of employee retention credit, payroll deferral provisions in CARES Act (4.23.20)
- The New Employee Retention Credit (What you need to know) 4.23.20
- Treasury releases updated FAQs on Paycheck Protection Program (4.23.20)
- Relief for Taxpayers to Correct, Change QIP Depreciation Methods (4.22.20)
- FAQs on payroll support for air carriers and contractors (COVID-19) (4.22.20)
- Legislative update: Senate passes COVID-19 legislation, with additional Paycheck Protection Program funds (4.21.20)
- United States: Relief relating to deposits of estimated customs duties, taxes, fees (COVID-19) (4.20.20)
- Rev. Proc. 2020-25: Depreciation of qualified improvement property (4.17.20)
- United States: New COVID-19 relief imports web portal (4.14.20)
- Webcast replay - KPMG TradeWatch: Accelerating Duty Recovery and Reduction Strategies During an Economic Downturn 4.10.20
- State and local tax extensions in response to COVID-19 (4.10.20)
- Employer-related liquidity – tax credits, deferrals, and efficiencies (COVID-19) (4.3.20)
March 2020 Updates
- Draft IRS form, instructions for claiming advance payment of employer credits (COVID-19) (3.31.20)
- COVID-19 Tax Insights – Current Cash Refund for Costs of Abandoned Transactions (3.30.20)
- Lending programs under CARES Act, including interactions with tax provisions (COVID-19) (4.2.20)
- Crisis cash management – Creating valuable breathing space in a COVID-19 world
- Cash Flow Planning for COVID-19: Leveraging Tax Accounting Methods and Credits to Generate Cash Flow (3.30.20)
- Payroll Offsets Using R&D Tax Credits (COVID-19) (3.20.20)
Compliance with evolving government regulations and the CARES Act
Compliance with evolving government regulations and the CARES Act
September 2020 Updates
- Tax relief, updated state and local tax guidance (COVID-19) (9.21.20)
- IRS release on expedited request for letter rulings (COVID-19) (9.16.20)
- Treasury’s CDFI Fund to consider NMTC requests for reporting extensions (COVID-19) (9.16.20)
- TTB reminder: Extra semi-monthly excise tax periods, five due dates in September 2020 (9.14.20)
- IRS expands list of forms and returns available for digital signature (COVID-19) (9.10.20)
- Postponed deadline for reporting, paying excise taxes on minimum required contributions (9.10.20)
- Notice 2020-66: Medicaid coverage of COVID-19 testing and diagnostic services (9.9.20)
- Coronavirus (COVID-19) tax developments (Global developments summary) (9.4.20)
- COVID-19: Telemedicine and tax – Examining the need for tax clarity as virtual healthcare accelerates (9.1.20)
August 2020 Updates
- IRS temporarily to allow digital signatures on certain forms and returns (COVID-19) (8.28.20)
- IRS statement on failure-to-deposit penalties, employers claiming new tax credits (COVID-19) (8.21.20)
- The Recent COVID-Related Executive Actions and Implications for Legislation (Podcast) (8.14.20)
- Tax relief, updated state and local tax guidance (COVID-19) (8.10.20)
- Coronavirus (COVID-19) global tax developments (8.6.20)
- IRS issues FAQs on leave-sharing plans (COVID-19) (8.3.20)
- IRS updated FAQs on retirement plan distribution rules, partial terminations (COVID-19) (8.3.20)
- Tax Issues Banks Should CARE(S) About in Light of COVID-19 (8.3.20)
July 2020 Updates
- IRS updates FAQs on deferral of employment tax deposits, payments (COVID-19) (7.31.20)
- Notice 2020-58: Rehabilitation credit under section 47, deadline relief (COVID-19) (7.30.20)
- COVID Relief – Looking at the Senate’s HEALS Act – Webcast (7.29.20)
- Compensation and benefits issues in Senate Republican COVID-19 bills (7.29.20)
- IRS’s temporary procedure for filing Form 3115, accounting method changes (COVID-19) (7.29.20)
- Senate Republican proposals would limit withholding for remote workers, nexus for employers (COVID-19) (7.28.20)
- No extension of duration of ITAR licenses, agreements (COVID-19) (7.28.20)
- U.S. Senate Republicans release COVID-19 response bills, with tax provisions (7.27.20)
- Regulations: Refundable employment tax credits; assessment for erroneous refundable credits (COVID-19) (7.27.20)
- Tax relief, updated state and local tax guidance (COVID-19) (7.27.20)
- Regulations on limiting business interest expense deductions under section 163(j) (COVID-19) 7.14.20
- Postponed deadline, hospitals and community health needs under section 501(r)(3) (COVID-19) 7.14.20
- Chief Tax Officer Insights – Navigating the new reality: How CTOs are steering the tax function through COVID-19 (May, 2020)
- Coronavirus (COVID-19) tax developments (7.14.20)
- COVID-19 Global Tax Developments (by jurisdiction) (7.14.20)
- CBP to accept electronic phytosanitary certificates through September 2020 (COVID-19) (7.13.20)
- CBP reminder of approaching end of postponed deadlines for customs duties, fees (COVID-19) (7.10.20)
- Notice 2020-54: Reporting qualified sick leave, qualified family leave wages (COVID-19) (7.9.20)
- KPMG Report: Insurance-related measures in consolidated NOL regulations (7.7.20)
- IRS memorandum for TE/GE employees, modified examination timelines (COVID-19) (7.7.20)
- IRS provides FAQs on treatment of certain payments to health care providers (COVID-19) (7.6.20)
- LB&I memo on activities postponed, continued and resuming (COVID-19) (7.2.20)
- Notice 2020-53: Temporary relief, low-income housing credit under section 42 (COVID-19) (7.1.20)
June 2020 Updates
- New FAQs on faxing refund claims, NOL carrybacks under CARES Act (COVID-19) (6.29.20)
- National Taxpayer Advocate report to Congress identifying taxpayer challenges (COVID-19) (6.29.20)
- Notice 2020-52: Mid-year amendment to safe harbor section 401(k) plan (COVID-19) (6.29.20)
- U.S. Treasury relief, reduced assessments from banks paid to Comptroller of Currency (COVID-19) (6.24.20)
- TTB release: Extension of relief from notice requirement for destruction of beer (COVID-19) (6.24.20)
- Coronavirus (COVID-19) tax developments (US and Global) (6.24.20)
- State and Local Tax Extensions in response to COVID-19 (current as of 5.27.20) (6.24.20)
- IRS updated FAQs on employee retention credit (6.23.20)
- Notice 2020-51: Waiver of 2020 required minimum distributions, retirement plans (6.23.20)
- Notice 2020-48: Postponed deadline, federal excise tax for sports fishing, archery equipment (6.23.20)
- Updated FAQ on employee retention credit for exempt organizations (6.22.20)
- Notice 2020-50: Retirement plan distributions and loans, CARES Act relief (6.19.20)
- PPP loan-forgiveness application forms (6.17.20)
- IRS employees continue to accept, transmit documents by email (6.17.20)
- Updated FAQs, relief for nonresidents and foreign business employees affected by travel disruptions (COVID-19) (6.15.20)
- Notice 2020-49: Postponed time-sensitive actions, New Markets Tax Credits (COVID-19) (6.12.20)
- Notice 2020-46: Employer leave-based donation programs (COVID-19) (6.11.20)
- IRS provides FAQs on NOL carrybacks by certain exempt organizations (6.8.20)
- Notice 2020-39: Relief for qualified opportunity zones and investors (COVID-19) (6.4.20)
- Notice 2020-42: Temporary relief allowing retirement plan elections, spousal consents to be signed remotely (COVID-19)
May 2020 Updates
- IRS provides FAQs on treatment of NOL carrybacks and AMT by C corporations (5.28.20)
- Postponed deadlines for employment taxes, employee benefit plans, IRAs, HSAs, MSAs, other time-sensitive actions (5.28.20)
- IRS provides FAQs for individuals claiming the “medical condition exception” in 2020 (5.28.20)
- Updated FAQs on employee retention credit and PPP repayments (5.27.20)
- Competent authority, changes regarding requests and APA consultations (5.20.20)
- Chief Tax Officer Insights – Navigating the new reality: How CTOs are steering the tax function through COVID-19 (5.20.20)
- Treasury provides PPP loan forgiveness form, instructions (5.18.20)
- IRS fact sheet, tax credits for COVID-19-related paid leave (5.18.20)
- TTB guidance, tax-free withdrawal of distilled spirits for hand sanitizers (COVID-19) (5.18.20)
- IRM update, addressing CARES Act provisions concerning net operating losses and minimum tax credits (5.15.20)
- Legislative update: House passes COVID-19-related legislation (HEROES Act) (5.15.20)
- FAQs for PPP borrowers, safe harbor from SBA audit for “good faith” certification (5.13.20)
- Legislative update: COVID-19-related legislation unveiled in House, includes tax proposals (5.12.20)
- Expanded relief for health-related cafeteria plans (Notice 2020-29, Notice 2020-33) (5.12.20)
- CARES Act Changes to Section 163(j) for Partnerships (5.11.20)
- A Common Question from Healthcare REITs: Should the TRS Lease Be Amended during Tough Times? (5.11.20)
- IRS updates FAQs on employee retention credit, treatment of health plan expenses and PPP repayments (5.8.20)
- Legislative update: COVID-19-related legislation unveiled in House, includes tax proposals (5.12.20)
- Expanded relief for health-related cafeteria plans (Notice 2020-29, Notice 2020-33) (5.12.20)
- CARES Act Changes to Section 163(j) for Partnerships (5.11.20)
- A Common Question from Healthcare REITs: Should the TRS Lease Be Amended during Tough Times? (5.11.20)
- IRS updates FAQs on employee retention credit, treatment of health plan expenses and PPP repayments (5.8.20)
- Rev. Proc. 2020-30: Relief from creating foreign branch separate units under the dual consolidated loss rules (5.7.2020)
- New deadline of May 14 to repay Paycheck Protection Program (PPP) loans for SBA “good faith” certification (5.6.20)
- U.S. Directorate of Defense Trade Controls (DDTC) reduces registration fees (COVID-19) (5.6.20)
- U.S. notice of 2020 GSP annual review, comment submission deadlines (COVID-19) (5.6.20)
- State and Local Employment Tax Guidance in Response to Coronavirus (COVID-19) (5.5.20)
- COVID-19 Transfer Pricing Implications for Intercompany Loans (5.4.20)
- State and Local Tax Extensions in response to COVID-19 (5.1.20)
- Employer retention credit can be claimed if Paycheck Protection Program (PPP) loan repaid by May 7 (5.5.20)
- Rev. Proc. 2020-19: Temporary modification to safe harbor for distributions by REITs and RICs (COVID-19) (5.4.20)
- TTB release: FAQs on destruction of beer, recovery of taxes paid (COVID-19) (5.4.20)
- IRS relief regarding tax-exempt bonds (COVID-19) (5.4.20)
April 2020 Updates
- Extension of healthcare, health plan coverage, employee benefit plan timeframes (COVID-19) (4.29.20)
- United States: FATCA certification submissions extended to 15 December 2020 (COVID-19) (4.29.20)
- Accounting and Reporting Impacts of the CARES Act (updated 4.28.20)
- IRS adds to FAQs on postponed tax return filing, paying deadlines (4.28.20)
- Updated FAQs on PPE exports from United States (4.27.20)
- FAQs on NOL carrybacks for taxpayers with section 965 inclusions (COVID-19) (4.24.20)
- IRS expands FAQs on postponed tax return filing, paying deadlines (4.23.20)
- IRS provides FAQs on NOL carrybacks for taxpayers with section 965 inclusions (4.23.20)
- FAQs for determining U.S. trade or business or permanent establishment (COVID-19) – KPMG Report (4.23.20)
- Legislative Update: JCT general explanation of tax provision in CARES Act (4.22.20)
- IRS extends FATCA reporting deadline, Model 1 IGA jurisdictions (COVID-19) (4.22.20)
- Revenue procedures, FAQs: Relief for nonresidents remaining in United States (COVID-19): 4.21.20
- United States: Reminder of sanctions compliance requirements (COVID-19) 4.20.20
- KPMG report: Initial impressions of Rev. Rul. 2020-8 and 10-year limitations period, foreign tax credit and NOL carrybacks (COVID-19) (4.20.20)
- KPMG report: Relief to make or withdraw a real property trade or business or farming business election and certain other elections related to the CARES Act changes to section 163(j) (4.17.20)
- Payroll Insights – IRS issues FAQs to address payroll tax deferral under CARES Act AND State and local employment tax guidance in response to coronavirus (COVID-19) 4.17.20
- ATNOL Carrybacks under the CARES Act (April 16, 2020)
- IRS expands FAQs on faxing refund claims, NOL carrybacks under CARES Act (COVID-19) (4.17.20)
- THE CARES Act and CNOLS: Avoiding Unanticipated Consequences (4.13.20)
- Rev. Proc 2020-26: Safe harbors, loan forbearance programs under CARES Act (COVID-19) (4.13.20)
- IRS provides Q&As on “quick refunds” process for NOL carrybacks under CARES Act (COVID-19) (4.13.20)
- IRS issues FAQs on deferral of employment tax deposits and payments (COVID-19) (4.13.20)
- State and local tax guidance, tax relief (COVID-19) (3.31.20) - this page contains reports that are updated regularly and provides a summary of published guidance on extensions of time to file various state returns in light of COVID-19)
- Payroll insights (3.31.2020) - State and local employment tax guidance in response to coronavirus (COVID-19) (3.26.20)
- Global Tax Developments Summary (by country) (4.9.20) – this report is updated regularly
- IRS announces extensions for section 1031 “like-kind exchange” deadlines (COVID-19) (4.10.20)
- IRS updates FAQs on postponed tax return filing, paying deadlines (COVID-19) (4.10.20)
- Accounting and reporting impacts of the CARES Act (updated 4.9.20)
- Notice 2020-23: Relief for taxpayers affected by coronavirus pandemic (COVID-19) 4.9.20)
- KPMG report: Initial impressions of IRS guidance implementing NOL provisions in CARES Act (COVID-19) 4.10.20
- Rev. Proc. 2020-24: Guidance on NOL carryback measures from CARES Act (COVID-19) (4.9.20)
- The New Employee Retention Credit
- IRS re-issues Form 941 to address employee retention credit (4.10.20)
- Tax and legal considerations flowing from disruption caused by COVID-19
- Postponed payment, reporting date for TTB excise taxes (COVID-19) (4.1.20)
- SEC provides extended regulatory relief to companies affected by coronavirus (4.1.20)
- Webcast replay - State and Local Tax Implications and Guidance for COVID-19 (4.1.20)
March 2020 Updates
- Webcast replay – Multistate: States and legislatures respond to COVID-19
- Tax Provisions in the CARES Act (COVID-19 “Phase 3” Response) - Analysis and Observations (3.30/20)
- Coronavirus - Income tax accounting impacts, including interim estimates and valuation allowances” (3.20.20, updated 3.30.20)
- COVID-19 Puts Limited Risk Structure at Risk – Analysis from the Chinese Angle (3.26.20)
Cost mitigation considerations
Cost mitigation considerations
July 2020 Updates
June 2020 Updates
March 2020 Updates
- Pandemic planning as part of an overall resilience strategy (March 2020)
- Business continuity in a COVID-19 world – Tips to consider during the COVID-19 pandemic.
- Compensation and Benefits Considerations in a Troubled Economy (3.30.20)
- Employers Providing Employee Hardship Assistance Related to Coronovirus (3.17.20)
- Compensation Benefits Concerns in Uncertain Times – Telecommuting and Other Items (COVID-19 Considerations) (3.15.20)
Supporting technology
Supporting technology
- KPMG Ignition Tax- a dynamic network of teams that spark innovation and fuel change to unlock value and prepare for the future. Capabilities include digital transformation, systems integration and data & analytics
- Technology in tax
- Tax Reimagined – Developing tomorrow’s tax function today
- Featured Global Tax Technology Tools
- KPMG Ignition – Is your organization future-ready?
Workforce operations in a virtual environment
Workforce operations in a virtual enviornment
August 2020 Updates
July 2020 Updates
April 2020 Updates
- Preparing for the future: Is everything going to be OK? (4.9.20)
- Global reward and mobility considerations related to COVID-19 (4.8.20)
March 2020 Updates
