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State Impact of COVID-19 and the CARES Act

June 25, 2020
1:00 PM to 2:30 PM EST

Sue Nissen
Technical Support:

Technical Support
(BDO Employees):
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This webinar will address state responses to COVID-19 in three areas:
  1. The potential state tax implications of federal tax changes in the CARES Act.
  2. Nexus and apportionment developments resulting from telecommuters and work-from-home orders.
  3. Tax return filing/payment extensions and late filing/payment penalty waivers and relief.
The CARES Act makes certain adjustments to tax reform legislation provisions relating to net operating losses (NOLs) under Section 172, interest expense limitation rules under Section 163(j), business losses under Section 461(l), and depreciation provisions under Section 168(k), among other changes. Similar to tax reform legislation, the state tax implications of the CARES Act will depend on states’ conformity provisions to the Internal Revenue Code (IRC): (1) rolling, (2) fixed date, or (3) selective. The webinar will address how states conform or decouple from the IRC.

Nexus and apportionment developments resulting from telecommuters and work-from-home orders – and subsequent implications to state individual income tax and payroll withholding obligations – will be discussed. Specifically, states that announced they will not seek to impose nexus due to employees temporarily working from home, and states that issued guidance on employee taxable wages and payroll withholding obligations for remote employees. State and local responses to COVID-19 as they relate to business and individual tax return filing extensions, payment extensions, and late filing/payment penalty waivers and relief will be addressed. Most states have offered time extensions or penalty relief for income taxes as well as payroll, sales, franchise, B&O, and other taxes. This remains a fluid area as states and localities issue new guidelines on a regular basis.
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Note: CPE credit is not available for the recording.