Since the start of the COVID-19 pandemic, tax and legal teams have had to keep tabs on where thousands of employees were working, deploy internet services to remote areas, and figure out how to safely meet to complete tasks that have to done in person. What started as temporary patches has more and more become the new normal.
In a recent Bloomberg Tax article, Toby Reese, Managing Director in the Tax Services practice of Duff & Phelps, commented “There’s always the concern that you need to do it right and you need to be in compliance. When you have a situation like the pandemic, that brings certain stressors into the equation.”
Those stressors translate into real risks, Toby said, which could create a domino effect of missed deadlines and civil penalties. Liability is always on the mind, especially with a proposed federal liability shield for businesses mired in negotiations between Congress and the Trump Administration over another economic stimulus bill.
