3. Scrutinize tax risks
While a global pandemic may not have been a top scenario in your company’s risk management plan, many of its consequences are issues that businesses typically face at some point in their history: business interruption, supply-chain disruption and staffing dilemmas. Dealing with all of them at once is what makes this challenge distinctive. Don’t let this extreme case overly influence future direction. As resource allocation decisions are made, for example, it is critical to avoid budget tightening today that leaves the entity unable to handle some other potential challenge tomorrow.
In addition, as government entities get back to full capacity, they will start addressing a backlog of audits and information requests as pressure builds to generate revenue for covering COVID-19 costs. Whether or not a company participates in an incentive program, many will face more aggressive audits and tax controversy risks. This is an area to plan with the potential to favorably settle long outstanding matters and ensure your internal and external resource needs are optimized for the expected focus.
As this crisis flattens and your organization moves from urgent response to routine business, ensure you have the right people and advisors, along with the right skills and tools to manage enterprise needs. By adjusting key strategies around talent, operations and risk management now, you can help ensure your organization is positioned to better weather the end of this current crisis and achieve new success in the changing economy.