The $2.2 trillion bipartisan Coronavirus Aid, Relief, and Economic Security (CARES) Act included several provisions that have significant income tax implications affecting corporate taxpayers. In addition, there are still a number of considerations from the Tax Cuts and Jobs Acts (TCJA) that continue to impact tax year 2019. As a result, many companies need to focus not only on preparing for the 2019 federal, international and state filing season, but also on the implications for tax year 2020 and beyond.
During our July 22, 2020 webcast, we asked more than 1,600 executives what they considered to be the most significant pressure point in preparing tax year 2019 federal and state filings given continued implementation of TCJA and the impact of the CARES Act. Almost one-third (32%) indicated changes to international forms and federal TCJA implementation complexities as their most significant concerns, followed by resource limitations either due to COVID-19 or cost constraints (28%), as well as continued state TCJA implementation complexities (20%).