Author: Patrick McCormick, Culhane Meadows PLLC
COVID-19’s overarching impact on daily life cannot be overstated; like every industry, tax has been effected, with changes in functional considerations and compliance requirements. For multinationals (either U.S.-based taxpayers with foreign activities or foreign taxpayers with U.S. , tax considerations resulting from COVID-19 in some respects mirror those for exclusively domestic taxpayers (for example, whether tax return filing deadlines are changed); others are more distinct (an example being whether relocated workers create permanent establishment concerns).
This article details how COVID-19 tax relief impacts multinational taxpayers, as well as special tax considerations for multinationals resulting from COVID-19. As referenced within the article, guidance related to COVD-19 is evolving, with continuous guidance both from the Service and foreign taxing authorities.