Following the runoff elections in Georgia, Capitol Hill is looking at a 50-50 split between Democrats and Republicans in the US Senate, with ties broken by the Vice President. This rare event in our country’s history elicits an important question within the tax and accounting sphere: What’s next for tax policy?

Congressional leaders passed a much-anticipated COVID-19 relief and spending bill this past December. However, with new tax provisions and extensions on expiring provisions from the CARES Act, there are numerous factors that tax leaders and professionals need to consider carefully in this new legislative package.

The G20/OECD Inclusive Framework on Base Erosion and Profit Shifting (the Inclusive Framework) released two detailed “blueprints” in relation to its ongoing work to address the tax challenges arising from the digitalization of the economy.

The business impacts of COVID-19 are far reaching and include transfer pricing considerations for multinational companies that should be actively managed and monitored. Companies and their transfer pricing specialists are dealing with a complex landscape.

Most major news organizations have declared that former Vice President Joe Biden will emerge with at least 270 electoral votes and will become our next president. With that in mind, it’s time for taxpayers to begin to consider the potential tax impacts of Joe Biden’s tax agenda.

There’s a rapid proliferation of digital assets across geographies and industries, from tokens, to stablecoins, to digital representations and derivatives of each. But with little tax guidance available for businesses, asking “What’s the thing?” is critical to understanding how specific details inform the asset’s character, basis tracking, application of indirect tax, revenue and expense recognition, and sourcing.

There are plenty of challenges when it comes to accounting for income taxes, from forecasting to non-routine transactions, to deferred taxes, to analyzing new legislation and guidance, all of which can create complexity. With the COVID-19 pandemic and the impact on economic conditions, it’s crucial that companies face ASC 740 challenges head-on while looking for opportunities to add value.

There’s a growing recognition of how critical diversity and inclusion is to business performance. The challenge lies in translating the value of diversity and inclusion into impactful actions that your tax department can take.

Today’s environment is quickly changing the way businesses function as they navigate through new business and tax needs, and this is especially true at the state tax level. Whether it’s cash generation strategies, tax implications of remote workforces, sales and use tax refunds, real and personal property values, or tax department operations, multistate tax has unique opportunities to add value to organizations.

COVID-19 has triggered or accelerated major shifts in business strategy, advancing digital adoption and reassessment of the end-to-end supply chain—with significant tax implications. As business leaders weigh alternatives for sourcing, manufacturing, and distribution, scenario planning from a tax perspective may be crucial.