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Brief Insights | COVID-19 Impact on Tax Planning

In this recent installment of Brief Insights, we sit down with Doeren Mayhew Houston tax advisor, Rolando Garcia, as he shares insight on several ways the COVID-19 pandemic has impacted business tax planning. Watch our video to learn more about the impact COVID-19 has had on businesses, tax planning considerations in the coming months and how Doeren Mayhew can help implement tax-saving strategies for your business.

COVID-19’s Effect on Tax Planning

From a tax standpoint, businesses have been majorly affected by the COVID-19 pandemic. Instead of working with clients up to nine months in advance, tax planning became accelerated to the point that many tax advisors only a few days in advance to plan in order to keep their clients afloat. The sudden nature of the pandemic is unlike anything tax advisors have ever seen, but the need for business tax planning is greater than ever.

Key Tax Planning Considerations

As year-end approaches, there are a few strategies businesses can leverage to generate liquidity, some of which may already have been utilized. Watch our video to learn additional tax planning strategies to generate liquidity, including:

How Doeren Mayhew Can Help

Doeren Mayhew has played a significant role in helping our clients implement the above tax planning strategies. Given the many uncertainties of the pandemic, our tax advisors stand ready to assist our clients in generating liquidity and planning for the future. If you need tax planning assistance for your business, contact us today.

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