The COVID-19 pandemic has added new complexities for tax practitioners, given the magnitude and constant state of flux with many of the economic and tax-specific relief measures put into place by regulatory and legislative bodies to combat the detrimental impacts of this pandemic on people and the economy. The relief measures are much needed but impose burdens on tax practitioners trying to help clients understand and benefit from the newly available programs and tax measures (credits, deferrals, etc.). Good documentation is essential to successfully managing the related risk exposures.
4 ways to build resilience to digital risks in the COVID-19 era
- By 2026, almost 26% of the world’s GDP could be based on internet-based and digitally-connected industries.
- Seizing digital opportunities begins with an understanding of digital risk; at a minimum, companies need to understand their total exposure.
- Following key principles of digital risk management will separate the companies that will thrive in the digital age from those that will not.