Regardless of where the work is being done, tax professionals must meet deadlines and standards.
Like every other business, many tax executives are working from home. And, while this isn’t exactly business as normal, there is still normal business to conduct. Chiefly, deadlines must be met and internal controls must be maintained.
1. Do we have the capacity and infrastructure to timely complete our interim and/or annual provision calculations given the remote working requirements?
Many companies are facing logistical, information technology (IT), and personnel challenges in adjusting to evolving workplace restrictions. Many remote workers may not have access to critical accounting and tax records necessary to prepare the income tax provision calculations. IT limitations may also restrict or delay critical activities necessary for remote preparation and review procedures. Companies should critically review their capabilities to meet their various filing requirements, including an assessment of the people, process, and technology implications of an extended workplace restriction.