“We, as tax professionals, must not only respond to protect ourselves personally, but to lead in rebuilding and then strengthening the infrastructure of our businesses and, through them, our economy.”TaxForward.org
COVID-19 has significantly altered our lives – including stay at home rules that, in some states, extend into June. The view of our altered landscape extends far into the future. 9/11 permanently moved us to remote servers, cloud computing, and advanced physical and virtual security. The Great Depression changed the way people viewed and used money and their relationship with government.
Our new normal will be shaped by this virus, even when we are allowed out of our homes and back to recognizable routines. Seemingly invincible titans and industries may fall; new hegemons and industries will rise. Our expectations of and the way we interact with the government, the ways in which we do business, and how we engage socially have all been impacted. Due to the size of the financial impact, it is predicted our government will need to invest many trillions of dollars to bring us out of this financial crisis. Our interactions with foreign governments (markets for both selling and purchasing) will change. Something as simple as how we look at shopping has already changed.
Every crisis we have ever suffered has had the benefit of educating us and helping us to become better at our response and our practices. Wars (as this current crisis has been referred to time and again) bring us medical advancements and prove to us we can martial our resources and people to accomplish great things. Natural disasters (as COVID-19 is) make us aware of our shortcomings in planning and preparedness. Financial disasters make us realize what we lack in skills and security and we adjust. Well, we’re in the penultimate of learning experiences now – financial and natural disasters coming together in a war that we must win.
We, as tax professionals, must not only respond to protect ourselves personally, but to lead in rebuilding and then strengthening the infrastructure of our businesses and, through them, our economy. This crisis has forced us to ask a lot of questions about safety nets, preparedness, leadership and how we want to build our future. It is not a matter of getting back to normal. Normal is gone. We need to build our new normal and what that is…is up to us. In a way that is exciting, just as it is daunting. You will notice we’re exploring subjects that are not clearly connected to tax. Our goal in exploring these subjects is to provide you with information that will help you navigate uncharted waters that are changing at a rapid clip.
Ashby Walters is Executive Director and cofounder of TaxForward and Future Tax Leaders. She has served as head of or leader in tax for Peet’s Coffee, Inc., Quizno’s, Staples, Dish Network, and other companies. Over her 20-plus year career, Ashby has helped organizations from Fortune 200 companies to start-ups, save more than $200 million in cash taxes, millions in G&A, and thousands of production hours collectively.