March 02, 2020

Bloomberg Tax Quotes Friedemann Thomma on the Effect of the Coronavirus on Tax Audits and SEC Filings for Multinational Companies

1 min

On March 2, 2020, Friedemann Thomma was quoted in Bloomberg Tax on the effect of the coronavirus on tax audits and SEC filings for multinational companies.

According to the article, travel disruptions and canceled meetings are just the first wave of the coronavirus impact on financial operations of multinational companies. Businesses will increasingly be challenged to meet tax deadlines, audit inventory in far-flung locations, and conduct due diligence for mergers. Even the filing of quarterly financial results is threatened.

“If this ends in two weeks, it’s not an issue,” Thomma said. “But if it’s still going in six months, we’ve got a massive problem.” Companies might have little choice but to ask tax authorities for more time to compute their results, he added.