Tax Notes
Experts are encouraging companies with tax incentive agreements to check on their performance objectives and consider whether to seek relief under “force majeure” in light of the coronavirus pandemic.
In the wake of the many closures affecting businesses and government functions, many states have opted to provide relief by extending tax return filing deadlines and waiving interest and penalties on late payments. However, tax incentive agreements can also have deadlines involving provisions regarding payroll, investment, and clawback to remediate any breach of contract.
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