More than ever, hybrid work arrangements have become the norm for many in corporate America. But what might this workforce shift entail from a tax perspective?
Friedman's Tom Corrie, principal and co-leader of the firm's State and Local Tax Group, wrote for Bloomberg Tax this week, sharing insights into how our tax laws will evolve alongside our daily work culture.
"The restrictions of the pandemic acted as a petri dish to test the viability of the remote working model, demonstrating its vigor over an extended period of time," Tom writes. "How state and local governments will react to these changes depends on the ultimate effect they have on their tax revenue bases."
He adds: "Perhaps a focus on building up revenue from non-tax sources such as unclaimed property will become more of a priority. In addition, new and innovative tax methodologies based on economic benefits, similar to the growth of state economic nexus rules, are likely to be explored."
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