We show that a simple piecewise-linear system with time delay and periodic forcing gives rise to a rich bifurcation structure of torus bifurcations and Arnold tongues, as well as multistability across a significant portion of the parameter space. The simplicity of our model enables us to study the dynamical features analytically. Specifically, these features are explained in terms of border-collision bifurcations of an associated Poincaré map. Given that time delay and periodic forcing are common ingredients in mathematical models, this analysis provides widely applicable insight.Both time-delay dynamical systems, and periodically driven dynamical systems have been thoroughly studied in the literature. This can be attributed to their great relevance to real-world problems. Time-delay systems arise naturally in physical, biological or climate models due to finite propagation speed; periodic drive is ubiquitous in engineering applications and is known to generate complex resonance phenomena. However, systems that combine these two properties have received much less attention, despite being relevant in many real-world applications. In this paper, we study a simple piecewise-linear system with both time delay and periodic forcing, which exhibits interesting dynamical features as a nontrivial consequence of this combination. These features include multistabilities, Arnold tongues and torus bifurcations. Since the system is piecewise linear and contains only two parameters, many phenomena can be interpreted through an analytically derived piecewise-smooth Poincaré map and an analysis of the associated border-collision bifurcations. The analysis explains the origin of similar phenomena which has previously been observed numerically in more complicated related systems.This article may be downloaded for personal use only.Any other use requires prior permission of the author and AIP Publishing.This article appeared in Chaos 30, 023121 (2020) and may be found at https://aip.scitation.org/