In the past few years, indirect tax specialists have had to deal with the Covid pandemic, Brexit, an ever-changing landscape of rules and regulations, budget tussles, hiring difficulties, and numerous other challenges. The professional terrain is no less rocky heading into 2023. In a recent panel discussion with Indirect Tax (IDT) experts hosted by Thomson […] … Read More
Though an automated tax engine will ultimately improve a company’s overall operations, a successful implementation process does place certain demands on a company’s personnel, some of which can be challenging if not addressed properly. Fortunately, most of these challenges can be overcome with sufficient planning and some awareness of what to expect. Every company is different, […] … Read More
Over the past decade, major advances in accounting information technology have opened up opportunities for accountants to turn their focus from time-consuming, manual tasks to data analysis, tax strategy, and predictive insights. This profound shift has created a pathway to improving operational efficiency, seamlessly achieving compliance, and fostering more meaningful relationships with clients. Today’s accountants must […] … Read More
According to the Thomson Reuters 2022 State of the Corporate Tax Department report, almost two-thirds of all corporate tax departments are either at, or near the beginning of their tax technology journey. As a result, understanding how to manage the transition to a more automated, technologically sophisticated department is a top priority for many tax […] … Read More
In any large company, the idea of achieving greater “efficiency” is really an ongoing effort to increase profitability by finding ways to modify various systems, processes, and workflows in order to save time and money. Tax departments must also take into account external factors such as inflation and rising interest rates, which add pressure to […] … Read More
Unbeknown to many companies outside of the United States, the US has reinstated a long-dormant environmental tax known as the Superfund Excise Tax, which impacts certain companies in the EU and UK — especially those involved in the chemical, gas, and petroleum industries. Reinstated as part of the (IIJA), the Superfund Excise Tax was originally […] … Read More