The #1 Question Your CFO Asks
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2 Years Ago | 1What should the tax department of the future look like?
My team and I are hoping to inspire a deeper conversation about this topic as we believe it will be one of the most important issues facing in-house corporate tax professionals in the coming years. We have all heard this construct displayed by professional service firms, but few know truly what this means. We commend the professional service providers for starting the conversation, but we have a different perspective on the matter.
While there is no “one-size-fits-all” solution, our newly released white paper, Contemplating the Future Tax Function, provides a glimpse into an alternative concept.
To join the discussion, reply below with your insight or experiences.
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Posted by Community Member 2 Years Ago
What should the tax department of the future look like?
My team and I are hoping to inspire a deeper conversation about this topic as we believe it will be one of the most important issues facing in-house corporate tax professionals in the coming years. We have all heard this construct displayed by professional service firms, but few know truly what this means. We commend the professional service providers for starting the conversation, but we have a different perspective on the matter.
While there is no “one-size-fits-all” solution, our newly released white paper, Contemplating the Future Tax Function, provides a glimpse into an alternative concept.
To join the discussion, reply below with your insight or experiences.
Here are some life experiences I want to share from the public/private company perspective...... The tax department entails the following in order to run a good ship and be successful all year long: hire talented people with experience, smaller work-force, be a generalist, be mobile, communication and team-work, be organized and electronic record retention, I.T. automation, use of internet based software, use of Microsoft products, U.S. and Global research and planning (primary and secondary authorities including form instructions), stay on top of audit and notice defense, minimize additional tax, interest and penalties, stay on top of legislative changes, maintain a tax calendar, use of a calculator, small budgets but good salaries and bonuses, high level and detailed analysis, common sense approach, top of your head decision making ability, roll up your sleeves and be willing to work, internal cross functional activities, co-source with 3rd party service providers when needed......
- Plan the work and work the plan.....
- Set up tax action plan....
- Set up a tax narrative/road map.....
- Read the auditor's report and all the footnotes...
- Run smart charts....
- Be patient.....
- Be comprehensive....
- Be complete and accurate....
- Work within the 3 to 4 year statute of limitations..
- Make everyday productive....
- Have fun.....and be a good person...
-Sal Savona