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We will dive into the key benefits of embedded tax solutions and offer insights for corporatetax professionals looking to use comprehensive tools to achieve exceptional compliance and operational excellence. Highlights: Tax management in large organizations is complex and needs precision.
Under this act, if a corporation’s CEO or highest-paid employee’s compensation exceeds 50 times the median worker’s pay, the corporatetax rate would be increased by a penalty determined by the legislation. Stay tuned for further updates on these developments!
As the Organization for Economic Co-Operation and Development’s (OECD) ground-breaking Base Erosion Profit Shifting (BEPS) framework for taxing the digital economy is being implemented, countries around the globe are beginning to roll out the second of the OECD’s two BEPS pillars—Pillar 2.0. global minimum tax regime.
For more articles to help you transform your tax department, read our latest blog posts: K-1 Aggregation and International Filing Requirements whitepaper. AI-Enhance Processes and Decision-Making Are Revolutionizing CorporateTax Departments. How Tech Can Help You Navigate the New Tax Rules and Tax Trends.
The earlier tax is involved in the discussion the better, however, because buy-in from the top is key. And even if the project gets approved, cross-departmental discussions and support – from accounts payable, procurement, finance, IT, etc. – are crucial, especially if the new ERP is going to enable enterprise-wide data-sharing.
“One of the biggest challenges facing the the tax profession today is the increasing amount of data that must be processed to prepare financial statements. In addition, as businesses become more globalized, accountants must be able to account for transactions in multiple currencies,” wrote Benjamin Wann, owner of Asheville, N.C.
← Blog home In an era where corporate sustainability is not just a buzzword but a business imperative, new reporting directives from the European Union (EU) pose significant challenges for companies aiming to maintain robust Environmental, Social, and Governance (ESG) compliance.
Corporatetax teams responsible for collecting, managing, and paying indirect taxes face numerous challenges in today’s fractious tax landscape. Webinar: Building the modern tax department of the future: Embracing technology to drive your business. Whitepaper: The Future of Tax Departments.
For example, a multinational corporation (MNC) that operates in thirty countries must keep track of all the regulatory changes in each jurisdiction in which it operates, as well as different data formats, filing requirements, and deadlines.
E-filing is becoming mandatory for the filing of taxes in many countries, as well as for many of the documentation filings that are required by BEPS. Consider updating your tax technology to gain control and transparency by taking advantage of automated data management and easy access to relevant tax content.
Not all companies think about indirect tax automation in the same way, and different companies are at different stages in their technological journey. Where is your indirect tax team in the journey to becoming more technologically sophisticated? Tax automation is more than just a trend.
K-1s are sometimes confused with Form 1099s, which are tax information documents for individuals who are not employees, like sole proprietors and freelancers. K-1s, however, are quite different and can come with some complexities for tax and accounting firms. from the partnership for the tax year. What is Schedule K-1?
Forrester also built in an additional 5% risk adjustment to account for potential differences in cost, raising the total estimated implementation cost to $873,600. During the implementation phase, licensing for ONESOURCE Indirect Tax costs nothing, because licensing costs only kick in once the product is up and running.
And some feel it’s pointless to consider a new tax engine before ironing out other data issues with their enterprise resource planning (ERP) system. Read the 2021 indirect tax report for insights on how global tax leaders have successfully transformed their corporatetax teams into strategic advisors.
In this three-part series, we will explain what e-invoicing/CTC is, how it works, why it is gaining popularity, what technology and compliance challenges e-invoicing presents to corporatetax, finance, and IT teams, and share some best practices for doing business in an e-invoicing/CTC regime.
For IT teams, the benefits of automating indirect tax compliance include reducing manual workloads, integrating seamlessly with existing systems, and enhancing data security. Whitepaper Gain a deeper understanding of the imperative of indirect tax compliance for IT and how to prioritize indirect taxes in your organization.
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