Accounting Insight

JUNE 13, 2023

How can AI and automation help small accountancy practices provide a better service? The commodification of AI is also happening in accountancy: small and medium-sized firms are beginning to embrace the technology, which was previously the preserve of the Big Four. How can AI and automation help small accountancy practices?

Technology 52

Technology accountant accounted Account 52

ThomsonReuters

FEBRUARY 9, 2024

Under this act, if a corporation’s CEO or highest-paid employee’s compensation exceeds 50 times the median worker’s pay, the corporate tax rate would be increased by a penalty determined by the legislation. Firms must prepare for potential shifts in tax liabilities and advise clients accordingly.

Tax 110

Tax tax return Technology income tax 110

ThomsonReuters

APRIL 21, 2024

For corporate tax professionals, navigating the ever-evolving landscape of tax codes and regulations is often a daunting task. It works in several ways, for example: Machine Learning for Automated Classification: Machine learning algorithms can be trained on vast datasets of product information and tax codes.

Tax 52

Tax corporation tax Technology tax planning 52

ThomsonReuters

MAY 12, 2023

International tax planning is undergoing enormous change. By the beginning of 2024, a new Global Minimum Tax (GMT) regime will come into effect under the OECD’s base erosion and profit-sharing initiative. How can tax technology help tax departments with Global Minimum Tax compliance?

Tax 52

Tax Technology Non-Profits corporation tax 52

ThomsonReuters

MARCH 9, 2023

In this post, we will highlight 3 of our top resources included in our Tax Season Toolkit : Year-End Tax Planning for individuals and businesses, How APIs can help transform your practice, and a Case Study detailing how GoSystem Tax RS and GoFileRoom helped a firm. What’s new? •

Tax 59

Tax accountant accounted Account 59

ThomsonReuters

APRIL 13, 2023

Tax reform is seen by senior tax professionals as the number one challenge their departments are facing today, according to the 2022 Thomson Reuters State of the Corporate Tax Department report. GMT is a good example of the tremendous challenge reform can present for international tax planning.

Tax 59

Tax Technology Government tax return 59

ThomsonReuters

MARCH 25, 2024

Section 174 Capitalization of the Tax Cuts and Jobs Act (TCJA) has created confusion for many corporate tax specialists to work through in the coming months. It is important to note that not all of these expenses qualify for the R&D Tax Credit. Tax now has a seat at the table.” #3

Tax 45

Tax Technology audit corporation tax 45

ThomsonReuters

FEBRUARY 8, 2024

Business meals/entertainment Travel Uncollected debts Medical/healthcare expenses Property/rent Tools and technology Self-employment taxes Tip : Don’t just throw receipts in a shoebox and hope for the best. ONESOURCE corporate tax software has flexible modules for tax planning and preparation, and can automate much of the tax process.

Tax 52

Tax income tax payroll tax Healthcare 52

ThomsonReuters

MAY 7, 2021

How to mitigate risks with tax software. Corporate tax teams are facing an array of risks, new and old, that complicate their ability to deliver an accurate and defendable tax provision within an ever-shrinking financial close window. What challenges does your tax department face? Leverage clean data.

corporation tax 81

corporation tax Tax Technology tax planning 81

ThomsonReuters

NOVEMBER 12, 2021

Corporate international tax planning is a major challenge for companies that do business in multiple countries. To be aware of pitfalls such as international double taxation — being taxed for the same income in two different countries — they must plan strategically. Prepare for the global minimum tax of 15%.

tax planning 52

tax planning Tax corporation tax Technology 52

ThomsonReuters

MARCH 18, 2021

Each time that data is validated by a different system, it gains value and accuracy — and its value is compounded when it is aggregated into a single global tax repository; used in standardized, globally aligned processes; integrated and automated; and then fed into a tax technology strategy and road map.

Tax 98

Tax Technology corporation tax tax planning 98

ThomsonReuters

MARCH 2, 2021

Business leaders are looking for opportunities in disruptions as they prepare their companies for the future, and tax technology should be a part of their plans. You can liberate your tax professionals for more strategic work that adds value to the business. Decide whether to buy or build your tax data software.

Tax 52

Tax Technology corporation tax audit 52

ThomsonReuters

NOVEMBER 4, 2020

Why technology is critical for DAC6 compliance. These days, the number one concern of corporate tax departments is clear: keeping up with changing regulations. This framework aims to put an end to tax avoidance strategies and mismatches in tax rules to ensure multinational enterprises pay their fair share of tax.

Technology 52

Technology Non-Profits tax planning Tax 52

ThomsonReuters

FEBRUARY 24, 2021

Workflow engines transform data from a static state by enhancing it, integrating it, and automating it — in essence, putting it into motion. As a result, your tax teams gain visibility into all of your organization’s tax data. Get the data you need for tax planning and forecasting faster and more easily.

Tax 52

Tax Technology corporation tax tax planning 52

ThomsonReuters

APRIL 12, 2021

You must access and share up-to-date regulatory information in every jurisdiction where your organization operates while automating critical tax preparation processes. If you’re still using manual processes and disconnected tools, it is time to update your tax technology. Tax technology does all of this and more.

Technology 86

Technology Tax income tax corporation tax 86

ThomsonReuters

FEBRUARY 26, 2025

For forward-thinking businesses, embracing cloud technology is a game-changer, particularly in streamlining tax operations. Let’s explore the many reasons why this shift is essential for corporate tax departments. Compatible partnerships and strategic planning drive the ongoing process of cloud modernization.

corporation tax 52

corporation tax Technology Tax tax planning 52

ThomsonReuters

MARCH 5, 2025

This guide will discuss how tax, accounting, and finance professionals can maximize AIs many benefits and address the legitimate concerns they have about this evolving technology. Use cases: AI for tax work First, lets look at the ways AI can benefit tax and accounting practices.

Tax 59

Tax Technology accounting and finance Non-Profits 59

ThomsonReuters

JANUARY 29, 2025

Develop a comprehensive plan 3. Embrace technology and innovation 6. Leverage automation and integration 8. Align with organizational goals Understand your company’s broader digital transformation vision and align tax department goals with these objectives. Align with organizational goals 2.

Tax 52

Tax Technology accounting and finance tax planning 52

ThomsonReuters

NOVEMBER 7, 2024

Technologically speaking, this journey typically involves organizing a company’s business operations around a cloud-based Enterprise Resource Planning (ERP) platform through which various software tools for the company’s core functions—e.g., finance, tax, e-commerce, sales, marketing, human resources—are integrated and run.

Tax 52

Tax Technology E-commerce accounting and finance 52

ThomsonReuters

FEBRUARY 4, 2025

The emerging tax landscape for global corporate tax professionals is fraught with uncertainty and change. International tax laws are in constant flux, and countries around the world are implementing various versions of the European Unions (EU) BEPS 2.0 and Pillar Two rules , as well as the Global Minimum Tax.

Tax 52

Tax corporation tax Technology tax planning 52

PYMNTS

FEBRUARY 1, 2021

Here’s the latest news from the technology industry, which is coming under increasing global scrutiny from governments around the world. French Finance Minister Embraces American Shift on Big Tech Taxes . Former President Donald Trump was against the potential tax plans, contending that they discriminated against U.S.

Technology 40

Technology Finance Tax California 40