The 2017 tax reform reconciliation act (the Act) is having a substantial impact on US taxpayers. Taxpayers and their advisers need strong technological support to respond to and plan for the changes made by the Act.
PwC on May 16 hosted a webcast featuring PwC specialists who discussed emerging technologies available to help taxpayers deal efficiently with tax reform’s complex calculations. This Insight highlights some of those discussions. Watch the webcast replay and register for future webcasts in PwC’s Tax Reform Readiness series, which addresses other areas of interest affected by tax reform.
The next webcast — Tax reform readiness: Business decision-making in the post tax reform world: early observations — will take place on May 23, from 2:00 PM - 3:00 PM (EDT).
Internal and environmental factors, such as sweeping US tax reform, present a compelling business case for the change needed to enable the Tax function to respond with accurate information for planning, reporting, and compliance.
To secure necessary funding and articulate a clear path to an attractive ROI, an effective business case for intelligent process automation should contain certain key elements, including strategic objectives and critical success factors. In considering strategy and defining success, the tax function should be mindful of non-financial measures such as employee engagement and the ability to deliver increasingly complex tax requirements without additional support from people.
Automation is the key to making data ‘work harder,’ i.e., being more accessible and useful for the tax professional. Helping the workforce stay current on the emerging technologies is crucial for the tax function to efficiently leverage these technologies. (For example, companies can offer the PwC Analytics Academy or Tax Automation & Robotics Academy to groups of employees.
Principal, Advanced Tax Analytics & Innovation, PwC US