A look forward at tax strategy and transformation
Tax’s role in the world’s business environment continues to be in the spotlight, but the tax function of today is not designed for the regulatory, data, people and process demands of tomorrow. We highlight the challenges and illuminate the opportunities that result from US tax reform, emerging technology and changes in workforce strategy.
Tax functions have been experiencing a ‘perfect storm’ of competing priorities during this compliance season, including their need to pivot to a virtual work environment. There is a growing sentiment to think broadly and examine whether the Tax function’s historic operating model can meet the organization’s goals going forward.
The deals environment—already reflecting a decrease in activity at the beginning of the year—has been severely impacted by a steep decline in the economy and fall-out in the capital markets. As a result, only several months later, transactions in progress during the pandemic outbreak were being re-considered, put on hold, or cancelled due to growing financial uncertainty, lower valuations, and concerns about business models that no longer work. How does an economic downturn create value?
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