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.
Tax functions are prioritizing competing imperatives – not only their core compliance obligations, but many new tasks such as analyzing legislative and economic changes around the globe. At the same time, Tax must manage broader business drivers such as cost reduction. Doing all of this virtually has created challenges and placed a spotlight on inefficiencies and weak points.
As organizations think through their 'new normal' while overcoming the challenges of the pandemic, what levers can you push or pull in order to build resilience?
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