The Sophisticated Tax Department– What It Is and How To Get There

Listen to this new podcast, and hear how Thomson Reuters and KPMG are working together to help businesses better manage the impact associated with the reinstated Superfund Excise Tax. Understand more about the new regulations, how to calculate the tax, and how to comply with these complex reporting requirements. 

Show notes:

Jesse Shannon, Senior Product Marketing Manager, Indirect Tax, Thomson Reuters

Robert D Kleppel, Partner, State and Local Tax, KPMG

Taylor Cortright, Managing Director, Federal Excise Tax Practice, KPMG

Chris Harris, Senior Solution Consultant, Thomson Reuters

Carl Davis, Director, Product Management, Thomson Reuters

Resources:

What is Superfund? How to prepare and comply

First-to-market Superfund Excise Tax Calculations within ONESOURCE Determination

5 indirect tax trends shaking up corporate landscapes

Since 2020, supply chain disruptions have continued to mount, which has resulted in these unprecedented changes. Everything from the chips for computers to living room sofas is causing many delays to suppliers, factories and customers. More disruptions are coming, As the World Customs Organization makes their every 5-year large Harmonized System changes effective January 2022, introducing 351 sets of amendments covering a wide range of goods across industries. In this episode, global trade experts Suzanne Offerman talk to Virginia Thompson and Brandon Jones as they unpack the new changes to the HS rolling out in 2022, including strategies and tools that global trade professionals can use to mitigate the disruption of their supply chains.

Our experts share key takeaways on the following challenges and more:

• What the biggest changes in HS that global trade professionals should watch out for
• What a 'best practice' approach on how to assign HS numbers to a product looks like
• What happens when traders misclassify something and what  the compliance and business impacts
• How can technology help alleviate these changes

Helpful Resources:

Suzanne Offerman LinkedIn

Virginia Thompson LinkedIn

Brandon Jones LinkedIn

Key updates in the Harmonized System 2022 Edition 

2022 tariff schedule will reflect new product streams and global environmental & social issues

Overcoming classification obstacles

ONESOURCE Global Classification

Tax & Tech Talks: How tech tools help mitigate supply chain disruption

We don't have to tune into the news to see that business models in a lot of industries are changing faster than ever before. We hear a lot about changes due to COVID, companies transforming the way they sell, bringing new products to market, digitizing how they serve customers. However, the pandemic has only increased the speed at which these changes are happening. Corporations have increased the number of places they are doing business, customers they serve, and the breadth of products and services they offer. This, in turn, increases the volume of purchases or transactions they have and the huge tax implications that follow.

Show notes:

Jesse Shannon LinkedIn

Chris Reich LinkedIn

2021 Indirect Tax Report: Elevating Teams into Strategic Advisors

Tax & Tech Talks: How Tech Can Help You Navigate the New Tax Rules and Tax Trends

Tax & Tech Talks: How AI and Machine Learning Can Help With K-1s

Tax & Tech Talks: How tech tools help mitigate supply chain disruption

After an unprecedented tax year and an ever-changing regulatory environment, the challenges of today’s tax teams are more important more than ever. As the effects of the pandemic continues to reverberate well into 2021, resource-constrained tax professionals need to unceasingly adapt to ongoing challenges, like extended deadlines and new ways of working.

In this episode, Thomson Reuters Bianca Kuijper takes us through a “behind-the-scenes” look at the industry’s most trusted and powerful corporate income tax solution. She is joined by our own technology and customer success experts, Alycia Hemingway and Sudha Addepalli as they share best practices and strategies tax professionals can put into place to ensure a smooth tax filling season.

Key topics discussed:

• How the right technology grows with the needs of customers
• Technology solutions tax professionals should look for to ensure a smooth filling season
• How e-filling has impacted tax professionals
• Tools customers can use to ensure correct tax filling
• How the right user community can aid tax professionals crowd-source ideas

Helpful Resources:

Bianca Kuijper’s LinkedIn

Alycia Hemingway’s LinkedIn

Sudha Addepalli’s LinkedIn

Tax & Tech Talks: How AI and Machine Learning Can Help With K-1s

Tax & Tech Talks: Tax Game Changer: Analytic Process Automation

Tips, Tricks, and Best Practices to Closing the Quarter from Home

Extensive tax reform or real-time reporting requirements put even heavier demands on tax teams. In our 2021 State of the Corporate Tax Department survey, tax teams worldwide responded that tax departments with advanced technology engines considered themselves more 'sophisticated or predictive' and right-sized in terms of resources than their chaotic reactive counterparts.

How can tax departments add value to their organizations, reap the benefits of investing in streamlining and automating processes, and feel better shaped to achieve strategic goals and address the challenges they may face? What are the drivers to success or failure in adopting technologies?

In this episode, our own Bianca Kuijper talks to EY America's Shaun Lockhart, on how organizations can build business cases to fund transformation work and help reduce the overall cost of the tax functions. They provide insights into how technologies make the most positive impact, create efficiencies, save time, improve data quality, and provide meaningful insights. Turning the time saved and the high-quality data into meaningful insights sets sophisticated or predictive tax departments apart from the rest.

Additional Resources:

2021 State of Corporate Tax Department Report

How To Achieve a Proactive Tax Function and Why Your Journey Starts With Data Management

Tax Technology and Transformation Survey 2020 | EY - Global

Corporate tax provision software and risk mitigation

With supply chain disruption erupting around the world, what strategies and tools can customers use to navigate these cataclysmic changes?

The most recognizable supply chain disruption over the last few years has undoubtedly been the China Section 301-Tariff Actions and Exclusion Process. These include the punitive tariffs on Chinese origin products, tariffs on EU and US origin products under that large civil aircraft dispute, and some retaliation around digital services taxes on specific origin items. Add in the new administration’s new United States Trade Representative, most companies are eager to understand this new field of play. What would these changes potentially bring?

Listen as Global Trade experts, Suzanne Offerman and EY’s Lynlee Brown talk about global supply chain trends and offer strategies and technology tools to help mitigate these disruptions.

Additional resources:

Lynlee Brown LinkedIn

Suzanne Offerman LinkedIn

[Special report] Avoiding supply chain disruption with analytics and proactive global trade planning
https://tax.thomsonreuters.com/en/corporation-solutions/c/avoiding-supply-chain-disruption-with-analytics-and-proactive-global-trade-planning/form

[Blogpost] Forced labor and supply chain risk: What companies need to know
https://tax.thomsonreuters.com/blog/forced-labor-and-supply-chain-risk-what-companies-need-to-know/

[Article] How free trade agreements can help you maximize duty savings in your supply chain design
https://tax.thomsonreuters.com/en/insights/articles/how-free-trade-agreements-can-help-you-maximize-duty-savings-in-your-supply-chain-design

[Webinar] Preparing for trade compliance audits post-COVID
https://event.on24.com/wcc/r/3083289/11D1D52A57F62DE59CBA739D6DCBF2E3?

How can AI and machine learning assist already overburdened tax professionals with complicated and time-consuming processes?

Any organization invested in a partnership or flow-through entity like trust or S Corporations by statute must provide information around federal, state, and international activities. Most tax documents are typically in specific formats– except for K-1s.  About 40 million K-1s are created and received, but because there is no standard format, the process is confusing, manual, and time-intensive. Already beleaguered tax professionals take anywhere from fifteen minutes to an hour digging for information to find critical attributes. Any wrong keypunch may result in penalties that can go over hundreds of thousands of dollars.

Additional resources:

Justin Bass LinkedIn

Geralyn Hurd LinkedIn

K-1 Aggregation and International Filing Requirements white paper

AI-Enhance Processes and Decision-Making Are Revolutionizing Corporate Tax Departments

How Tech Can Help You Navigate the New Tax Rules and Tax Trends

Tax Software to Help Prepare for the Next Tax Season

Data management software for corporate tax businesses

The disruptions due to COVID has hastened many industry tax trends simmering on the surface even before the pandemic hit. These new rules and trends can have a lasting effect beyond  2022 and even the next five years. Moreover, with economic stimulus packages rolling out from governments worldwide, it's no secret these governing authorities will be looking for ways to charge indirect taxes to refill their coffers.

Thomson Reuters’ own Chris Harris, Chris Reich, and Dan LeCompte from KPMG offer information on what tax professionals need to know and understand as they navigate discussion on automation, people, process, technology, and how it integrates with their organizations.

Additional resources: Chris Harris LinkedIn, Chris Reich LinkedIn, Dan LeCompte LinkedIn.

How States Responded to South Dakota v. Wayfair in 2018

Economic nexus: How to keep up with changing sales and use tax requirements

Use automated tax software to safeguard your indirect tax team

How to Optimize Tax & Finance Functions

The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation.

© 2021 KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization.

The following information is not intended to be “written advice concerning one or more Federal tax matters” subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230.

Businesses are having to navigate the confusing and unfamiliar supply chain disruptions caused by Brexit. How can technology ease their Brexit supply chain headaches? Our panel of experts discusses the new United Kingdom-European Union Free Trade Agreement and how technology can mitigate the supply chain disruption Brexit is causing multinational corporations doing business in the UK.

Our host, Suzanne Offerman, talks to industry experts Rowan Anderson and Selin Yavuz in our first Global Trade episode. They walk listeners through changes in the process to navigate some of the new Brexit deal's intricacies to alleviate supply chain disruptions in the UK, Ireland, and Europe.

Questions? Contact us

Additional Resources: Suzanne Offerman LinkedIn, Rowan Anderson LinkedIn, Selin Yavuz LinkedIn,  Brexit Special Report, Is your Business Brexit Ready?, Practical Steps to Embrace Technology for Last-Minute Brexit Readiness