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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
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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 changesHelpful 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
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Fehlende Folgen?
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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
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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 ideasHelpful 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
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How can automation technology assist finance departments and Shared Service Centers with standardization and centralization of their global reports?
Filing financial statements is a legal obligation in most countries worldwide, but each jurisdiction has its specific reporting requirements and, therefore often remains retained with an in-country finance team. The impact on how businesses operate and the future of work have been brought to the fore now more than ever. Organizations are looking to automate, not just to drive efficiency and avoid human error, but to leverage human skills at the higher value end of a process – to help provide businesses with the information they need to make the right decisions.
In our latest episode, our host Briony Kempton talks to customer TMF Global’s Pavlo Boyko on how automation technology can assist finance departments and Shared Service Centers with standardization and centralization of their global reports.
Here, they discuss and give critical takeaways on how technology solutions can offer both standardized delivery of statutory reporting processes and assure that content-based knowledge and translation facilities address any localization concerns.
Additional resources:
Briony Pavlo’s Linkedin https://www.linkedin.com/in/briony-kempton-974539a9/
Pavlo’s Linkedin https://www.linkedin.com/in/pavloboyko/
Global disclosure management software to standardize and automate global financial statement preparation
AI For Humanity
SSON Report: Statutory Reporting in Shared Services
Definitive Guide: Harmonising Global Financial Reporting eBook
Do More with More? Dissecting the Fast Pace of Digital Transformation and Its Tax Implications
The future is here.. almost! Questions AI can solve in tax
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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
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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
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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.
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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
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What are the dramatic effects of the Biden Administration’s enactment of significant tax proposals under Democrat-Republican (50-50) control? When can we expect new COVID relief? Should corporations make structural changes or change their business operations based on these proposals? How can taxpayers take proactive steps to advocate for workable tax policies?
In our special episode, Thomson Reuters own Melissa Oaks speaks to tax policy expert Michael Mundaca, US National Tax Department Leader for EY Americas. We get an insider’s look at what to expect in the first one hundred days and beyond, as well as key takeaways on how organizations can strategically plan for the future. Michael served at the US Treasury Department as the Assistant Secretary for Tax Policy, heading the Office of Tax Policy under Treasury Secretary Tim Geithner and President Obama. He offers valuable advice and insights on how corporations can influence policy and think more holistically in the years ahead.
Questions? Contact us
Additional Resources:
About Michael Mundaca
Melissa Oaks’ Twitter page
A Run Through of the Payroll-Related Provisions of the Latest COVID-19 Law
Consolidated Appropriations Act, 2021: analysis, tools, client letters, and the latest guidance [Direct link for subscribers]
Washington in 2021– What’s on the policy agenda?
Year-end 2020 COVID and omnibus legislation
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Most tax professionals might be well aware of Robotic Process Automation (RPA), but according to a recent Gartner report, tax teams need to go beyond RPA into "hyperautomation." This need stems from massive data sets, reconciliation, and analytics at the backend of tax processes that have become extremely difficult and time consuming for many tax teams.
In today's episode, our host, Kelley Lear, Director of Partnerships and Alliances at Thomson Reuters, chats with Amanda Kateman, Assistant Vice President of Tax Technology at CIT, a leading national bank. They focus on a game-changing, easy-to-use solution that allows teams to easily share data, automate tedious and complex processes, and turn data into results.
Questions? Contact us.
Additional Resources:
Kelley Lear’s LinkedIn page
Amanda Kateman’s LinkedIn page
Gartner: Move Beyond RPA to Deliver Hyperautomation
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What are the common challenges multinationals (MNEs) are facing today when it comes to Operational Transfer Pricing? What steps do MNEs need to take to automate their Operational Transfer Pricing process? What are the top considerations before embarking on this journey?
Our host, Mitchell Omer chats with experts Isabel Becerra-Foster and KPMG's Meenakshi Iyer, and Andrea Tolley on how to address these questions.
Questions? Contact us.
Additional Resources:
Mitchell Omer’s LinkedIn page
Isabel Becerra-Foster’s LinkedIn page
Meenakshi Iyer’s LinkedIn page
Andrea Tolley’s LinkedIn page
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How can tax and finance withstand mounting resource and cost pressures during this unabating and relentless pace of change? The fact is businesses can’t afford to delay the transformation of their tax and finance functions to move forward. Our guest, EY America’s Jill Schwieterman, and our host Adam Schaffner give tips on how tax and finance can meaningfully optimize their tax teams. They also discuss how the US election, plus the ongoing pandemic, brings the further possibility of legislative disruption to tax and finance globally.
Questions? Contact us.
Additional Resource:
Teaching Tax vs Teaching Tech: How Tax Departments Can Address Skillset Gaps and Talent Development, EY Tax and Finance Operate Survey, Adam Schaffner’s LinkedIn page
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Welcome to Thomson Reuters Tax & Tech Talks– insightful conversations that tackle the ever-evolving intersection between tax and technology. We chat with industry experts to give you a bite-size take on big ideas in tax and technology. Join our array of esteemed hosts as they sit down with subject matter experts and business leaders to give you unique and insightful perspectives on top-of-mind topics in tax.
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COVID-19, Brexit, SAF-T adoption, e-invoicing mandates, VAT fraud preventions– and that's just the tip of the iceberg. What's a tax department to do?
Episode Notes:
Technology continues to progress and transform our lives– especially in tax. Digital products like ride-sharing apps, digital skins on games like Fortnite, and with the movement from in-person services to virtual services, more companies find themselves struggling to figure out what is taxable under a framework that was developed seventy years ago. The "new normal" seems to be is reacting to rapid change but that is not a sustainable solution.
Questions? Contact us.
Additional Resources:
AI-Enhance Processes and Decision-Making Are Revolutionizing Corporate Tax Departments, Teaching Tax vs Teaching Tech: How Tax Departments Can Address Skillset Gaps and Talent Development, Bianca Kuijper’s LinkedIn page, Melissa Oaks’ Twitter page, Adam Schaffner’s LinkedIn page
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How can artificial intelligence help tax departments? Our host, Bianca Kuijper sits down with AI and tax experts Ronald Hein and Tim van Uden to unpack this very complex topic.
Episode Notes:
Historically tax has been not been a front runner in fast automation but with increasing rules and regulations tax has become a hot topic and is finally getting the attention it deserves from the boardroom. In this thought-provoking episode, we discuss the research the SMRTR team is working on that combines process automation with all new kinds of innovations and technologies to help tax professionals become more efficient and if AI can eventually assist with decision making and problem-solving.
Questions? Contact us.
Additional Resources:
Bianca Kuijper’s LinkedIn Page, SMRTR Website
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In this episode, host Bianca Kuijper and guest Kim Majure unpack the OECD’s recently released set of mandatory reporting of cross-border arrangements requirements and what taxpayers and intermediaries can do to get ahead.
Episode Notes:
With complex tax codes and changing regulations, it’s no surprise that keeping up with tax reforms and complying with constantly changing regulations came up as the #1 challenge cited by our respondents in our newly published report.
Join our host, Bianca Kuijper, Director of Direct Tax and Trends for Pricing Propositions at Thomson Reuters as she discusses the many nuances of BEPS Action 12 with expert Kim Majure, Principal at the International Tax group of KPMG's Washington National Tax practice.
Questions? Contact us.
Additional Resources:
DAC6 compliance, now and for the long term, Change is the Only Constant in Tax– Keep Up by Embracing Technology Today, Bianca Kuijper’s LinkedIn Page, Kim Majure KPMG bio page
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How should corporate tax departments resolve talent acquisition and management challenges? Listen to Solution Consultant, Juniper Wilder, and host Bianca Kuijper as they discuss strategies to address this difficult and persistent question.
Episode Notes:
In this episode, the discussion centers around a recently published 2020 Corporate Tax Departments Survey. The report takes a deep look into the current challenges that face corporate tax departments that require a team with both tax and tech skills and what is needed to resolve these challenges.
Questions? Contact us.
Additional Resources: 2020 Corporate Tax Department Survey, Bianca Kuijper’s LinkedIn Page, Juniper Wilder’s LinkedIn Page
Disclosure: Thomson Reuters recently acquired Acritas.
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Listen as our expert shares some great tips he's learned after 300 successful tech implementations to help make that expensive tax software stick in your tax department.
Episode Notes
In this episode, we are joined by Jeff O’Hagan, Director of Professional Services in the Large Corporates segment at Thomson Reuters. Key Topics:
Communication during implementation Training Implementation planning techniques Using Certified Implementer Programs Involving IT with tech implementationsQuestions? Contact us.
Additional Resources: 2020 Corporate Tax Department Survey, New Tax Software, Now What? Tips from Over 300 Implementations, Bianca Kuijper’s LinkedIn Page
Disclosure: Thomson Reuters recently acquired Acritas.
