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A new whitepaper from the Thomson Reuters Institute (TRI) explores the causes of a growing skills gap in global trade management, and proposes several solutions. The second major driver of this skills gap is the influence and adoption of technology at almost every level of global trade. More technology in job profiles.
As technology has evolved, so too has the accounting profession. Ethical considerations in the human-AI partnership A successful human-AI partnership Because the accounting profession is traditionally compliance-focused, it is particularly prone to AI disruption. Compliance. What is generative AI? Tax research and planning.
The workplace is becoming more technology-driven. Doing so offers firms a way to replace vanishing revenue from declining tax compliance work and an opportunity to strengthen the relationship with clients. Firms can get ahead of this challenge by deploying technology and market research to gain insights to be predictive and proactive.
The second major driver of this skills gap is the influence and adoption of technology at almost every level of global trade. Generative AI is set to streamline trade compliance processes by automating tasks like generating trade documents.
For indirect tax teams, the question of whether and when to invest in more tax technology often looms large, depending on the size of the organization and the immediate challenges facing the department. These are just a few of the advantages of a contemporary indirect tax technology solution. Reduced support costs. Emphasize them.
By using technology to automate traditional tax compliance work, forward-thinking accounting firms are engaging clients based on the value and experience they bring to the table. All this, alongside the more traditional tax preparation, payroll, and accounting/bookkeeping services that your clients have come to know and trust.
Under-resourced Tax departments struggling with outdated technology, encumbered with manual processes and spreadsheets are even more susceptible to these pitfalls. Continuing to rely on these outdated systems and processes increases the risk of calculation errors, missed tax updates, and potential compliance issues.
Download our free whitepaper on managing sales and use tax audits. The auditor reviews your records over a period of days, weeks, or months in an effort to discover oversight or fraud and promote compliance with tax laws. How does a sales tax audit work? How can you help your tax department?
The workplace is becoming more technology-reliant. Taking on a consultant role to help businesses through this evolution presents your firm with an opportunity to replace vanishing revenue from declining tax compliance work. Businesses needing expertise in improving technology and process best practices.
To ensure accurate interim tax reporting and compliance with ASC 740, companies should have a robust system of internal controls in place, including procedures for identifying and correcting errors and staying up-to-date with the latest tax regulations. Companies may find it difficult to allocate income and expenses to interim periods.
While the news of the agreement was certainly welcome to traders, there are still numerous post-Brexit trade compliance challenges to contend with. Companies must now calculate the origin of their goods if they trade between the EU and UK, which is a new compliance burden for traders in the region.
How can tax technology help when defending an audit? So, considering the stakes involved, making a company’s sales tax operations and compliance functions audit-ready should be a top priority. Download our free whitepaper on managing sales and use tax audits. How can tax technology help when defending an audit?
The best way to create enthusiasm and justify a spend for sales tax automation in the C-suite is to illustrate, with concrete examples, precisely how the technology will improve operations, generate savings, and boost the bottom line. Specifically, you need to show the technology’s return on investment (ROI).
Perhaps we’ve felt insulated from the systemic weaknesses that floored Enron, but recent home-grown collapses have thrown the spotlight on deficiencies in corporate reporting, governance, and audit, prompting a series of reviews and government consultation via its whitepaper, Restoring Trust in Audit and Governance.
The impetus behind this transformation is technology—and the firms who are moving fast to leverage it are boosting productivity, strengthening client relationships, and staying ahead of the competition. APIs can bridge the gap between your legacy systems and new technology to unleash the true power of your firm’s data.
Government contractor bids in that jurisdiction, for example, or other areas beyond tax where perfect compliance is a must-have qualification for doing business? Both the data-gathering and data-sharing stages of the sales tax audit process are where automated tax technology and robust tools for tax analysis can really help.
Indeed, trade compliance concerns persist that Brexit will adversely impact business performance in the coming months and years as a result of border and customs disputes, supply chain shortages and disruptions, shipping delays, and stoppages, increased import and export costs, and new and evolving free trade agreements (FTAs). “The
Costs of compliance with new UK-EU import/export protocols. When full declarations resume, companies can also expect an uptick in trade compliance audits —yet another reason to get the necessary processes for origin determination, duty calculation, certification, and record-keeping in place to meet the TCA’s various new requirements.
The episode, “ How Tech Can Help You Navigate the New Tax Rules and Tax Trends ,” features Chris Harris, tax technology solution consultant, Thomson Reuters; Chris Reich, indirect tax product management director, Thomson Reuters; and Dan LeCompte, senior manager in KPMG’s Transactional Tax Systems practice. in a format they can use.”.
The lone standard in this category is: ESRS G1: Business conduct Each of these twelve ESRSs have associated whitepapers made available through EFRAG, containing extensive guidance on reporting for each standard. Enhance Your ESG Strategy Today ESG reporting is a relatively new field of public disclosures that is only growing in importance.
For example, the Republican Commissioners have noted in a dissenting statement that they have begun to object to the penalties and undertakings in recent off-channel communications cases, noting that the SEC has failed to give firms “an achievable path to compliance” and urged a reconsideration of the SEC’s enforcement approach to the issue. [10]
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