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KPMG and Thomson Reuters | Direct Tax

KPMG and Thomson Reuters | Direct Tax

Direct Tax obligations may be unavoidable. But they are not unmanageable.

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Richard C. Cimino

Partner, Tax

KPMG in the U.S.

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Companies can face a number of burdens and risks when trying to comply with direct-tax requirements. If not properly managed, these requirements can result in harmful tax liabilities, especially for a decentralized organization that operates in different jurisdictions.

However, there are ways businesses can better enable their tax functions to address the challenges of direct- tax compliance.

Companies that can leverage the power of automation, data and analytics, and rules-based tax engines will be better able to manage and respond to common direct- tax challenges. These include dealing with calculating direct tax for a decentralized tax organization, responding to uncertain tax positions by jurisdiction

in real-time, automating manual procedures for data management, and instituting more centralized controls and data hygiene. KPMG’s direct-tax services and global experience joined with Thomson Reuters ONESOURCE Direct Tax Suite provide a leading combination to help companies more effectively address their direct-tax obligations, operations, and reporting. Working with ONESOURCE, KPMG can help companies more effectively address their direct-tax reporting and operations, including global tax compliance requirements, and data and analytics for improved outcomes.

KPMG and Thomson Reuters ONESOURCE

KPMG professionals have the global tax and technology knowledge to help companies introduce and effectively use Thomson Reuters ONESOURCE tax technology within their direct-tax function. ONESOURCE provides companies with the ability to manage every aspect of their work from trial balance data and state-level data to due dates, tax reporting estimated payments, audits, tasks, workflows, and electronic files.

KPMG’s teams have specialized skill sets that combine a deep understanding of technology, technical tax issues and their potential impact on reporting and compliance requirements within the direct-tax process life cycle. With these skills and this practical experience, KPMG can effectively tailor processes and controls to client-specific requirements to assist with technology implementation.

Increasing the value-add of the direct-tax function In today’s business environment, companies are adapting to change at a seemingly constant rate.

Besides regulatory developments, companies are facing disruptive and digital technologies, which present new challenges across their entire organizations. That includes the tax function, which today is no longer a static periodic and siloed function, but rather a dynamic, analytical, and competitive force within the organization that can affect the bottom line.

KPMG direct-tax services with Thomson Reuters ONESOURCE can help companies prepare for and address these and other uncertainties. Consider the following questions: Is your organization:

  • Seeking to enhance tax provision or tax compliance processes?
  • Embarking on financial and/or tax transformation projects?
  • Using nonstandard processes, especially those with a reliance on manual effort?
  • Is the tax function decentralized or centralized?
  • Are there a number of uncertain tax positions?
  • Are you experiencing data collection issues?
  • Are you experiencing lack of controls?
  • Does your business have insights across all intercompany transactions on entity and country basis?

Why KPMG?

  • KPMG’s Ignition includes tax accountants, management consultants, business analysts, software developers and project managers with deep knowledge and skill sets in tax technical issues, technology innovation, consulting and Lean Six Sigma. They work together to deliver the technology that supports the entire portfolio of KPMG’s tax services and deliver technology-based solutions to address in-depth tax and accounting needs. Our teams not only develop, implement, and support the technology that helps KPMG tax professionals effectively serve our clients, we also work directly with clients to implement technology, processes, and controls that help transform business models and drive value within tax departments.
  • Global reach: KPMG brings tax technical skills, technology innovation (tax systems, business processes, and enterprise resource planning (ERP), and a collaborative and global mindset to help clients transform their tax function.
  • Familiarity with the regulatory environment: KPMG has extensive experience with domestic and global regulatory requirements and tax laws.
  • Multidisciplinary approach: KPMG’s partners and professionals collaborate with their peers in audit and advisory to provide balanced, holistic planning ideas to help the client.
  • Industry exposure: KPMG’s industry experience includes aerospace and defense, textiles, automotive, oil and gas, consumer goods, retail, electronics, pharmaceutical and telecommunications.

Thomson Reuters ONESOURCE tax engine

Thomson Reuters ONESOURCE functions with your existing ERP system. Transaction data and attributes flow to ONESOURCE, and ONESOURCE uses that data to make consistent and repeatable tax determinations. By consistently applying tax policies to business transactions, ONESOURCE can deliver consistent and reliable tax processing, including archiving and audits, while reducing maintenance costs. ONESOURCE can help organizations:

  • Standardize and centralize tax process, document, data, due date, and entity management
  • Implement a real-time dashboard tracking and reporting process
  • Set up consistent data and calculation methodologies for both tax provision and tax return processes
  • Design efficient, effective and measurable processes customized to a specific tax environment and integrated with ONESOURCE tools
  • Help with change management, reduce risk of errors in tax reporting, and improve controls and governance
  • Increase efficiency and productivity of the overall tax function by reducing manual efforts and duplication of tasks.
  • Although ONESOURCE is not a one-size-fits-all tax engine, KPMG’s tax professionals can help organizations adapt ONESOURCE to fit their direct-tax business objectives.

The KPMG and Thomson Reuters ONESOURCE Direct Tax Solution

KPMG’s direct-tax services and global tax experience combined with Thomson Reuters tax technology can help organizations use intelligent data and analytics with process automation at the core to transform tax data into valuable insights on a real-time basis. This enables companies to gain real value from their transaction tax data, significantly increasing their ability to effectively manage their tax liability and compliance costs. More specifically, companies could gain measurable benefits in the following three areas. KPMG with Thomson Reuters ONESOURCE can assist companies around:

  • Risk mitigation by enabling businesses to operate in a decentralized fashion, while having centralized control on the intake and analyses of direct-tax data for improved reporting and decision making that helps minimize risk
  • Innovation and transformation by giving tax departments more time to focus on the critical needs of the business (e.g.,
    customers, growth) while gaining new innovative methodologies with direct tax through real-time data and analytics, compliance, and integration of data and analytical inputs and outputs
  • Efficiencies by reducing tax audit time dedicated to meeting compliance requirements through automation, data and analytics, and integration while remaining compliant.

Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates or related entities. Any trademarks or service marks herein are the property of their respective owners.

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