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