Written on Nov 02, 2017
By Jessica Salerno, OSCPA content manager
The secret to becoming a more dynamic, efficient organization could be in your tax strategy.
“True tax planning can sometimes be overlooked if one is just focused on tax compliance,” said Susan Allen, CPA/CITP, CGMA, senior manager with the AICPA Tax Practice & Ethics team.
An emerging area in the tax profession called “tax information and operations management” (TIOM) focuses on enabling tax operations to run as efficiently as possible to add business value. Tax is an evolving area, and this is about doing more than simply complying with tax regulations.
To start executing an effective TIOM strategy, Allen suggested assessing the systems you have in place and how those operations are managed. Talk with people at varying levels in different departments to hear how they think processes could be improved.
“Collaboration is so key,” Allen said. “To get the numbers right from a tax perspective, finance and tax need to be buddies at every stage.”