Based on years of interactions with corporate tax leaders, I’ve grown familiar with a common set of challenges that afflict tax departments of all sizes, across all industries and geographic regions. These trials include being under-staffed, under-funded, and engaged late when emerging business models are considered.
While most tax functions valiantly contend with these challenges, these issues force tax teams to continuously react to internal and external surprises. This scramble naturally consumes the precious little time a tax office has to engage in the kind of intentional learning that can uncover how emerging trends and technologies present opportunities for more strategic approaches to taxation.
If only companies were in a position to fund and operate tax-learning labs - where tax professionals could analyze new developments, make connections and test out new approaches that ultimately generate significant strides in tax management capabilities. While a physical tax-learning lab may be too much to ask for in the real world, my intention is for this series of “Tax Lab” blog posts to serve as a starting point for further brainstorming, consideration and learning within your function, and help you increase the value you create for your company.
The first of several Tax Lab subjects I’ll present will be the Internet of Things (IoT). Next will be Big Data/Advanced Analytics (BDAA), followed by Blockchain – also known as distributed ledger technology. That’s my introduction, and here’s my invitation: I encourage and welcome all suggestions you might have for other topics that you are too time-pressed to dig into. Drop me a note, any time, right here.
Please remember that the Tax Matters provides information for educational purposes, not specific tax or legal advice. Always consult a qualified tax or legal advisor before taking any action based on this information.