Preparing the CbC reporting template and dealing with the expected additional audit activities is likely to cause significant resource demands for the tax department.
Absent internal system changes, additional time-consuming manual processes and resources may be required on an annual basis. As a result of CbC reporting inquiries, increased tax examinations, and the likely increase in manual processes necessary to prepare the template, the overall availability of additional human resources becomes an even greater and more pressing issue for corporate tax departments.
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.
Bernadette Pinamont is Vice President of Tax Research, responsible for helping customers meet strategic needs, ensure compliance and enhance operational efficiency, as well as further define and expand the reach of tax research. She previously served as Chief Tax Officer – Income Tax, providing insight regarding in-house corporate tax operations. Bernadette is a seasoned tax executive and holds a B.S in Accounting and Juris Doctor from Seton Hall University. She is a licensed attorney and CPA.