While most of us are trying to get our heads around what the Internet of Things (IoT) is, many of our devices have started using IoT (also known as “ubiquitous computing”) information. This exchange of information often takes place without our knowledge, and it’s already influencing how we experience the world.
Some cars send operating data to dealers to ensure that parts are available when needed, and some vehicles may even automatically schedule service appointments.
Vending machines are less likely to run out of our favorite snacks because they ping suppliers when replenishments are needed.
Smart refrigerators create alerts when we’re running low on our favorite items – and can even electronically transmit replacement orders on our behalf.
Houses know when to adjust HVAC settings when our connected devices leave our home’s wireless network.
The list goes on and on, but what does IoT mean for tax, and for the organization as a whole? A tax office that has a handle on this technology trend will be well-positioned to inform colleagues in strategic and financial leadership roles on opportunities and challenges that emerge as the IoT becomes more common. IoT will play a huge role in not only the way taxes are handled within an organization, but also how those taxes are collected and remitted.
I have included a few links below to get you started.
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.
John H. Wilson is Director, Global Compliance Technologies. He has more than 20 years of experience in software and services industries. John is responsible for leading client engagement and co-innovations, supporting multinational tax leaders and professionals to address global taxation challenges. He holds a B.S. in marketing from Messiah College, an M.B.A. from The Pennsylvania State University and a Ph.D. in organizational leadership from Regent University.