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. For example:
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 it 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. 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.