Tax & Tech Talks

Listen to this new podcast, and hear how Thomson Reuters and KPMG are working together to help businesses better manage the impact associated with the reinstated Superfund Excise Tax. Understand more about the new regulations, how to calculate the tax, and how to comply with these complex reporting requirements. 
 
Show notes:
Jesse Shannon, Senior Product Marketing Manager, Indirect Tax, Thomson Reuters
Robert D Kleppel, Partner, State and Local Tax, KPMG
Taylor Cortright, Managing Director, Federal Excise Tax Practice, KPMG
Chris Harris, Senior Solution Consultant, Thomson Reuters
Carl Davis, Director, Product Management, Thomson Reuters
Resources:
What is Superfund? How to prepare and comply
First-to-market Superfund Excise Tax Calculations within ONESOURCE Determination
5 indirect tax trends shaking up corporate landscapes

Since 2020, supply chain disruptions have continued to mount, which has resulted in these unprecedented changes. Everything from the chips for computers to living room sofas is causing many delays to suppliers, factories and customers. More disruptions are coming, As the World Customs Organization makes their every 5-year large Harmonized System changes effective January 2022, introducing 351 sets of amendments covering a wide range of goods across industries. In this episode, global trade experts Suzanne Offerman talk to Virginia Thompson and Brandon Jones as they unpack the new changes to the HS rolling out in 2022, including strategies and tools that global trade professionals can use to mitigate the disruption of their supply chains.
Our experts share key takeaways on the following challenges and more:
What the biggest changes in HS that global trade professionals should watch out for
What a 'best practice' approach on how to assign HS numbers to a product looks like
What happens when traders misclassify something and what  the compliance and business impacts
How can technology help alleviate these changes
Helpful Resources:
Suzanne Offerman LinkedIn
Virginia Thompson LinkedIn
Brandon Jones LinkedIn
Key updates in the Harmonized System 2022 Edition 
2022 tariff schedule will reflect new product streams and global environmental & social issues
Overcoming classification obstacles
ONESOURCE Global Classification
Tax & Tech Talks: How tech tools help mitigate supply chain disruption

We don't have to tune into the news to see that business models in a lot of industries are changing faster than ever before. We hear a lot about changes due to COVID, companies transforming the way they sell, bringing new products to market, digitizing how they serve customers. However, the pandemic has only increased the speed at which these changes are happening. Corporations have increased the number of places they are doing business, customers they serve, and the breadth of products and services they offer. This, in turn, increases the volume of purchases or transactions they have and the huge tax implications that follow.
 
Show notes:
Jesse Shannon LinkedIn
Chris Reich LinkedIn
2021 Indirect Tax Report: Elevating Teams into Strategic Advisors
Tax & Tech Talks: How Tech Can Help You Navigate the New Tax Rules and Tax Trends
Tax & Tech Talks: How AI and Machine Learning Can Help With K-1s
Tax & Tech Talks: How tech tools help mitigate supply chain disruption

After an unprecedented tax year and an ever-changing regulatory environment, the challenges of today's tax teams are more important more than ever. As the effects of the pandemic continues to reverberate well into 2021, resource-constrained tax professionals need to unceasingly adapt to ongoing challenges, like extended deadlines and new ways of working.
In this episode, Thomson Reuters Bianca Kuijper takes us through a "behind-the-scenes" look at the industry's most trusted and powerful corporate income tax solution. She is joined by our own technology and customer success experts, Alycia Hemingway and Sudha Addepalli as they share best practices and strategies tax professionals can put into place to ensure a smooth tax filling season.
Key topics discussed:
How the right technology grows with the needs of customers
Technology solutions tax professionals should look for to ensure a smooth filling season
How e-filling has impacted tax professionals
Tools customers can use to ensure correct tax filling
How the right user community can aid tax professionals crowd-source ideas
Helpful Resources:
Bianca Kuijper's LinkedIn
Alycia Hemingway's LinkedIn
Sudha Addepalli's LinkedIn
Tax & Tech Talks: How AI and Machine Learning Can Help With K-1s
Tax & Tech Talks: Tax Game Changer: Analytic Process Automation
Tips, Tricks, and Best Practices to Closing the Quarter from Home

How can automation technology assist finance departments and Shared Service Centers with standardization and centralization of their global reports?   

Filing financial statements is a legal obligation in most countries worldwide, but each jurisdiction has its specific reporting requirements and, therefore often remains retained with an in-country finance team. The impact on how businesses operate and the future of work have been brought to the fore now more than ever. Organizations are looking to automate, not just to drive efficiency and avoid human error, but to leverage human skills at the higher value end of a process – to help provide businesses with the information they need to make the right decisions. 

In our latest episode, our host Briony Kempton talks to customer TMF Global's Pavlo Boyko on how automation technology can assist finance departments and Shared Service Centers with standardization and centralization of their global reports.   

Here, they discuss and give critical takeaways on how technology solutions can offer both standardized delivery of statutory reporting processes and assure that content-based knowledge and translation facilities address any localization concerns. 

 

Additional resources: 

Briony Pavlo's Linkedin https://www.linkedin.com/in/briony-kempton-974539a9/  

Pavlo's Linkedin  https://www.linkedin.com/in/pavloboyko/  

Global disclosure management software to standardize and automate global financial statement preparation

AI For Humanity

SSON Report: Statutory Reporting in Shared Services 

Definitive Guide: Harmonising Global Financial Reporting eBook 

Do More with More? Dissecting the Fast Pace of Digital Transformation and Its Tax Implications 

The future is here.. almost! Questions AI can solve in tax