In my previous article, we looked into how data integrity and integration are key to enabling supply-chain success. As we continue the discussion on data value to corporate functions, let’s look at an area often overlooked from information management standpoint: corporate tax.

Managing complex tax operations for global, multinational corporations requires an undaunted focus on current federal, state and international tax laws, finding and implementing creative ways to apply those laws in order to reduce global taxation, identifying and managing the related tax risks and rigorously defending the company’s tax positions. Accounting and reporting of global income taxes used to be simply an annual task, almost an afterthought. With SOX, that world was overturned. The focus shifted from solely designing and implementing tax structures to minimizing global income taxes while accurately accounting for them and the internal controls surrounding this process. It’s no longer just the world of IRC section 482, 904(f), 861 allocations, check-the-box and listed transactions. It’s now about FAS 109, FAS 5, SAB 99 and how to accurately account and report a company’s global income tax position.

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