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Chapter 11 Corporate Bankruptcy Reorganizations and Tax Controversy: A Primer
The considerations: preparation of tax liability schedules, objections to IRS claims, expedited audits, IRS Appeals, potential tax liens, and choosing a forum for potential litigation
In direct response to the financial pressures caused by the coronavirus, many companies, including Gold’s Gym, Neiman Marcus, J.C. Penney, and Hertz, have filed voluntary Chapter 11 bankruptcy petitions in 2020.1 Others are contemplating doing the same. For entities saddled with debt, Chapter 11 of the Bankruptcy Code can offer… Read more »
More Transparency in the EU: Questions & Answers on DAC 6
Are you up to date on cross-border arrangements?
The European Union (EU) passed a sixth version of its Directive on Administrative Cooperation in the Field of Taxation, known as DAC 6 (EU Council Directive 2018/822), on May 25, 2018. DAC 6 introduces reporting requirements for professional intermediaries (and, under certain circumstances, taxpayers) relating to their involvement in a… Read more »
Procurement and Tax—Time to Integrate
Why implementing a third-party tax engine is the best approach
One of the most important functions at which companies must excel is selling goods and services with as little transactional friction as possible—particularly in today’s world of digital commerce. Companies invest significant effort in the sales environment, but an equally necessary value-add for tax is the ability to purchase goods… Read more »
Clearing Skies: Demystifying the Transition to the Cloud for Tax
Make sure you really do have your head in the cloud
In recent years, cloud(s) have been gathering on the horizon for many organizations, both global, multinational organizations and smaller, agile organizations. These clouds represent sweeping changes for most organizations that may bring major disruptions and may require corporate tax executives to make career decisions. This article provides tax executives and… Read more »
Teaching Tax Professionals to ‘Speak IT’
Practical steps for upgrading tax technology
Tax professionals are largely aware of the technologies available to supplement their departments’ operations—technologies designed to directly support tax functions, such as tax engines, return preparation programs, and certificate management applications as well as general-purpose technologies that can be leveraged for tax, like data enrichment platforms, robotic process automation (RPA),… Read more »
TEI Roundtable No. 30: Tax and Tax Technology
Meeting customer needs—now and in the future
If you’re a tax professional, you know the significance of tax technology. It’s just as important as tax regulations, tax transactions, or any other aspect of the field. That’s why the theme of this issue is tax technology, why we established Tax Technology Corner as a regular column in this… Read more »
Funding Is All About Storytelling
Stories can trigger passion, inspiration, and loyalty—and compelling ones inspire emotional investment
One of our favorite clients, Gary, once told us a story as we began talking about a possible tax transformation project for the public company he had recently joined as its new vice president of tax. Earlier in Gary’s career, he was the compliance tax manager for a large privately… Read more »
Innovation for VAT
Tax technology is changing how VAT applies to new and more complex business models, how tax authorities administer these taxes, and how businesses comply
The saying “There’s a way to do it better . . . find it!” is attributed to inventor Thomas Edison, but it encapsulates perfectly the current global indirect tax management landscape. In the last decade, innovations in tax technology have significantly changed not only how value-added tax (VAT), also known… Read more »
There’s a Mistake on Your Tax Return—Should You Fix It?
Check out this proposed framework for overall compliance
This article proposes a framework for deciding whether to fix a mistake found on a previously filed tax return. Rather than treating mistakes on previously filed tax returns as isolated events to be managed on an ad hoc basis—the usual and less effective approach—the proposed framework views the discovery of… Read more »
COVID-19 Disruption: Challenges for Life Sciences Companies (and Beyond)
Cash flow strategies are paramount, then come “postscript” considerations
The COVID-19 pandemic has had an unprecedented impact on the business community. The life sciences industry has not been immune to its effects, since the pandemic has affected consumer demand for life sciences products in sometimes unpredictable ways and has wreaked havoc on supply chains. Although some life sciences companies… Read more »
AI in the Tax Department: Getting Tax a Seat at the Table Artificial intelligence (AI) is reshaping business functions rapidly, yet many…
TEI Roundtable No. 51: The Future Corporate Tax Department As tax moves into the future, in-house professionals are experiencing…
The Impact of AI in R&D Tax Credits For the last several years we’ve heard that artificial intelligence…
Making Sense of CAMT Complexity The corporate alternative minimum tax (CAMT) under Section 55 of…
Breaking Down Real-Time Controls in Global Tax As governments implement digital approaches to tax filing, reporting, operations,…
Question: What Are the Key Updates in the FASB Income Tax Disclosure Requirements? In 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards…