As we wrap up another compliance season, you may want to erase the memories of all of the issues and obstacles encountered throughout the last few months. However, before you put your pencils down it is time to start thinking about the next step. It was not all that long ago that many tax professionals viewed the process of completing and filing of tax returns as encompassing the entire tax cycle. These days, through changes in the reporting requirements for both tax compliance and tax financial reporting purposes, we are all very aware that the Tax Reporting Cycle within any organization has become much deeper and broader reaching, impacting the way we approach both financial reporting and tax compliance. For example, work which is completed within the tax compliance cycle will impact the tax financial reporting results and vice versa. Below is a very simplistic view of the Tax Reporting Cycle illustrating the connectors and controls to be considered at a high level.
To read full article, click here.