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The Most Popular Tax Provision Resources of 2020 to Inform You in 2021

Jamie Eagan - VP Product Management Tax & Transfer Pricing

Jamie Eagan is VP, Product Management of Longview products at insightsoftware. Jamie holds a B.Sc. in Accounting and a minor in Economics from State University of New York at Fredonia.

12 2020 Is Blog The Most Popular Tax Resources Blog

2020 has certainly presented a thorough set of new challenges for tax departments, often requiring them to work even harder in response to the global market fluctuations and changing tax regimes caused by the fallout from COVID-19. Due to the pandemic, governments had to continuously adapt their tax regulations and policies in a bid to support their economies, but this required tax teams to keep in step. Not only have tax teams had to adapt to these changes operationally, but also update their strategic plans and forecasts based on the many potential “what-if” scenarios that could materialize in the future.

In full recognition of these challenges, we strived to create a number of helpful guides throughout the year to help tax teams plan and manage their tax reporting and provisioning. Below is a list of our readers’ favorites from the year, and we hope that they prove useful as many of you work through your year-end closes.

Why Multinational Entities Need Tax and Transfer Pricing Software

There are many compelling reasons for multinational enterprises (MNEs) to invest in the digitalization and automation of tax and operational transfer pricing processes. When introduced together in a holistic way, the combination of tax and operational transfer pricing can have a huge impact on MNEs’ ability to make accurate forecasts and calculations on the actual amount of tax due.

What to Include in Your Tax Provision Checklist

This blog post simplifies the minefield that tax provisioning can sometimes feel like by providing a straightforward checklist for your department to follow. Not only does it explain the various hoops needed to jump through while tax reporting, but it also includes tips you might not be aware of in order to boost efficiency and minimize errors. By simply automating as much as possible, or implementing the right tax software, you can increase the efficiency of your tax team, allowing them the time to focus on more proactive and deeper analysis that’s necessary during these unstable times.

Responding to Changing Tax Regimes Amid Covid-19 Fallout

This blog post outlines the appropriate responses tax teams should have to changes in government tax policies due to COVID-19. While changes to the tax regimes, themselves, require swift and direct action, there are many other indirect impacts that tax teams will have to work through. One of the largest impacts will likely be the variances that crop up between the original tax rate forecasts for the year, compared with the actual results they’re seeing at year-end. Because these change require fast and decisive action, it’s important for tax teams to push for greater operational autonomy and easy access to the financial data when conducting their provision.

Reshaping Future Growth: Top Tips on How to Manage Tax Forecasts

This post outlines the highlights from a webinar we hosted in August, sharing insights from both our team and Deloitte around the “challenging global headwinds” that companies have had to overcome this year as they manage their tax activities. The audience polls threw out some fascinating insights, including the fact that 42 percent of tax professionals are concerned about the quality of their finance team’s reforecasting. The industry experts then discuss how to address some of these concerns, including how to better manage tax forecasting during challenging times.

Empowering Enterprise Tax Teams in Changing Global Times

We’ve been happy to see that so many tax teams are looking to become more proactive and strategic within their organizations, so it’s no surprise that this was our most popular whitepaper of 2020! Download our comprehensive guide to learn more about responding faster to changes in tax regimes, advocating for greater operational autonomy, and living up to your strategic value within your organization. This guide lays out the steps required to elevate your department into a true strategic asset.

We hope that these resources, as well as our larger library of guides, were useful to you throughout this challenging year, and that your tax team is able to use them well into the new year. If you like the sound of any of the products mentioned in any of the resources here, request a demo and discover how you can make your life easier.