Communication to Eliminate Tax Risk –
Missed Communication –
THE LEADING CHARACTERS in this special report have been business owners, the BO/CFO, the tax manager, and the legal team. Much has been written about the formation of the tax team and the interaction with the outside advisors and other key participants. Hell, even communication with the CEO, the board, and the audit committee has been suggested.
Why then a chapter dedicated to communication to eliminate operations tax risk?
The fact is that historically in-house tax compliance departments have formed part of an ivory tower comprised of senior management, where communication is limited. In many instances the tax compliance function has been outsourced to outside tax consultants, who are definitely not in touch with the day-to-day business operations. They rely on financial accounting information to compile tax compliance documents.
Throughout the Tax Risk Management process, it will become apparent how important person-to-person communication between members of the tax team is, leading to the exposure of off-the-radar screen issues that may otherwise never have occurred prior to an IRS audit. Communicating with people is key. Communicating with numbers alone is not.
In accordance with Circular 230 Disclosure
Recent Comments