For those corporate tax leaders who attended the private conference call with I hosted with three anonymous tax technology consultants last week, I know you were as stunned as everyone on the call what was revealed. Three tax consultants in software implementation privately shared what is happening in corporate tax organizations today and costing companies millions.
While many corporate tax organizations are running lean, all too often companies are using tax software that has not been upgraded for some time. There are huge mistakes made every day utilizing complicated large enterprise tax software that has not been updated, implemented properly or that takes a degree in rocket science to figure out how to use it! There is exposure due to outdated corporate tax software.
Given that corporate tax executives are scrambling to stay updated on all the changes in the corporate tax laws, no one has had time to pay attention to what version tax software they may still be using to prepare the tax provision. Everyone agreed there is calamity coming in the third quarter for unprepared corporate tax organizations and the tax provision. You must be aware and start planning for the third quarter scramble corporate tax professionals are about to face in 2018. Everyone agreed on this matter.
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