CFOs: Do You Have A Succession Plan In Your Corporate Tax Department?

A succession plan is a process for identifying and developing new leaders for your organization. What do you do if your lead tax executive is ready to retire? Succession planning is a process that ensures your company is prepared for the future. Every CFO should have a succession plan in place for their corporate tax organization. The turnover rate of corporate tax executives is at an all-time high due to tax reform, baby boomers retiring, and now a pandemic. CFOs operating proactively will have a succession plan in place for their tax organizations. More than ever, companies require a strong second in command tax executive to back up their lead tax executive. Especially if you think your tax executive will retire in the next few years. The new legislation coming out of Washington D.C. is guaranteed to tax corporations and individual taxpayers to the hills and over the moon and then some more. Get your in-house tax team in place and ready to protect your company from mistakes that will be made by those who have decided to outsource their entire tax function to people who do not understand their business.
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