Recently, I received a call from a tax lawyer who is a former Partner in a Big Four firm, a former Partner in a multinational Law Firm, and a VP Tax from a major multinational corporation. We were discussing the future of tax organizations and how the world is moving rapidly towards the emergence of greater virtual tax organizations. What is a virtual organization? According to Businessweek it is “a temporary network of independent organizations linked by IT to share skills, costs and access to one another’s markets”. As more tax organizations are distributed geographically and virtually coordinated through electronic communications, changes are inevitable. The rise of virtual tax organizations will lead the way to extraordinary opportunities in how we all conduct business.
Virtual tax organizations enable each party to gain increased access to specialized resources that benefit the group as a whole. They allow individual members to retain their independence and continue to develop their tax specialty throughout the tax ecosystems. Each entity brings an added value that benefits the members individually and the group as a whole. Weaving together these entities also builds a high degree of mutual trust and cooperation that benefits the virtual tax organization with new discoveries and efficiencies of processes.
Organizations do not develop and grow when isolated; organizations grow when expertise is tapped from the widest ”expert base” as possible, according to David J. Skyrme in his research, analysis and publication “Virtual Teaming and Virtual Organizations: 25 Principles of Proven Practice”. What makes his research even more interesting is that he published his thoughts on virtual organizations in 1997. His work is important as it allows you to imagine what the future of virtual organizations look like and project the rise of virtual tax organizations and networks today and into the future.
TaxConnections is interconnecting a knowledge network of tax professionals, and tax organizations that will inevitably lead to the emergence of new discoveries in the entire tax network. This has always been our goal at TaxConnections and we are privileged to have the opportunity to be a link in the emergence of new discoveries. Our part is identifying the strongest partners to grow with us as we raise the visibility and authority of a virtual tax network. We created the technology link that enables tax professionals and tax organizations to grow at a much faster rate.
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