Archive for March, 2011

C&S Wholesale Grocers: Bringing Value through the Tax Function

FOR IMMEDIATE RELEASE

Tax Officers need to understand their business and make sure they are able to respond rapidly to new tax laws, says Cole Mills, Vice President – Tax, C&S Wholesale Grocers, Inc. “Nobody likes surprises. We have to be aware of all tax issues in order to appropriately and timely advise management on their impact to our company.” A speaker at the marcus evans Tax Officers Summit XI 2011 in Hollywood, Florida, May 18-20, Mills highlights the issues troubling tax directors today and discusses how to stay current in order to bring true value to the organization.

What is troubling tax directors right now?

Cole Mills: At every government level there is pressure to raise revenue and stimulate economic growth; accordingly, tax legislation is a top agenda item. Unfortunately, desperate responses to the current economic and political environments have resulted in a lot of inconsistency. Federal and state tax law changes are occurring more rapidly than ever before. For example, 2010 saw two retroactive bonus depreciation provisions (50 per cent and 100 per cent passed in September and December respectively). At the state level, new or expanded taxes are being enacted in the middle of the night with little to no public comment. So, being up to date with pending legislation is more difficult and more critical than ever before. We have a very short window to analyze the impact these changes have on our company’s tax positions and cash flows.

How can tax directors stay current?

Cole Mills: We have to rely on a variety of sources: local tax groups, industry associations, Council on State Taxation, Tax Executives Institute, events like the Chief Tax Officer’s Summit held by marcus evans, state chambers of commerce, newsletters from accounting and legal firms, daily reports from tax services and the network of tax peers we have developed over the years. Also, working closely with our government affairs team takes a new priority.

What best practices for running the tax function would you recommend?

Cole Mills: Our staff is our best asset. Hire the right people, put them in the right roles, and give them the ability to take ownership and responsibility for their jobs. We must give clear direction, set the expected deliverable standard, challenge performance and mentor.

The right tools, training and technology are very effective when used by an “A” tax team, but they do little to improve a “C” team’s performance.  Furthermore, it is vital that we invest in the training and education of high performing staff. 

Tax Officers need to make an honest assessment of what their departments actually do and think about whether they are appropriately supporting the business. Some departments are very compliance oriented and rely on service providers to deliver ideas, whilst others outsource their compliance and focus on value-added projects. Our department uses a hybrid approach; service providers are only used when the team lacks the expertise. Once you understand how the department operates and its role in the business, play to the team’s strengths or build a team that has the necessary skills.

Whether you rely on service providers or plan in-house, make sure your team knows how to implement and test. The best compliance and planning will crumble due to no or poor implementation and follow-up.

How should the tax department stay close to the business?

Cole Mills: Tax directors must be on top of the issues. “Go to” executives understand customers, industry trends, business operations and how the company works. By supporting the business, we deliver value.

Remove tax obstacles to allow the company to recognize revenues three days faster and I guarantee you will move up on the speed dial. 

Contact:
Sarin Kouyoumdjian-Gurunlian
Press Manager
marcus evans, Summits Division
Tel: + 357 22 849 313
Email: press@marcusevanscy.com

About the Tax Officers Summit XI 2011

This unique forum will take place at The Westin Diplomat Resort & Spa, Hollywood, Florida, May 18-20, 2011. Offering much more than any conference, exhibition or trade show, this exclusive meeting will bring together esteemed industry thought leaders and solution providers to a highly focused and interactive networking event. The summit includes presentations on foreign tax audits, tax planning and IFRS conversation.

For more information please send an email to info@marcusevanscy.com or visit the event website.

marcus evans group – finance/insurance sector portal

Please note that the summit is a closed business event and the number of participants strictly limited.

About marcus evans Summits

marcus evans Summits are high level business forums for the world’s leading decision-makers to meet, learn and discuss strategies and solutions. Held at exclusive locations around the world, these events provide attendees with a unique opportunity to individually tailor their schedules of keynote presentations, think tanks, seminars and one-on-one business meetings. For more information, please visit www.marcusevans.com 

All rights reserved. The above content may be republished or reproduced – kindly inform us by sending an email to press@marcusevanscy.com

WTP Advisors: Optimizing the Tax Function 

FOR IMMEDIATE RELEASE

“Invest in your people and technology,” says Ian Boccaccio, Co-Founder & Partner, WTP Advisors. “It will help you manage risks and have good continuity as the taxation landscape changes.” From a tax and business advisory company attending the marcus evans Tax Officers Summit XI 2011 in Hollywood, Florida, May 18-20, Boccaccio talks about creating efficiencies in the tax function and how to prepare for International Financial Reporting Standards (IFRS) convergence.

What are the top tax risks for US organizations?

Ian Boccaccio: The current situation for tax organizations is two-fold: there are significant changes in tax laws with additional emphasis on tax accounting. Combined with aggressive tax governance and the economic downturn, this is a lot of pressure on tax organizations to do more with fewer resources.

It is necessary to optimize efficiencies and streamline to get through this. In fact, WTP Advisors recently launched an entire division dedicated to just this issue. The new practice area, called Optimized Tax Operations (OTO), is built on the idea that companies need to begin seeing their tax departments as possible sources of revenue. Historically, the tax department rarely has been charged with looking inside itself to find ways to improve its efficiency, yet in any organization, tax can turn out to be an untapped area of high value. This concept is more than just utilizing the right technologies, it also relates to understanding processes, how and why they break down and how to best fix and optimize these processes going forward. In other words, a tax department that spends less time processing unwieldy data, and more time on actually analyzing tax strategies, can improve its company’s bottom line.

What tips would you recommend for IFRS convergence?

Ian Boccaccio: The answer is do not wait. Tax directors need to think about how they are going to make the necessary changes now, and technology is a major component of that. It would be smart for US companies to engage with their non-US entities, to see what is going on in their local jurisdictions. Companies don’t necessarily need to hire a large consultancy firm for a large-scale, high-cost analysis, but they could talk to folks in the industry, look at internal practices, create activities in the company to move towards IFRS convergence and along the way perhaps get some support from a third party. As long as they think and plan for this for now, IFRS convergence can be handled effectively.

What is the latest on foreign tax audits?

Ian Boccaccio: There has been increased coordination amongst tax authorities around the world. We are also seeing local countries becoming more aggressive in seeking out taxes that relate to their country. Interacting with the local tax team is essential in managing foreign tax from both a book and cash tax perspective, and why we have expanded our footprint throughout Europe, Asia and the Americas. Multi-national companies need to ensure that any position they take is justified in that jurisdiction as well, and have local teams on the ground ensuring that transfer pricing audits go well. You have to get it right the first time.

Do you have a final message?

Ian Boccaccio: Invest in your people and technology. It will help you manage risks and have good continuity as the taxation landscape changes. Every year we see great strides in technology. If you are able to optimize tax functions, you are going to reap the benefits long term. Do whatever you can to keep your good people happy; these are the people who understand the business as well as the tax functions, and who will help you achieve your major goals.

Contact:
Sarin Kouyoumdjian-Gurunlian
Press Manager
marcus evans, Summits Division
Tel: + 357 22 849 313
Email: press@marcusevanscy.com

About the Tax Officers Summit XI 2011

This unique forum will take place at The Westin Diplomat Resort & Spa, Hollywood, Florida, May 18-20, 2011. Offering much more than any conference, exhibition or trade show, this exclusive meeting will bring together esteemed industry thought leaders and solution providers to a highly focused and interactive networking event. The summit includes presentations on foreign tax audits, tax planning and IFRS conversation.

For more information please send an email to info@marcusevanscy.com or visit the event website

marcus evans group – finance/insurance sector portal

Please note that the summit is a closed business event and the number of participants strictly limited.

About marcus evans Summits

marcus evans Summits are high level business forums for the world’s leading decision-makers to meet, learn and discuss strategies and solutions. Held at exclusive locations around the world, these events provide attendees with a unique opportunity to individually tailor their schedules of keynote presentations, think tanks, seminars and one-on-one business meetings. For more information, please visit www.marcusevans.com 

About WTP Advisors

WTP Advisors is a leader in tax and business advisory services for a global marketplace. Our highly skilled professionals equipped with years of industry experience, coupled with our cutting-edge technologies, make substantive and long-term differences to an organization’s profitability. WTP Advisors is headquartered in White Plains, New York, with offices across North America, Asia and Europe.
www.wtpadvisors.com

All rights reserved. The above content may be republished or reproduced – kindly inform us by sending an email to press@marcusevanscy.com