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








 



 

 Cole Mills, a speaker at the marcus evans Tax Officers Summit XI 2011, talks about the importance of keeping up to date in the constantly evolving tax world.

Interview with: Cole Mills, Vice President – Tax, C&S Wholesale Grocers, Inc.



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. 



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marcus evans, Summits Division
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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 



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