Legislative Change
Is Your Tax Team Tactical or Strategic?
Do You Proactively Promote Legislative Change?
The tax world of today is more complex than the tax world of yesterday, or is it?
Aided by technology and prompted by tough economic times, governments have
become more aggressive in audit and collection activities.1 Regardless of
economic conditions, tax matters present complex challenges which require a
careful analysis of laws, regulations, judicial decisions, administrative decisions,
customs, and practice. In addition to complex legal analysis, tax issues require a
firm understanding of the facts. Closer scrutiny and heightened regulation of
accounting for income taxes have increased the job requirement complexity for
tax professionals. Ironically, companies have recently reduced resources
allocated to the tax function as part of an overall business contraction.2 By
necessity, corporate tax teams generally adopt a tactical approach, largely
ignoring the strategic potential of proactively promoting legislative change.