"Taxman Series: On the Intersection of Tax and Compliance - Episode 3, Why Tax Needs a Seat at the Table?"

In episode 3 of the Taxman series, Tracy Howell and I strive to answer the question: ‘Why should tax have a seat at the table?’

Tax and the Table

The table refers to the front end of when an organization is trying to define what it wants to do, where it wants to do it, and how it will perform. A corporation’s ultimate objective is to generate net income or distributable profit, and tax professionals are well-suited to assist because they are experts in damage control and risk mitigation. Tracy points out, “Tax can provide an umbrella to achieve corporate objectives if they’re involved in the front end.”

Tax’s Relationship with Other Stakeholders?

In a company, a functional lead will often pose the question: ‘Why do we need tax here?’ According to Tracy, “A good tax guy has to be proactive and provide examples to get the taxmen at the table.”

Educating Corporate Functions Outside of Tax?

Tracy’s advice is to build a relationship with the functional experts and “create the situation where you’re a trusted business advisor.” He recommends one-on-one interactions above all. However, it is essential to remember that the outcome may not always be successful in a global organization. For this approach to yield positive results, he comments, “there has to be some buy-in, compliance, and a willingness to talk tax.”

Premiering Tomorrow in?Compliance Podcast Network!

What is the role of tax in Supply Chain risk management? Join Tom Fox and Tracy Howell for their 5-part series Taxman: On the Intersection of Tax and Compliance tomorrow, March 17, 2022, at 10 AM CT.

Episode 4 explores why a tax is even more critical in SCRM now? What is the cost of goods sold (COGS), and how does it impact Compliance? Check out the entire 5-part series on Innovation in Compliance on the Compliance Podcast Network.?

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