Tax executives are entering the disruption decade, where the only constant will be more change, and at a faster pace. This is something they’re already familiar with—the landscape at nearly every level has shifted significantly in the last few years. What’s the answer to managing the aftershocks of changes that have already happened (like tax reform and the Supreme Court’s Wayfair decision) and those that are yet to come?
To keep up with the accelerating pace of change, companies must focus on maintaining a total tax liability mindset—a holistic understanding of the sum of all taxes owed across the entirety of the organization. To do so, they need to transform the tax function, focusing not only on adopting new technologies, but also empowering their people with the skills needed to thrive in a world where the rules of business are being reinvented every day, and the future is anything but certain.
The challenges are massive. The opportunities are even larger Our 2020 Tax Outlook Survey found that tax professionals are up to the task—focused on total liability, adjusting to the changes that have happened, and ready to adapt to those to come. Continue reading the top five takeaways from the 2020 BDO Tax Outlook Survey.