| Resource Center Liquid Engines is committed to advancing corporate taxation with great products, valuable services, and expert knowledge. In our Resource Center we make available key educational materials and information about Liquid Engines products, solutions, and customers. Download and review the materials below to stay abreast of the latest trends and learn more about how Liquid Engines can help you reduce your risk exposure while driving significant improvements in tax savings, staff efficiency, and strategic contribution.
Although current economic conditions necessitate tightening budgets at many corporations, tax departments must still respond to complex and evolving tax regulations and accounting policies. In this commentary, we analyze how state-of-the-art tax technology offers a win-win solution for cost-conscious businesses, by empowering them to achieve and maintain world-class tax operations despite budgetary constraints and the relatively limited pool of skilled and experienced professional talent.
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Within a complex regulatory and legislative environment that demands accurate, timely and globally visible tax information, corporate tax departments face their toughest challenge in recruiting and retaining skilled professionals. In this commentary, we explore why savvy corporations, facing fierce competition for the limited supply of talent, are now turning to state-of-the-art technologies to enhance and optimize their greatest asset — human capital — and create world-class tax functions.
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In this exclusive interview, Jim Border, Vice President of Tax for Carnival Corporation & plc reviews why his tax organization—reliant on spreadsheets and manually-based systems—decided that, with the advent of FIN 48, it was time to adopt a 3rd-party software application that would help them simplify and improve their processes. During this insightful discussion, Mr. Border shares his thoughts on the importance of leveraging automation to meet today’s compliance requirements, and outlines how he and his team determined their requirements for FIN 48 automation and the process they went through to evaluate, select, and implement Liquid Engines GPM.
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In many corporate tax departments, state apportionment data handling, analysis, and reporting is conducted utilizing a multitude of spreadsheet-based models. This manual approach provides limited (if any) security or controls, serves up a host of inefficiencies, and dramatically increases the risk of error. In this commentary, we explore the benefits of leveraging advanced technology to streamline and enhance the processes surrounding managing state apportionment.
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The challenges facing corporate tax departments in this post–Sarbanes-Oxley regulatory environment are enormous, and FASB’s FIN 48 is one of the more difficult, as it asks companies to evoke exactness by quantifying uncertainties in their income taxes. In light of the ever-increasing requirements—FIN 48 and others—we believe the question for corporate tax departments should not be whether or not to automate various tax functions, but how best to do so. In this Point of View article, we explore how advanced technology can be an essential partner in helping tax professionals meet their toughest challenges and provides five key advantages.
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A recent study revealed that corporate tax professionals spend, on average, 60-70% of their time locating, organizing and reworking data. The cycle time associated with the myriad of processes and sub-processes performed by the corporate tax department is just too high, exasperated in part by the requirements of SOX 404 and more recently FIN 48. Given increasing burdens, we asked our experts for a list of ways technology can be used to reduce cycle time of low-value activities. Read what they had to say.
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download article >> The significantly increased scrutiny now being applied to the tax function, combined with the heightened pressures brought about by Sarbanes-Oxley, are compelling an evolution of the tax function from its traditional focus on efficiency and effectiveness. In this new environment, Tax Directors now have the added responsibility for tax risk management, which oftentimes seems to take precedence over their other responsibilities. In this article our expert speaks to today's requirements for greater transparency, accuracy, and communication, and explores how modern software technology can help tax meet these demands, improve efficiency, and sharply reduce the risk of non-compliance.
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Liquid Engines recently gathered a panel of senior tax executives to discuss the state of today’s tax department and exchange insights on current priorities, management imperatives, and leveraging technology to create world-class tax organizations. Our panel had a lot to say about the evolution of the tax function over the past five years and its impact on tax teams; challenges in supporting new executive management, audit committee, and business unit requirements; and recommendations for securing and realizing the value of tax technology. Executive Panel:
Deborah Lange, former Senior Vice President Tax and Customs, Oracle
John Kinney, Vice President, State and Local Tax, TimeWarner
Joseph Hall, AVP Tax Technology, CIT Today a new approach to structural planning is needed—one that “rationalizes” an entity structure by examining all possible structural moves and measuring the resulting tax and operational benefits. In this brief, we explore the methods to optimize complex legal entity structures—and the associated benefits such as tax savings, lower operational costs, improvements in staff productivity, and reduced risk.
 download paper In this exclusive interview with former IRS Commissioner Charles Rossotti, we explore how corporate governance is impacting tax departments, and how businesses can leverage technology to enhance their strategic tax management and planning efforts while operating under increased scrutiny of processes and requirements for transparency.
download paper top GPM – FIN 48 Managing Global Tax Positions
AMS – Apportionment Management
STx – State Income Tax Management ITx – International Income Tax Management
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