Companies Still Lag in Use of Data for Tax Planning

Tax data and technology can be helpful for companies when making projections for tax planning purposes, but companies have to weigh when the best time is to implement them. Data can give more certainty for companies in scenario planning, such as for the Inflation Reduction Act and everyday business decisions, said Greg Engel, vice chair of tax at KPMG LLP. Still, 52% of companies aren’t using tax data for this work, according to a recent KPMG report. On this episode of Talking Tax, Engel speaks about the importance of companies incorporating tax data into tax planning, how companies are trying to hire to fill this need, and why now is the best time to integrate it. Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.