August 2010 ACT Webinar

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August 2010 ACT Webinar

Best Practices Utilizing Tax Technology

Dial in 866-286-1415 passcode 212 372 1980

Thursday, August 17, 2010 Jay Turchin – McGladrey y y [email protected] (212) 372-1980

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Welcome



Ray Imbrogno, Director – Global Tax at

Pfizer Inc and current President of ACT

Pfizer, Inc. and current President of ACT

--The Tax Technology Association



ACT is the preeminent association for



ACT is the preeminent association for

corporate tax professionals who are

interested in advancing operational

effectiveness through the broad use of

technology.

tec

o ogy

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Webinar Housekeeping

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Your phone line will be muted throughout the

presentation.

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Please use the Q&A feature for questions or concerns

during the session. We will answer as many questions

as possible at the conclusion.



Pl

it

t f ll th

li

ti

th t

tl

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Please exit out of all other applications that are currently

running on your computer to optimize today’s viewing of

the webcast.

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Today’s slides will be available after the webinar and can



Today s slides will be available after the webinar and can

be found by clicking through the link on our website

www.taxact.org

.



In order to qualify for CPE credit you must attend the

In order to qualify for CPE credit, you must attend the

entire session, answer the polling questions, and

complete the survey at the end of the presentation.

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Agenda



Business Requirements

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Tax Life Cycle

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Risk Management

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Adding Value



T

h

l



Technology

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Automate the process

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Work flow tools

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Data Collection

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Where is it coming from

Wh t

I

tti

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What am I getting

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How do I get it

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Where does it get stored

g

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Business Requirements



Today's environment

B d

t

-

Budget pressures

-

Higher visibility to cash management (forecasting

tax payments)

ta pay e ts)

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Risk Management

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Continued focus on the efficiency and

automation of the entire tax life cycle

• Provision, estimates & extensions, compliance,

budgets & forecasts, supporting documentation,

g

,

pp

g

,

management reports, true-ups, calendars and “what-if”

scenarios

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Technology

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Undertake software selection process or

enhance your current implementation



Be sure to address the entire tax life cycle

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Provision

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Compliance

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Planning

D t

ll

ti

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Data collection

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Workflow with calendar, status reporting and

metrics

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Document Management

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Integrate to the highest degree possible

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Best Practice Tax Life Cycle

Returns Estimate/ Extensions Provision

Data

Uniform

Process

Same

Tools

Budget/ Latest Estimate What-if Modeling Audit/ Amended Returns

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Tax Life Cycle - Provision

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Vendors

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Vertex Provision Central Tax Office (CTO)

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ONESOURCE (TR)Tax Provision (TAXSTREAM)

CORPTAX ERP Tax Provision (AGP ADP IFRS)

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CORPTAX ERP Tax Provision (AGP, ADP, IFRS)

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Tax Dimensions (custom built for each client)

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Longview Tax Provision

Data Returns Estimate/ Extensions Provision Uniform Same

Longview Tax Provision

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E-Tax Risk LLC

Data Budget/ Latest Estimate What-if Modeling Audit/ Amended Returns Process Tools

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Tax Life Cycle - Compliance

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Vendors

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Vertex Income Tax Compliance Domestic/International

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OneSource(TR)

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CORPTAX ERP

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ProSystem FX (CCH)

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Tax Dimensions

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Tax Dimensions

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Tax Life Cycle – Planning & Reporting

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Vendors

R d M

T

C l

d

/ T

A ditR

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Red Moon eTaxCalendar / eTaxAuditRoom

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OneSource(TR)

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CORPTAX ERP Office State/Fed Planner WorkSpace

CORPTAX ERP Office, State/Fed Planner, WorkSpace

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ProSystem FX Workstream (CCH)

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BNA Corp. Tax Analyzer

p

y

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Liquid Engines(TR)

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Tax Life Cycle – Workflow & Document

Management

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Vendors

ONESOURCE (TR) W kfl

M

-

ONESOURCE (TR) Workflow Manager

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CORPTAX WorkSpace

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Red Moon eTaxPortal

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ProSystem FX Document/Portal (CCH)

Data

B d t/ A dit/ Uniform Process

Same

Tools

Budget/ Latest Estimate What-if Modeling Audit/ Amended Returns

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Best Practice Tax Life Cycle

Provision Offerings

g

Uniform

Same

Data

Budget/ Latest What-if Audit/ Amended

Uniform

Process

Same

Tools

Latest Estimate Modeling Amended Returns 11

11

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Data Collection

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Where is it?



ERP

d th

t

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ERP and other source systems

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Tax sensitization



H

d

t it?

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How do we get it?

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Data collection tools

• Remote access

Remote access

• Web based tools

• Portals

T

k

• Tax packages

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From Raw Data to Meaningful Analytics

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Tax Data Warehouse & Workflow

Architecture

Process Management and Workflow

Calculation & Reporting Solutions Adhoc Reporting Solutions Tax Data Warehouse Document Management Electronic Documents Data Warehouse L di P Web Data Other GL_{S t} Other Financial Data Sources Budgeting System ERP Other GL’s/ Source S t

Loading Process _CollectionData Systems HR/Outside

Providers

14

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So I’ve got a good handle on my data…



How’s your process?

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Le erage all that data

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Leverage all that data

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Review your processes

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Design solid and efficient processes

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Design solid and efficient processes

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Create documentation and operations manuals

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Integrate your data suppliers and clients into



Integrate your data suppliers and clients into

your process



Automate good processes



Integrate workflow, document management and

analytic tools

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Technology



Good data, good processes, your team is on

board and they see the value

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Design the technology architecture to

support the enterprise wide tax function

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Review the functionality of all your current

software

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Align your new processes with the current state

of software implementation

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Assess the gap analysis

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Questions ???

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Upcoming ACT Events



Next Webinar

-

“Entity Management : If only we could….” H t d b CORPTAX

-

Hosted by CORPTAX

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October 19, 2010 2:00p.m. EST



2011 Annual ACT Conference

-

June 20-22, 2011

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Loews Coronado Bay Resort, San Diego, CA

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Registration will open in December 2010

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Thank you for Attending!



For more information about ACT or to join ACT, please visit www.taxACT.org



About McGladrey

RSM M Gl d i l di f i l i fi idi ti t d

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RSM McGladrey is a leading professional services firm providing accounting, tax and business consulting services. RSM McGladrey operates in an alternative practice structure with McGladrey & Pullen, LLP, a partner-owned CPA firm that delivers audit and attest services. Though separate and independent legal entities, they work

together to serve clients’ business needs. Together, the companies rank as the fifth largest U.S. provider of accounting, tax and business consulting services (source: g p g, g (

Accounting Today), with 7,000 professionals and associates in more than 90 offices.

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RSM McGladrey and McGladrey & Pullen serve clients' global business needs

through their membership in RSM International, the seventh largest worldwide organization of independent accounting and consulting firms (source: International Accounting Bulletin), with more than 700 offices and more than 30,000 professionals in 76 countries

in 76 countries.

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We serve both privately held and public companies, and our client list represents some of the top names in manufacturing and distribution, construction and real estate, health care, financial and business services and the public sector.

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RSM McGladrey’s Tax Practice created the Tax Process and Technology (TPT) group to help clients improve the overall quality of their tax reporting and functioning group to help clients improve the overall quality of their tax reporting and functioning of their tax departments. TPT professionals work with organizations to identify and explore existing and potential opportunities in both the tax compliance and tax planning processes. We assist clients in restructuring and optimizing processes to make workflow more efficient, speed compliance efforts, reduce and eliminate

bottlenecks and improve the integrity of tax data. Our goal is to provide more useful, relevant information to enhance the decision making process

relevant information to enhance the decision-making process.