Tax Related Material Weaknesses – They Just Aren’t Going Away….
Posted by Kelley Lear on Jan 25, 2012 in Audit, Compliance, Process Improvement, Tax | 0 comments
Tax related material weaknesses are unfortunately still very often topics for conversation amongst tax professionals. In fact, I was just talking to a colleague who was hiring a tax risk coordinator, whose first task was going to be to conduct a thorough risk assessment within their organization. Another was discussing the lack of tax expertise on their current Board and how that is affecting them with their arguments for employing important process changes within finance and tax.
Every year I try to read the latest and greatest surveys, results and proactive thinking on tax related material weaknesses to keep abreast of what is going on out there.
read moreTax Examination – Hot Tips…You Don’t Want to Miss!
Posted by Kelley Lear on Dec 6, 2011 in Audit, Audit, Tax | 0 comments
You know when you attend a tax or vendor conference in the tax industry…and you are sitting there wondering why you are sitting in this mind numbingly boring session? In fact, as your mind starts to wander, you begin to picture yourself sitting on a beach sipping a marguerita under a softly swaying palm tree, swishing down the slopes at Breckenridge with the wind whipping through your hair, or swinging that golf club and hearing that familiar (or not so familiar) “ting” as your ball explodes off the sweet spot on your driver and lands in the middle of the fairway…or anything but sitting in that painful PowerPoint display of bullet points and monotone discussion devoid of any passion or value? Have you even contemplated sticking a pen in your eye so that you could be carried out of there and rushed to the emergency room, just to avoid the remaining hour of that session? Well, I certainly have.
read moreAre you up to Speed on the Latest Tax Accounting Trends?
Posted by Kelley Lear on Nov 29, 2011 in Audit, Finance, Tax, Tax Planning | 0 comments
At the recent Vertex Exchange 2011 in Las Vegas, NV, I was able to sit in on a panel session,“Tax Accounting Expert Panel:Gain Access to Experts that Know the Industry Best”. The panel discussion was facilitated by Stephanie Malin of Vertex and included panel experts Jode Shaw, Shaun Lockhart and Bob Norton. I always love to participate in panel discussions as they provide a chance to listen to more than one thought leader as well as typically get a lot more audience interaction. With audience interaction, you are able to learn a lot more about what your colleagues are truly facing out there and to go from more theoretical discussions to the practical (what is working out there and what isn’t).
read moreReverse Audit Tips for Tax Professionals…Get some COLD CASH?
Posted by Kelley Lear on Nov 16, 2011 in Audit, Tax | 0 comments
As most of you know by now, Traci Wheeler and I attended the Vertex Exchange 2011 at the Bellagio in Las Vegas, Nevada. So, I thought it would be fitting to share some of the topics of discussion that relate directly to COLD CASH! Or, perhaps ways of uncovering tax savings within our organizations. Vegas, although completely over the top with a whirlwind of cash, shows and every type of tantalizing cuisine you can imagine, can also remind one of cash flow and waste…(at least with my gambling skills)! Therefore, I thought I’d share some of the latest thinking shared by a number of tax professionals during a panel discussion called “Reverse Audits – Uncovering Savings Opportunities”. This was more than a straight discussion on sales tax audits, use tax or simply discussing unclaimed tax refunds….
read moreWhat Frightens You?
Posted by Kelley Lear on Oct 11, 2011 in Audit, Audit, Compliance, Process Improvement, Tax | 2 comments
I thought the title was apropos for this time of year, with “All Hallows Eve” so soon upon us…what does frighten you? Is it scary late night ghost stories by the fire, or watching a Michael Myers movie in your dark living room with the wind whipping outside your window pane, and the distant call of a coyote in the background? Or perhaps it is the tall, dark and bony image of a grim reaper in dark robes invading your dreams…reaching out for you with an outstretched hand and ominous groan, with you waking up in a cold sweat? Well, for many of you tax professionals out there (a bit more practical like myself), perhaps the scariest thing you can think of is a “Material Weakness” or a “Tax Restatement”!
read moreTop 10 Things you May Not Know about Tax Exam Management…
Posted by Kelley Lear on Oct 5, 2011 in Audit, Process Improvement, Tax | 0 comments
I just had one of our loyal blog readers out there send me a screen shot from a recent webcast from the Deloitte Debriefs Tax Operations Series titled “Tax Data Management: A Foundation of Sustainable Tax Compliance, Planning, and Examinations Support” (and yes, that is quite a mouth full). This Intaxication blog reader has been undergoing significant audit activity at his company and wanted to look at our AuditRoom coming out of the Deloitte webinar. The screen shot that he sent me from the meeting provided the results to one of the polling questions from the audience. It was as follows:
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