International Tax Review has recently named Deloitte Tax LLP the Americas Tax Innovator of the Year and Americas Tax Compliance & Reporting Firm of the Year for its impact in delivering innovative solutions on large, complex client projects completed in North, South and Central America. “Innovating toward a technology-driven future is a priority at Deloitte,” said Steve Kimble, chairman and chief executive officer, Deloitte Tax LLP.
According to Kimble, “Artificial intelligence and other cognitive technologies are changing the way organizations and people manage routine tasks – and we are focused on solutions that reduce the complexity of tax compliance and processes for organizations, with a view of freeing people up to focus on the delivery of value.”
Deloitte invests in and leverages automation, tax compliance and reporting, data analytics, and cognitive solutions in the following ways when providing tax services to its clients:
Compliance and Reporting – Deloitte’s outsourcing and collaborative sourcing services include advanced, digitally-driven solutions for corporate income tax, indirect tax, statutory reporting, provision preparation and transfer pricing documentation. Its regional compliance centers in the Americas, Europe, Africa, and Asia coordinate the delivery of standardized, high-quality services so that organizations can realize increased visibility, process efficiencies and risk mitigation.
Data Extraction – Deloitte’s XTract suite of cognitive-based tax tools use electronic data extraction and optical character recognition to extract data from tax documents, like K-1s and broker statements. With each document or K-1 scanned, the data dictionary grows, improving results for the next data extraction performed. This technology improves data collection efficiencies by significantly reducing the need for manual data entry and by mitigating the risk associated with manual data processes.
Data Visualization – Deloitte’s TaxPOV offers standard and tailored visualizations of federal and state tax items that are designed for executive-level review and analysis. Data visualization helps organizations bring to light the patterns, trends, and anomalies in their tax data, allowing for timely consideration of potential risks and tax planning considerations.
Robotic Process Automation – Deloitte’s Robotic Process Automation solutions help organizations streamline manual, repetitive actions so they can increase efficiency and improve quality at lower costs, while shifting their focus to more strategic, value-add work such as tax planning. Areas of process automation with RPA may include batch preparation of tax returns, data extraction for excise tax returns and refund claims, and automated processes to prepare tax returns for e-File processing.
Tax Reform Modeling – Deloitte’s Tax Reform Navigator is a state-of-the art, web-based solution that uses actual and projected financial data to provide a holistic view of how potential tax reform proposals may impact a company. Used in tandem with Deloitte’s tax advisory services, TRN can display visualizations for a number of variables and be customized for clients to analyze a range of scenarios when creating an integrated plan with domestic and international tax considerations.
The 12th annual Americas Tax Awards were given for innovative, complex and impactful transactions. The awards recognized work that broke new ground in the tax marketplace and was completed between June 2016 and May 2017. This is the second consecutive year Deloitte Tax won Americas Tax Innovator of the Year and the third consecutive year it won Americas Tax Compliance & Reporting Firm of the Year.