Tax Accountants Missing the e-Mark

A survey conducted by KPMG of leading Fortune 1000 companies showed that 51% of the companies agree that e-commerce will lead to increased competition over the next three years. Only 24% of respondents, however, indicated that their tax advisors are involved in e-business strategy development.

Greg Smith, KPMG's national partner in charge of Consumer Markets Tax Services claims, "Companies that implement effective tax planning strategies surrounding their e-business efforts will be able to drive improved bottom line results, thereby staying 'ahead of the curve' in today's vastly crowded Internet playing field."

Survey respondents felt that tax should be a key consideration in the areas of sales, procurement, and logistics. The survey also addressed the issues of providing tax services in the arenas of business-to-business and business-to-workforce. Only 18% of survey respondents have looked into revenue-saving aspects of business-to-workforce services, while only 49% have examined business-to-business processes.

Smith regards the B2B processes and B2W services as "unharnessed tax opportunities" that will results in substantial savings when the tax angles are pursued.

You may like these other stories...

Being an accountant doesn't mean you're giving investment advice to clients. However, at tax time, accountants often have to deal with the results of any investment advice clients obtained during the year—the...
Anti Burger Kings: Seven US companies shrinking tax the old-fashioned wayBurger King’s decision to combine with Canadian donut shop Tim Hortons is renewing controversy over the lengths some US companies will go to...
A new report released on Tuesday found that the US airline industry receives nearly $1 billion in tax breaks annually from states for jet fuel.The study, conducted by UNITE HERE International Union, a labor union that...

Already a member? log in here.

Upcoming CPE Webinars

Sep 9
In this session we'll discuss the types of technologies and their uses in a small accounting firm office.
Sep 10
Transfer your knowledge and experience to prepare your team for the challenges and opportunities of an accounting career.
Sep 11
This webcast will include discussions of commonly-applicable Clarified Auditing Standards for audits of non-public, non-governmental entities.
Sep 26
In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards. A dashboard condenses large amounts of data into a compact space, yet enables the end user to easily drill down into details when warranted.