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 Kozi Checks & Balances TaxTactics News 
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December 13.2024
2 Minutes Read

Transform Your Tax Research: Embrace Efficiency with Checkpoint Edge and UltraTax CS

Woman using tax research tools on tablet in office setting.

The Challenge of Keeping Up with Tax Laws

Imagine you're navigating a world where the rules are constantly in flux. For tax professionals, that's a daily reality. As tax laws evolve with dizzying speed, staying informed requires sifting through a mountain of data. This manual endeavor eats up valuable hours and risks leaving room for human mistakes.

Simplifying Tax Research with Technology

Enter Checkpoint Edge with CoCounsel, a tool that trades time-consuming research for efficient, accurate results. By pairing with UltraTax CS, it not only automates the search for tax information but also delivers the latest and most accurate data. This means tax professionals can shift their focus from scouring documents to providing thoughtful advice to their clients.

The Future of Tax Preparation

As technology becomes even more integrated into tax processes, we can anticipate even greater advancements in tools like Checkpoint Edge. Future updates promise more intricate data analysis and a broader array of resources. This evolution ensures CPAs are equipped to tackle complex tax scenarios today and into the future.

Transformative Impact on Efficiency

By harnessing technology, tax preparation evolves from a cumbersome task into a streamlined process. Professionals working with these tools find themselves with more time to foster client relationships and innovate in their approach, ultimately enhancing the quality of service provided.

Audit-Proofing Strategies

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10.26.2025

Unlocking Business Potential: Steps to Enhance Technology Agility in Indirect Tax

Update Understanding the Importance of Technology Agility in Indirect Tax Indirect tax is a hidden powerhouse within global enterprises, often representing over 10% of total revenue. This cash flow, particularly significant for companies with revenues around $1 billion—equaling approximately $100 million—works best when optimized for accuracy and compliance. However, when reliant on outdated systems and manual processes, the risk of financial penalties, audits, and inefficiencies rises sharply. Emerging Trends: A Need for Transformation According to the Thomson Reuters 2025 State of Corporate Tax Department report, a remarkable 94% of tax professionals express optimism about future tax technologies. Yet, despite the positive outlook, over half of respondents rate their departments as chaotic or reactive. For larger firms, this statistic improves significantly, with just 22% of smaller companies feeling they have made progress. The Shift from Compliance to Strategy As global regulations shift toward real-time reporting, the indirect tax function is evolving from a compliance-based system to a strategic partner within businesses. Organizations are beginning to view tax not merely as a cost but as a driver of business innovation and strategy. Leading companies have adopted technologies that automate repetitive tasks and eliminate silos, allowing tax functions to operate nimbly and efficiently. Six Strategic Steps to Enhance Technology Agility 1. **Map the Value at Stake**: Understand the financial impact of indirect tax across various business entities and channels. By quantifying cash flows, organizations can link automation directly to risk reduction and working capital benefits. 2. **Invest in the Right Technology**: Embrace cloud-based indirect tax platforms that seamlessly integrate with ERP systems, reducing the manual handling of 95% of tax processes. 3. **Foster a Culture of Agility**: To counteract the slow pace of change, tax departments must develop an agile mindset, capable of adapting to the heightened scrutiny of regulators. 4. **Emphasize Data Usage**: Utilizing analytics and real-time data management equips tax professionals with insights that can inform strategic decisions, enhancing overall business performance. 5. **Integrate Across Functions**: A collaborative approach between tax, finance, IT, and operations ensures that tax considerations are woven into all aspects of business planning and execution. 6. **Upskill Teams**: Build a workforce proficient in both tax regulations and digital tools. As technology becomes a focal point in the strategic landscape, professionals equipped with the right tech skills will contribute more meaningfully. The Road Ahead: Enhancing Collaboration and Proactivity The future of indirect tax lies in achieving seamless cooperation between departments. Companies should actively dismantle silos to allow for an integrated approach that incorporates data-driven decision-making into strategic discussions. This proximity enables tax professionals to illuminate potential risks and identify opportunities far earlier in the business cycle. Conclusion: Ready to Transform? As the indirect tax landscape increasingly aligns with digital trends, organizations must take intentional steps towards transformation. The benefits of investing in technology agility will surface rapidly—leading to improved accuracy, reduced compliance risks, and enhanced business performance. Now is the time for tax professionals to advocate for the agility that will ensure they thrive in tomorrow’s business environment.

10.25.2025

Leverage Changing Tax Legislation as an Opportunity for Growth

Update Embracing Change: Transforming Tax Legislation into Growth In the dynamic world of tax legislation, one truth remains constant: change is inevitable. While this continuous evolution can present challenges for many accounting firms, it also opens doors for innovative strategies that can lead to growth. By embracing these changes rather than resisting them, firms can position themselves as proactive advisors, navigating the complexities of the tax landscape for their clients. Recognizing Opportunities Amidst Uncertainty With new regulations pouring in at every level—federal, state, and local—the potential for uncertainty looms large. However, this climate also creates a pivotal moment for accounting firms to redefine their service offerings. Clients increasingly seek expert advice on how new tax laws impact their operations, thereby highlighting the advisory opportunities available. As firms shift their focus from transactional services to advisory roles, they not only enhance their value proposition but also foster stronger, trust-based relationships with clients. The Move to Advisory Services: A Strategic Shift Businesses no longer view accounting as a simple necessity; they want strategic partners who can assist them in navigating the complexities inherent in changing tax policies. By expanding service offerings to include proactive advisory services, accounting firms can differentiate themselves. Incorporating programs like Ready to Advise enables firms to equip their teams with the necessary tools, frameworks, and resources to transition seamlessly into this advisory role. Harnessing Technology to Drive Impact The rise of AI-driven solutions has further enhanced the scope of advisory services. Innovations like CoCounsel Tax, a generative AI assistant designed specifically for tax professionals, empower accountants to quickly address client inquiries, ensuring they can deliver accurate and efficient advice. This advancement not only enhances service delivery but positions firms as forward-thinking entities capable of handling the pressures of an ever-evolving tax landscape. Building a Robust Advisory Framework Crafting an advisory practice entails clear communication of the value being provided to clients. This involves establishing respected brand authority around advisory services and ensuring that pricing accurately reflects the expertise delivered. Moving beyond compliance forms a foundation for a lasting relationship with clients, gaining their loyalty and trust as they navigate complex tax environments. Final Thoughts: Transitioning to a Growth Mindset As the tax landscape continues its unpredictable nature, accounting firms are presented with a unique set of opportunities that they should not overlook. By proactively addressing changes in tax legislation and offering tailored advisory services, firms can not only help clients thrive but also solidify themselves as essential partners in navigating the complexities of fiscal policies. Embracing this shift could be the key to unlocking future growth.

10.24.2025

The GenAI Paradox: Why Tax Departments Delay AI Adoption Despite Clear Benefits

Update Understanding the Tax Technology Adoption Paradox In the world of corporate tax, the buzz surrounding generative artificial intelligence (GenAI) has been undeniable. Yet, surprisingly, a significant number of tax departments are still hesitating to embrace this powerful tool. A recent report from the Thomson Reuters Institute highlights that a staggering 67% of corporate tax departments have yet to integrate GenAI into their workflows. Despite this, 57% of departments that are looking to implement new technologies do express a desire to incorporate GenAI, revealing a complex paradox of cautious optimism amid real challenges. The Heavy Weight of Resource Constraints Many tax departments are grappling with significant resource constraints. With 58% of respondents acknowledging that their teams are under-resourced—an increase from 51% last year—pressure mounts to maintain compliance while trying to innovate. This dual focus leaves little room for experimentation with new technology. Interestingly, professionals in these departments spend more than half of their time on reactive work related to compliance, which hampers the exploration of transformative tools like GenAI. Early Adopters: A Glimpse into the Future While many hold back, those that have ventured into the realms of GenAI are reaping considerable rewards. Early adopters report that GenAI has helped streamline tasks such as conducting research and enhancing communication. Most importantly, these departments emphasize that the technology has positively shifted their focus towards proactive, strategic work—a sector where they desire to spend two-thirds of their time. GenAI allows them to automate repetitive tasks, freeing up valuable time to concentrate on deeper analytical work. Global Trends in GenAI Adoption Notably, GenAI has found a foothold across the globe, with companies in various countries now utilizing it to simplify tax-related processes. Especially for multinational corporations dealing with diverse tax obligations, GenAI offers a significant advantage. By operating across multiple jurisdictions, organizations can streamline their operations and improve efficiency with GenAI-powered insights. The Importance of Resources and Confidence Levels A key insight revealed by the data is the correlation between departmental resources and confidence levels in executing crucial tasks. Well-resourced tax departments enjoy higher confidence: 43% believe they can deliver timely forecasts, compared to only 26% of those who feel under-resourced. The ability to rely on modern technology reduces the risk of errors and penalties, stressing the importance of investing in the right tools. Looking Ahead: What Lies Beyond GenAI? As tax departments begin to integrate new technologies, the attention should not only remain on GenAI. A report indicates that 36% of departments plan to implement machine learning, and around 17% are curious about exploring more advanced AI technologies. This denotes a progressive shift towards a new era in tax functions—one that leverages technology to ease many of the burdens traditionally faced by tax professionals. The journey for tax departments is fraught with challenges and opportunities. As they navigate this transformative landscape, clear strategies and the right support can define who becomes an early adopter of technology versus those who lag behind. To stay ahead in today’s rapidly changing tax environment, fostering a culture of innovation alongside resource optimization will be crucial. Tax professionals are encouraged to leverage GenAI not just as a tool but as a partner in achieving efficiency and strategic expertise. Join the conversation about how to leverage your tax department's potential. Engage with your peers and share insights on overcoming barriers to technology adoption!

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