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 Kozi Checks & Balances TaxTactics News 
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December 13.2024
1 Minute Read

Unlocking Success: Why Tax Team Collaboration Is Key for Businesses

Diverse businesswomen collaborate on tax team project in modern office.

Building Bridges: The Importance of Teamwork

In today's ever-changing business world, companies often find themselves navigating complex financial landscapes. Traditionally, tax professionals and trade finance teams have operated in silos, focusing on separate goals. However, recent insights highlight the critical role collaboration plays in building trust and achieving business success.

The Evolution of Financial Collaboration

Not too long ago, departments like tax and trade finance were treated as distinct entities, each marching to their own drum. But as businesses face technological advancements, shrinking budgets, and growing expectations, the need for cohesive teamwork has become apparent. CEOs are now looking at collaboration as a way to boost efficiency and customer satisfaction.

Actionable Insights for Unified Success

For businesses aiming to align their efforts, the first step is ensuring all departments are on the same page regarding key priorities. Encouraging dialogue and cooperation between tax and trade functions can lead to improved cost-efficiency and client satisfaction. Businesses that embrace this unified approach are better positioned to navigate challenges and seize opportunities.

Audit-Proofing Strategies

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12.20.2025

Why Tax Preparation Automation is Crucial for Today’s Professionals

Update Why Automation is Key to Easing Tax Season Stress Tax season can feel like a marathon for tax professionals, with manual data entry, document organization, and deadline pressures dominating their workdays. According to research, professionals are spending over half their time on reactive tasks when they desire to shift focus toward strategic advisory work. This imbalance can lead to burnout and high turnover rates as the demand for work-life balance grows. The Manual Tax Preparation Trap: A Key Contributor to Burnout Every year, between January and April, you'll find tax professionals overwhelmed with tedious manual tasks. Document collection alone can be a chaotic endeavor. Tax preparers often spend hours tracking down missing information, organizing incomplete submissions, and piecing together financial records. Such chaos not only extends the tax season drag but can devastate professional morale. Manual data entry is another giant hurdle. What should take mere minutes can stretch into hours, taking valuable time away from the higher-level analytical tasks that actually provide real client value. Moreover, without an automated document management system, tax preparers can find themselves in a relentless loop of chaos, misplacing files, or drowning in outdated workpapers. Bridging the Gap: Addressing the Talent Crisis through Automation The inefficiencies of manual processes extend beyond lost productivity; they're pushing talented professionals out of the field. Long hours and relentless deadlines lead to seasonal burnout, reducing job satisfaction, and creating a workforce seeking new opportunities where work-life balance is a reality. To retain talent, firms must consider implementing tax preparation automation. Automating routine tasks doesn't just lighten the workload; it frees skilled professionals to engage in work that advances their skills and careers, such as tax planning and strategic consulting. Creating a dynamic and balanced work culture is essential to keeping top talent in the industry. Ready to Review: Your Solution for Efficient Tax Preparation Automation The introduction of innovative platforms like Thomson Reuters' Ready to Review significantly transforms how tax professionals navigate the busy season. Instead of drowning in data entry, preparers can automate data collection and preparation. With features that analyze source documents and auto-populate tax returns, tax teams transition effortlessly from data gathering to the review stage in record time. These advancements empower tax professionals to expand their client base without the need for proportional increases in staff. As teams can manage larger volumes of work without burnout, organizations become more profitable and sustainable across the busy season. Conclusion: Embracing Automation for Future Success As the tax landscape evolves, embracing automation becomes not just advantageous but essential for success. Tax professionals who adopt technology like automation tools can navigate their responsibilities more effectively and focus on what truly matters—advising clients, driving strategy, and ultimately enjoying a better work-life balance. Now is the time to bring automation into your tax preparation process for a healthier, more productive tax season.

12.19.2025

Transforming Compliance: How Corporations Can Streamline Costs with E-Invoicing

Update Understanding the Evolving Landscape of Corporate Compliance In an era where regulatory requirements appear to multiply daily, multinational corporations are navigating a maze of compliance regulations. The shift towards e-invoicing is no longer just an option; rather, it has become essential to maintain efficiency and cost-effectiveness. Over 80 countries have adopted e-invoicing systems, establishing a new global standard for compliance. This trend creates a unique opportunity for businesses to consolidate their tax technology stack and streamline operations. Why Fragmentation Leads to Rising Costs As companies manage compliance through various vendors across different regions, they often face unexpected expenses. JLL, a global leader in commercial real estate, serves as a compelling case study. With operations in over 50 countries and the challenge of filing around 3,000 tax returns annually, JLL encountered mounting costs associated with maintaining a patchwork of vendors that provided limited oversight and significant operational inefficiencies. Revealing the Hidden Costs of Compliance Organizations often overlook how fragmentation in compliance systems leads to substantial hidden costs. Each vendor typically possesses its licensing fees, implementation costs, and maintenance expenses. By addressing these through vendor consolidation, companies can choke out redundant costs associated with overlapping capabilities across different systems. The Power of a Unified Compliance Platform Adopting a unified compliance platform, where e-invoicing and indirect tax operations are interwoven into a single solution, presents numerous benefits. These advantages manifest in immediate cost reductions and streamlined operations. For instance, a company can reduce integration complexities and maintenance expenses, resulting in IT teams focusing more on innovation rather than juggling multiple systems. Long-Term Benefits Beyond Costs Looking beyond immediate savings, a unified system fosters faster expansion into new markets. With a global compliance platform already in place, businesses can easily add new countries, making entry into new markets a matter of configuration rather than a protracted implementation project. As Kevin Escott from JLL points out, moving from reactive to proactive management significantly enhances operational efficiency. Actionable Insights for Corporations Corporations seeking to thrive amidst the complexity of compliance should take steps to evaluate their current systems. Consider these actionable insights: Assess Existing Vendor Relationships: Examine your current vendor landscape for overlaps and redundancies. Invest in Integrated Solutions: Explore platforms that unify e-invoicing with your indirect tax operations. Emphasize Automation: Aim for solutions that offer automatic regulatory updates to minimize manual interventions. Taking proactive steps now can lead to significant cost savings and a smoother operational framework down the line. In summary, the growing complexity and costs of corporate compliance necessitate a strategic approach. By embracing e-invoicing through a unified platform, organizations can streamline their operations, reduce unnecessary expenditures, and navigate compliance frameworks more effectively.

12.18.2025

What Are the Upcoming Tax Law Changes and How Will They Affect You?

Update Upcoming Tax Law Changes: What You Need to Know As we move further into 2025, significant tax law changes are on the horizon, driven by the recently passed One Big Beautiful Bill Act. These changes will affect individual taxpayers, businesses, and investments alike, making it crucial for everyone to understand the implications on their financial planning. Understanding the Key Provisions The One Big Beautiful Bill Act modifies many existing tax laws, particularly those initially laid down under the Tax Cuts and Jobs Act (TCJA) of 2017. Among the most notable changes is the permanence of current income tax brackets, ensuring that higher rates slated to reset in 2026 will not affect taxpayers before that date. The law also raises the annual state and local tax (SALT) deduction cap from $10,000 to $40,000 through 2029 for joint filers. This change is particularly beneficial for residents in high-tax areas who have struggled with the previous limitations. Understanding this cap could provide substantial savings for many taxpayers. Impact on Individual Taxpayers For individuals, particularly seniors, there is an additional $6,000 deduction available if you're over 65, which can also be claimed by your spouse, provided they meet the age requirement. This could incentivize individuals to recognize more income, especially important in strategies like Roth conversions where taxes on additional income are minimized. Moreover, the permanent adjustments to the standard deduction, which will now be inflated-adjusted, creates a more favorable situation for those using standard deductions as opposed to itemizing. Corporate and Business Tax Changes Business owners will benefit from the permanent extension of the qualified business income deduction (QBI), which allows pass-through entity owners to deduct 20% of qualified income. In 2026, the phase-out limits of that deduction will also expand, making it potentially easier for more taxpayers to take advantage of this beneficial tax structure. Furthermore, deductions for automobile loan interest, now set at $10,000, will offer significant savings for individuals financing their vehicle purchases. This represents a new area of opportunity that many taxpayers may not be aware of yet. Future Predictions and Personal Financial Planning Given the extensive tax law changes, it's prudent to revisit your financial strategies for 2025 and beyond. Working closely with a tax professional is essential to uncover opportunities within these laws to minimize your tax burdens effectively. Consider reviewing your deductions, contributions to retirement accounts, and potential itemized deductions to maximize your returns effectively. The new provisions might offer a chance for financial advisors to rethink their strategies, especially in helping clients navigate an evolving landscape of tax regulations. In conclusion, the upcoming tax law changes reflect a profound shift that will touch upon all taxpayers' lives from individuals to businesses. Knowledge is power when it comes to taxes; hence it would be wise to stay updated, informed, and prepared to take advantage of the benefits these changes promise. To stay ahead of these developments and ensure your planning aligns with the new tax landscape, consider consulting a professional who can provide tailored advice unique to your financial situation.

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