Deloitte’s ‘Tax in 2020’ Initiative Includes an Unprecedented Investment to Create a New Digital Client Experience has been saved
Deloitte’s ‘Tax in 2020’ Initiative Includes an Unprecedented Investment to Create a New Digital Client Experience
Initiative reinforces the business’ commitment to helping clients navigate a complex tax landscape with innovative and flexible solutions that deliver insights and value.
New York, Jan. 31, 2019 – Today, Deloitte shared more details of its global ‘Tax in 2020’ initiative, a three-year digital transformation plan launched in 2018. The plan is anchored by its unprecedented investment in building a seamless global tax experience for its clients. Tax in 2020 is focused on reimagining how clients navigate the increasing change and complexity in the tax profession. This plan will foster Deloitte’s ability to deliver value, provide the insights that clients require to better manage their tax filing obligations, and assist with respect to their financial statement reporting responsibilities. In addition, this transformational change will elevate the tax department’s role in strategic decision making and it will result in the identification and mitigation of risks.
A convergence of factors, including rapidly changing technology, the evolving regulatory landscape including U.S. Tax Reform, the enactment into law of many of the OECD’s recommendations arising from the Base Erosion and Profit Shifting Study (“BEPS”) by numerous taxing jurisdictions throughout the world, and the recently enacted General Data Protection Regulation (“GDPR”), just to name a few, along with the challenges of finding, developing, and retaining high-quality professionals amid increasing budget pressures have placed tax digital transformation front and center for the tax profession.
“Tax departments are at a pivotal point and must take control of their own business transformation,” said Steve Kimble, chairman
“Tax in 2020 showcases Deloitte’s commitment to helping our clients address not only current, but equally as important — future tax priorities. This strategic investment focuses our
With its Tax in 2020 initiative, Deloitte has launched an integrated program focused on:
- Technology Innovation – Deloitte’s Tax Transformation and Innovation team consists of more than 1000 data scientists, STEM professionals, and tax domain technology specialists who leverage top-tier technology vendors to develop
leading edgedigital capabilities and cloud-based solutions that create an enhanced and more seamless client experience. One example where technology and tax technical specialists have built a real-world solution is CognitiveTax Insight (“ CogTax”), a Deloitte-developed optical character recognition and machine learning based analytics solution already in the market. CogTaxeffectively analyzes data, assists clients with indirect tax overpayment recovery, and reduces the potential for future over/underpayments.
- Integrated Experience – Deloitte is creating an integrated global platform that automates many of the most cumbersome aspects of tax compliance. Several of Deloitte’s existing applications are
efficientlyaddressing these tasks, including the iPACS suite which supports tax obligations across federal, state, and global tax reporting regimes for financial services organizations. Through the iPACS platform, data is retrieved from source systems, transformed for various tax calculations and reporting requirements, processed through rules engines, transmitted to standardized review reports, and made available for review and analysis via embedded analytics. The platform is an unparalleled integrated solution with powerful business intelligence.
- Operations Transformation for Tax – The “right” tax operating model means something different for every company. Deloitte is working with clients to customize the talent, processes, and technology that make sense for them, exploring options for future tax operating models and identifying opportunities to create efficiency improvements, cost savings, resource reallocations, and increased business value.
“At Deloitte, we are pivoting from ‘doing digital’ to ‘being digital’ — and we’re helping our clients do the same” said Chuck Kosal, chief strategy and innovation officer at Deloitte Tax LLP. “Succeeding in this digital world demands that we reimagine how we engage with our clients, deliver our services, operate our business, and create value. We recognize that we must lead the way on innovation to be able to bring our clients real solutions to real problems. As we enter the next phase of Tax in 2020, we are confident of the journey ahead and the benefits to be achieved.”
About Deloitte Tax LLP
Named 2018 Americas Tax Technology Firm of the Year by International Tax Review, Deloitte Tax helps clients lead the transformation of the tax function into a strategic partner that supports growth and sustained profitability within an organization. With deep experience across a broad range of services and industries, Deloitte Tax has more than 11,000 trusted advisors who combine their knowledge of tax technical resources and technology to uncover insights and smarter solutions for clients in today’s complex global and regulatory environment. For more information visit http://www.deloitte.com/us/tax. Join us on twitter @DeloitteTax.
As used in this document, “Deloitte” means Deloitte Tax LLP, a subsidiary of Deloitte LLP. Please see http://www.deloitte.com/us/about for a detailed description of our legal structure. Certain services may not be available to attest clients under the rules and regulations of public accounting.