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Millions of dollars can ride on whether a company can successfully assert a single tax position. Managing tax related content with ArchiTAX™ provides an edge
Solution Overview
ArchiTAX™ is designed to securely manage the huge volumes of tax returns, receipts, emails and workpapers the tax offices of large multi-national or multi-jurisdictional corporations must collect on a world wide basis. ArchiTAX™ complements existing tax preparation systems by automatically creating audit ready document collections through everyday compliance work activities. Advanced search capabiliities will streamline the protests and appeals process by providing effective audit discovery and litigation support.
Business Challenge
Commercial accounting and tax return preparation systems have reached high levels of refinement and provide real efficiency by automating computations based on complex Income Tax laws. Often, revenue and expense totals can be imported directly into the tax return application according to the electronic ledger. Job done, right? Not nearly.
Tax Compliance — A huge effort is expended identifying and justifying every legitimate tax deduction and credit available to a firm. Large quantities of semi-structured information must be collected and summarized, from every company subsidiary, before any claims can be entered on a parent company’s tax return; which will be thousands of pages long when printed. Most corporations spend millions of dollars each year for the services of staff and public accounting firms to accomplish this effort.
Audit — Another primary purpose of the Tax Office is Audit support. For major corporations, Audit is a career, not an occasional activity. Corporations are assigned their own IRS Field Agents, focused on scrutinizing every deduction.
Agents conduct discovery exercises through formal Information Document Requests (IDRs). Audits often lag 5-10 years behind the current tax year for large corporations, offering plenty of time for memories to fade, staff to change and for workpapers to be filed and re-filed.
The IRS examines the company and responses with the objective of concluding the company owes more tax than it has paid. Over time, similar IDR requests can be made by different agents and the filer’s responses and positions are unknowingly duplicated — perhaps inconsistently. Previously winning strategies are sometimes overlooked.
Solution
BRT ArchiTAX™ complements the existing tax preparation processes and systems already in place. It is completely customizable and can support each tax office’s unique work methods. With it, companies will transparently capture critical knowledge and data from busy tax preparers in a context optimized to protect credits and deductions from IRS challenge.
Key Benefits :
- Consolidate worldwide data collection from all sources including any electronic documents, fax, email, images and electronic forms.
- Secure electronic workplace for all returns, receipts, workpapers, tax planning and audit projects.
- Audit Readiness is built into everyday tax compliance work processes.
- Streamline protests & appeals with effective audit discovery and litigation support.
- Mine previously filed workpapers, IDR responses and tax research papers using detailed context relationships and advanced search.
- Improved timeliness and control of the tax process —reducing expense, time and effort required for data collection and tax return assembly.
- Reduce risk of missed filing deadlines with automatic work tracking and notifications.
- Reduce delays, floor space needs and fees for tax records retrieval and storage — onsite and offsite.
Call Mark Michonski at 248-324-9775 x205 and learn how ArchiTAX™ can benefit your tax department. See the News and Events page for the next ArchiTAX™ webinar.
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