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Tax Tech eNews
Volume 4
July 2010 |
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Welcome to the July 2010 Edition
of ACT's Tax Tech eNews!
Incredible! Inspiring! Many words come to mind when we talk about the recent ACT conference we held May 24-26, 2010 at the Clearwater Beach Resort in Clearwater, FL. We hosted 174 attendees from around the world and representing all major industry segments. In addition, we had tax technology software and service vendors representing the income tax compliance, provision, fixed assets, sales and use tax, tax research, and energy tax.
As always, the conference started on Sunday evening with a Welcome Reception sponsored by True Partners Consulting where everyone kicked back, met some new friends, reconnected with old ones, and enjoyed the beautiful Florida sunset. On Monday evening, we held the ever-popular Vendor Expo and Reception sponsored by CORPTAX. At the Expo, attendees were able to learn about all types of software solutions and services available for tax. We also held the Vendor Expo Passport raffle again this year due to the overwhelming popularity of it at the last conference. We gave each attendee a "Passport” that they could get stamped in order to be eligible for the great prizes our vendors provided. All in all, over 50% of the total attendees totally completed their Passport cards -- which means they visited every participating vendor!
We have received tremendous feedback from the attendees regarding the breadth and depth of topics presented at this conference. We kicked off the conference with a presentation by Ron Schultz, Senior Advisor to the Deputy Commissioner, Service and Enforcement from the IRS, updating us on the new schedule to disclose uncertain tax positions. We also learned about topics, such as e-filing, IFRS, document management, state tax updates, tax project management, collaborative technologies, R&D credit updates, and social networking and tax. From the feedback forms, we also learned that the breakout sessions on Tuesday were a tremendous benefit to attendees allowing them to go to sessions specifically related to their area of tax or technology. The areas included Excel, Adobe Acrobat, Windows 7 and tax for technology professionals training, sales and use tax, provision, process improvement and best practices, IFRS, sales tax exemption, transfer pricing, ERP sensitization and getting the most out of your ERP system, and outsourcing/co-sourcing. Click here to access copies of the session presentations. Also on Tuesday, BNA Software sponsored the always popular chocolate break in the afternoon where everyone indulged in fine chocolate treats!
Tuesday night's networking event sponsored by Thomson Reuters was also a highlight of the conference. We held Minute To Win It Competitions – ACT-style. At this event, attendees were able to share ideas and experiences with each other, as well as relax and have some fun. The competition was fierce, but in the end, Team Fantastic won. If you get a chance, ask Sherry Maklary from Johnson & Johnson about "Facing the Cookie” and Al Bradley from Unisys about the "Candy Elevator”.
Click here (and scroll to the middle of the page) to see more photos from both the conference and the Vendor Expo.
We also conducted a survey at the Annual Conference regarding member usage of eNews. The most resounding feedback we received was that our members would like to have even more information on how to improve their processes. So, we listened. For each issue of eNews, we are going to include more articles related to process improvements you can make in your department, as well as stories about what other companies have accomplished.
We are looking forward to another great Annual Conference being held June 20-22, 2011 at the Loews Coronado Bay Resort in San Diego, California! Registration will open in December and more details will be coming soon that will allow you to experience the uniqueness of the ACT conference with its opportunity to network and share tax technology experiences with your peers in a relatively intimate setting. We are planning for 2011 already and looking to expand the sessions offered, as well as add new topics. If you have any suggestions for topics or are interested in speaking, please contact us.
In other news, we would like to congratulate ACT's own, Brenda Jameson. Brenda was featured as the spotlight member of the month for YourMembership.com for her role as the website administrator for the ACT organization. Congratulations Brenda!
Sincerely,
The ACT Board, Committees, and Staff
Thank you to our 2010 Sponsors
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 More States Mandate Electronic Filing of Business ReturnsWritten by: Linda S. Gurene, Executive Director - National Tax, Ernst & Young, LLP
While not at the pace I would have predicted several years ago, additional states each year continue to pass legislation that require the electronic filing of business returns. This slower pace is generally welcomed relief, since each newly mandated state, even if it participates in the IRS Fed/State program, usually has some of its own unique rules, resulting in additional time for corporate tax functions. This article discusses the mandated tax year 2009 state business return e-file requirements and in particular, the new mandates.
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Revenue-raising Proposals in Revised Extenders Bill Would Have Broad Impacts
Written by: Washington National Tax Services, PricewaterhouseCoopers
House Ways and Means Chairman Sander Levin (D-MI) and Senate Finance Committee Chairman Max Baucus (D-MT) on May 20 proposed a 10-year, $190 billion version of H.R. 4213, the "American Jobs and Closing Tax Loopholes Act," with tax and spending components.
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Member Spotlight - Sherry Maklary, Johnson & Johnson
When I first joined our corporate tax team, my manager asked me if I knew about ACT, and mentioned I should become a member. At that time I was unfamiliar with the association and I did what any new report would do, I responded "I may have heard of it, and I will be sure to join”. I then ran back to my desk, jumped onto the net and frantically searched for the Association for Computers and Taxation website. It looked refreshingly interesting, a non-profit organization dedicated to tax technology, where one could obtain unbiased opinions on the latest tax software. In addition, I would be able to access the annual survey information, newsletters, blog and benchmark with similar firms on best practices, attend free webinars, and a host of other opportunities to learn and enhance my companies bottom-line through the use of technology. Click here to read more of "ACT is ACTually Fantastic: A New Member Perspective."
Click here to get to know Sherry Maklary from Johnson & Johnson!
Calling all members! If you have a process you've automated or streamlined in your tax department, other members want to know. If you are interested in being featured in our eNews Member Spotlight, please contact us.
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An Introduction to Pivot Tables
Written by: Mike Carabott, PTS Services LLC
Rapid advances in technology and systems, combined with the decreasing cost of storage have enabled companies to capture and retain large amounts of data from their operations. Unfortunately for today's tax department, these same systems sometimes fall short in providing the tools necessary for the tax professional to analyze and report on the data in a functional way. Out-of-the-box reporting can be limited, necessitating customization in order to create additional reports at an additional cost. Reporting packages such as Crystal Reports are powerful, but require users to develop expertise in the application in order to maximize their usefulness. Fortunately, there are many tools available in MS Office for manipulating large data sets. One of these is the Excel pivot table.
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Links - Including Information on the New Quality Examination Process From the IRS
Do you know that the ACT website contains a Members-Only links page that includes links to common tax and technology sites? One of the posted links allows you to access an IRS video on the new Quality Examination Process (QEP). The new exam process is the result of a joint effort between the Service and taxpayer organizations intended to improve communication, coordination and resolution. LMSB Commissioner, Heather Maloy, describes how the QEP is different from the former Joint Audit Planning Process covering the benefits it will deliver to taxpayers and the Service. To access this link and more, just follow these steps: 1. Login to www.taxACT.org. 2. Under "Members Community" on the left menu, click on "Links" or click here. 3. Select the link. If you have a link that you use and would like to share with the ACT community, please email us. Also, if you are looking for a link to a specific vendor, those can be found on the ACT Sponsor pages.
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Next Bi-Monthly Webinar
We hope that you have been able to attend and have been enjoying our bi-monthly CPE accredited webinars. As a reminder, if you have missed any of the previous webinars, please click here to visit our website for a link to the archived presentations.
Below is the information for our next webinar:
Best Practices Using Tax Technology
| Host and Sponsor: |
RSM McGladrey |
| Date: |
August 17, 2010 |
| Time: |
2:00 PM EST |
| Duration: |
1 Hour |
| CPE Credit: |
1 |
Webinar Description:
Join Jay Turchin from RSM McGladrey as he discusses various tax technology best practices throughout the entire tax lifecycle.
Registration Link:
Best Practices Using Tax Technology
** Upon registration you will receive login instructions via email.
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Upcoming Webinar
Entity Management - If Only We Could......
| Host and Sponsor: |
CORPTAX |
| Date: |
October 19, 2010 |
| Time: |
2:00 PM EST |
| Duration: |
1 Hour |
| CPE Credit: |
1 |
Speaker Opportunity
ACT is looking for speakers that are experts in their area to speak at our webinars. If you have a presentation you would like to contribute or if you have a topic you would like us to cover, please let us know by filling out the Speaker and Author Opportunity Form.
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 Status of Questions for the IRS about Draft Schedule UTP
ACT members that attended the 2010 Annual conference in Clearwater, Florida were given the unique opportunity to ask Ronald J. Schultz, a senior representative from the IRS Commissioner's Office, questions regarding the draft Schedule UTP and accompanying draft instructions. The Schedule UTP is a newly developed schedule intended for use by business taxpayers with assets over $10 million to report uncertain tax positions on their tax returns. The conference session was well attended and Mr. Schultz answered over 20 questions from the audience during his one hour presentation. The ACT office received a few more questions on the draft schedule shortly after Mr. Schultz left the conference. We were instructed by the IRS that input from ACT members is valuable and since the Service closed the comment period on June 1, 2010, the additional questions submitted by ACT members will be added to and considered in the comments regarding the overall proposal and the draft schedule and instructions. ACT is working closely with the IRS to ensure that its' members are notified of any changes in legislation related to Schedule UTP. We will keep ACT members updated on this very important topic. |
CFO Research Study Shows Tax Executives are Turning to Process Automation to Improve Transparency, Controls, and Efficiency
CFO Research Services, along with Longview Solutions, conducted a new research study titled Improving Corporate Tax Effectiveness: Trends and Technology. This study highlights many of the challenges and opportunities tax executives in North America and Europe are grappling with on a daily basis. The report is based on a survey of 190 senior tax executives at companies with annual revenues ranging from US$1 billion to more than US$20 billion in the United States, Canada, and Europe and examines their views on tax function effectiveness, their strategic priorities, and their future outlooks.
Click here to read more of this article.
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ACT Members Making a Difference
If you've attended the ACT conferences in the past few years, you would know that Paul Mattiola led the ACT Program Committee, which planned and organized the conference agendas from 2005 to 2009. You would also know that Paul transitioned from this role last year to become ACT's Vice President. Although we are accustomed to seeing Paul as a familiar face in the ACT organization, many of us are not aware of the personal journey to improved health that he embarked on over two years ago.
Paul was acutely aware of the ravages of heart disease. His father suffered his first heart attack in February 1985 at the young age of 46. Determined to adopt a healthier lifestyle, Paul made a commitment to his family in April 2008 to lose weight, increase cardiovascular fitness, control his cholesterol, manage blood pressure and reduce blood sugar. Paul's lifestyle change certainly was not an easy task and would require tremendous will and determination to accomplish. In his effort to break the cycle of heart disease in his family, Paul incorporated running in his daily exercise routine. He set goals to run 5K races every month this year to stay on track and honor his fitness commitments. Paul was especially motivated to participate in the American Heart Association (AHA) Wall Street 5K Run to raise money to bring awareness to heart disease and ultimately, to fund programs sponsored by the AHA to educate people and help them embrace a healthier life.
We are so proud to report that as of this date, Paul has lost over 80 pounds, improved his total cholesterol by 50 points, and lowered his blood pressure and blood sugar. In addition, on June 24, 2010, Paul successfully ran the AHA 5K race. Through the generosity of his family, co-workers, friends and the Verizon Foundation, Paul raised over $10,850 for the AHA cause that was so dear to his heart (no pun intended!). Paul claims that he did not break any personal records when he finished the AHA race, but we know that the record he broke that day and every day thereafter, was his own personal battle against heart disease.
If you have a personal success story that you wish to share with fellow ACT members, please let us know. We would love to hear how ACT members are making a difference in their local communities.
Coming Next Month!
- ACT Tax Technology Survey Results
- Process Improvement Tips
- Much More!
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The Tax Tech eNews is published by the Association for Computers & Taxation (ACT), a nonprofit organization. Permission is required to reproduce in any form. Opinions expressed are solely the author's, and not the opinion of ACT. Send all editorial correspondence, manuscripts, etc. to: ACT, P.O. Box 1093, Warwick, NY 10990.
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