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CIO Applications Weekly Brief

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Editor's Pick (1 - 4 of 8)
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Is That a Robot in My Factory?

Is That a Robot in My Factory?
Jim McCoy, CIO, Raytheon

The Cambrian Robotic Explosion has Begun

The Cambrian Robotic Explosion has Begun
David Tamayo, CIO, DCS Corporation

What's next for Robotic Process Automation

What's next for Robotic Process Automation
Sunny Rai, Vice President, Automation, Ensemble Health Partners

Making Sense of Environmentally-Aware Robots

Making Sense of Environmentally-Aware Robots
John Dulchinos, VP of Digital Manufacturing & Automation, Jabil

The Rise of Robotic Process Automation

The Rise of Robotic Process Automation
Peter Henstock, Machine Learning and AI Technical Lead, Pfizer

My RPA journey

My RPA journey
Dave Sackett, CFO, ULVAC Technologies, Inc

Intelligent Automation in Healthcare - Opportunity for All

Intelligent Automation in Healthcare - Opportunity for All
Richard Mackey, Senior Vice President, Information Technology, Intalere

The Future of Robotics in Surgery

The Future of Robotics in Surgery
Roger Smith, Phd, CTO, Florida Hospital Nicholson Center

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RPA: Reporting And Disclosure Make the World of Tax Little More Certain

By CIO Applications| Wednesday, May 01, 2019
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Artificial Intelligence has been with us for some time now, and tax technology is the norm business process enabling, enhancing efficiencies in critical data integration and acting as a safety net during an interruption of business and improving the data integration scope guarantees that it can be used for diagnostic reviews and providing businesses with definitive tax solutions.  Technology has penetrated into the volume of tax filings, including employer tax returns, Vat submissions, bottlenecked deadlines, temporary tax filing all due at the same time where AI can guarantee accurate data transfer and projection for specific disclosures, with limited manual intervention associated.

Resource planning is a critical aspect of the tax life cycle for tax practitioners. It is necessary to adhere to the prescribed timelines set out in the Tax Admission Act. Pegging key milestones centered on the alternative dispute resolution process can assist the tax practitioner act within the recommended timelines and take the tax payer up-to-date with innovations in the dispute resolution process.

Artificial intelligence Companies : CXO Nexus , FIR.ai , Ideanomics

Worldwide mobile employees in multiple jurisdictions require specific tax reporting and disclosure. Unavailability of tracking travel in a jurisdiction related to physical presence may create tax risks for the business. The presence of an employee in a specific jurisdiction can spark the creation of potential permanent establishment risks for corporate income tax purposes. Building AI to notify an employee's physical presence can cause specific red flags via an automated process to help businesses minimize potential tax risk.

Optimizing the life cycle of tax returns, including dispute resolution procedures, can dramatically improve service for most tax practitioners. Though RPAs(Robotic Process Automation) function within the tax function as enablers, artificial intelligence cannot in its entirety supplant the technical and advisory tax. Therefore, typical process streams should be automated and linked to specific milestones to allow the compliance function. Optimizing manual intervention and error reduction processes is critical to delivering value-added service.

Latest legislative changes make the reporting of multi-jurisdictional entities a key requirement. RPA will encourage compliance requirements to ensure the integrity of the extracted data, allowing sufficient time for resources to rely on the critical aspects of such reporting's technicalities. Owning a trusted RPA with a trustworthy reporting and disclosure tool can make the tax world slightly safer.

Check Out : Top Artificial intelligence Companies 

 

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