That complicates life for the tax people. That can also lead to even more serious consequences. For example, companies that fail to align their enterprise resource planning initiatives with tax planning may end up paying more in taxes than they should, according to Steven Rainey, a partner at KPMG LLP's e-tax solutions practice in Washington. KPMG, which is based in New York, spun off KPMG Consulting into a separate company last month. The potential tax savings that users can reap by turning to technology are also noteworthy.
Companies can take other steps as well.
But most tax portals can be operational within 90 days with the most critical functionality in place, he said. The savings from such portals can be achieved in several ways, Rainey said. In addition, decision-makers can use the tax portals to weigh, say, the tax implications of locating specific business units in different geographical areas, Rainey added. For more coverage related to this topic, head to our IT Spending special focus page. Click here to learn more.