New Bloomberg Tax & Accounting Survey Reveals Challenges Faced by Corporate Tax Departments

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Feb 14, 2023, 10:23 ET

ARLINGTON, Va., Feb. 14, 2023 /PRNewswire/ -- Bloomberg Tax & Accounting today released the results of its annual benchmark survey of corporate tax departments. The survey provides valuable insights into the current state of corporate tax departments and trends in the industry.

According to the new survey, three-quarters of tax departments report experiencing difficulties in recruiting and retaining talented tax professionals. With many tax departments currently under-resourced, tax professionals are facing greater challenges in balancing their compliance activities with finding time to devote to strategic planning and transforming their workflows to meet intensifying reporting requirements.

Tax professionals noted increasing pressure to comply with complex tax regulations, while roughly half of the survey respondents believe their companies face greater tax-related risk now than five years ago. While this number is on a downward trend, a majority of participants anticipate more aggressive enforcement from taxing authorities.

The survey also found that many corporate tax departments are investing in technology and automation to help them manage the increasing volume of data and comply with regulatory requirements. Additionally, tax departments are also focusing on building stronger relationships with other departments within their organizations to improve communication and collaboration.

"Our annual survey provides valuable insights into corporate tax leaders' top priorities and areas of focus as they navigate today's environment of constant change and work toward automating their departments' workflows. Corporate tax leaders are exploring tools and technologies to transform how their teams work, while they continue to face challenges in recruiting and retaining tax talent," said Lisa Fitzpatrick, President, Bloomberg Tax & Accounting. "Bloomberg Tax provides comprehensive intelligence and software solutions that help corporate tax professionals save time and help them stay on top of change while moving away from manual processes, so they can devote more time toward planning and mitigating risks."

To access the top-line results and to sign up to receive the full report, please visit http://onb-tax.com/B9vK50MS1zr.

The survey featured responses from nearly 400 tax managers, directors, vice presidents, and C-suite executives in public and private companies across the U.S.

About Bloomberg Tax & Accounting
Bloomberg Tax & Accounting provides comprehensive global tax intelligence and technology solutions that enable tax and accounting professionals to get the timely, accurate, and in-depth information they need to plan and comply with confidence. Our flagship Bloomberg Tax Research platform features insights and perspectives of leading practitioners in our renowned Tax Management Portfolios™, up-to-the-minute news from the industry-leading Daily Tax Report®, authoritative analysis and insights, primary sources, and timesaving practice tools. Bloomberg Tax technology solutions help practitioners simplify complex processes to better mitigate risk and maximize profitability. For more information, visit Bloomberg Tax & Accounting.

SOURCE Bloomberg Tax & Accounting