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End-to-End Income Tax Process

We cover the complete cycle of your income tax processes

As in many other areas, the need for digital solutions and processes is more and more increasing, also in terms of income taxes. Both internal and external stakeholders require tax relevant information within ever shorter time frames. Many foreign jurisdictions have even started to request real-time information from taxpayers. Although German tax authorities have not yet started to demand information in real-time, stakeholders such as CFO´s, financial investors or family offices expect real-time reporting that encompasses the entire field of income taxes. To comply with such requests, relevant information must of course be made available and processed in digital form.

Moreover, to enable your employees working from home as well, a high degree of digitalization is key. The pandemic in 2020/2021 has shown how important remote work actually is.

The responsible persons should perceive the digitalization requirements as an opportunity to make reasonable changes to their tax department. To consequently fulfill these requirements, it is essential to conceive, analyze and consequently establish the entire income tax relevant processes „end-to-end” both in a transparent and integrated manner.

Transparency helps end users to focus on their core competence, i. e. dealing with tax law and its reasonable application. However, this is only possible if the information available in the tax computation process can easily be comprehended, i. e. without extensive analysis. An integrated process means that data is preferably featured with tax relevant information at source and ready to be processed within a harmonized IT landscape that promotes a highly automated workflow at the same time. The goal is to avoid manual interventions and data transfers.

Significant workload reduction in the field of tax reporting and tax declaration by bringing data and IT systems together
High value contribution through efficient allocation of resources (avoidance of time-consuming manual tasks)
Transparency in tax relevant data (including real-time reporting)
High degree of automation of tax computation
Increase in quality and avoidance of penalties, interest or other costly tax proceedings
Prompt identification of potential for tax optimization
Reliable and readily available data for planning and forecast purposes
Maintenance of tax function´s work ability also in challenging times (please also refer to remote work via ONEwts platform)
Seamless integration of tax audit results into the tax declaration and financial statement process

Due to a wide range of digitalization projects successfully carried out at enterprises of different scales and operating in different industry sectors, WTS could gain extensive know-how in this context. Our clients benefit from our versatile and field-tested best practice digitalization approaches in end-to-end income tax processes. Thanks to WTS‘ close collaboration with the leading tax software providers, we have profound insights to identify income tax related developments and to bring new legal requirements to a pragmatic solution.

Our aspiration is to think end-to-end income tax processes holistically. For that reason, we do not only focus on automation solutions, but also take further aspects into account that include, but are not limited to: tax support services, process consulting, change management etc. Our experts support you in all project phases and, if needed, beyond the go-live of your newly implemented tools and solutions.

Ideally, successful projects begin with jointly developing a digitalization roadmap that ensures a well-organized and scalable proceeding with a clear definition of goals that goes hand in hand with your company´s (global) IT strategy. Subsequently, your tailor-made implementation plan can be realized together step by step in a flexible way.

Creation of a digitalization roadmap for your (income) tax function
Implementation and global rollout of external tax tools, e. g. the leading solution „AMANA Tax Portal“
Process consulting and optimization end-to-end or for consolidation purposes only
Technical support in the area of tax accounting, tax reporting and tax compliance
Compilation of tailor-made directives and user guidelines
Optimization and automation of validation processes
Operational support of your income tax function
Project support through change management
Solution for DAC 6
Data analytics and KeywordAnalyzer
Software as a Service (SaaS) along with business support

Main Contact

Lars Klevermann

Partner

Certified Tax Consultant, Diplom-Kaufmann (Dipl.-Kfm.)

Dusseldorf

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