What is total tax liability?
Benefits of a Total Tax Liability Mindset
5 Steps to Identify Your Total Tax Liability
What Is Total Tax Liability?
A holistic approach to tax strategy. It is an understanding of and visibility into the sum of all the taxes your business owes at any given point in time —
Income
Indirect
Property
Payroll
Excise
Credits
Incentives
Customs
Duties
— at the international, federal, state and local levels.
It is a continuous calculation—constantly shifting from day to day, even from minute to minute.
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Benefits of a Total Tax Liability Mindset
A shift in approach. Increase transparency and model the tax impacts of business decisions. Understand the full picture and forecast the ripple effects across the organization.
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Key Benefits
Minimize
tax costs
Reduce compliance risk
Unlock new efficiencies
Have insight into business opportunities
Make better decisions, faster
Follow this process to calculate the current total tax liability for your business.
5 Steps to Identify Your Total Tax Liability
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To calculate your total tax liability, you need to gain an understanding of the breadth of the tax dynamics affecting your organization. Start by reviewing current and historical tax filings and financial reports, and speaking with professionals across all areas of the business, not just tax.
Assess Your Current State
Only 58% of tax execs believe they have a
“high” understanding of their organization’s total tax liability
32% say their understanding is “moderate”
Only 44% of board members believe they have a strong understanding of their organization’s total tax liability
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Has your organization crystallized its biggest tax goals? Why do you want to understand total tax liability?
Define the Your Future Vision
To gain a better understanding of the tax implications of business decisions
To communicate
your financial story
to stakeholders
To ensure you’re correctly interpreting and acting on the impact of new legislation
You’ve figured out where you are and where you want to go. What’s missing in between? Assess the gaps across four areas:
Analyze the Gaps
Current State
desired State
Technology
People
Data
Processes
For each gap, lay out a plan of action to close the distance between the current and desired states.
Chart the Course
Identify all inputs that contribute to a holistic picture of your tax posture across your whole organization.
Include all areas of tax and all jurisdictions, including international, federal, state and local.
Determine where the data for all of these areas is housed.
identify
integrate
locate
Synthesize the data. Then determine the overall liability for each discrete tax area and how it affects different areas of your business.
Execute
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Data + Experience = Insight
Congratulations: You have analyzed your total tax liability! But your work isn’t done— a company’s total tax liability should be reassessed on an ongoing basis to mitigate costs and maximize business opportunities.
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