Innovation In Compliance With Tom Fox

In episode 3 of the Taxman series, Tom Fox and Tracy Howell strive to answer the question: 'Why should tax have a seat at the table?’ Tax and the Table The table refers to the front end of when an organization is trying to define what it wants to do, where it wants to do it, and how it’s going to perform. A corporation’s ultimate objective is to generate net income or distributable profit, something tax professionals are well-suited to assist with because they are experts in damage control and risk mitigation. Tracy points out, “Tax can provide an umbrella to achieve corporate objectives if they’re involved in the front end.” Tax’s Relationship with Other Stakeholders  In a company, a functional lead will often pose the question: ‘Why do we need tax here?’ According to Tracy, “A good tax guy has to be proactive and provide examples to get the tax men at the table.” Educating Corporate Functions Outside of Tax  Tracy’s advice is to build a relationship with the functional experts, and “create the situation