A tax automation breakthrough addresses unique tax compliance challenges within upstream, midstream, and downstream segments.
In the oil and gas industry, success revolves around accurately pinpointing the location of precious natural resources in vast geographic expanses. For tax professionals, the implications are increased complexity and additional hurdles in the form of complicated situs rules, definitions, determinations, tax categories, overlapping jurisdictions (including home-rule cities and counties), and fluctuating legal interpretations and precedents.
Tax professionals must clear these hurdles while also contending with resource limitations and, in many instances, data management challenges associated with legacy technology systems. Plus, these complications continually evolve and vary depending on which industry segment – upstream, midstream, downstream – a company occupies.
A recent innovation in tax automation can help tax teams thrive in their ongoing showdown against complexity, while also bolstering tax compliance. This type of streamlining results in process and efficiency improvements, and financial benefits via tax minimization, tax recovery, and cashflow enhancements.
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Explore our alliance with Ducharme, McMillen & Associates, Inc. — a leader in solving corporate tax challenges for companies throughout the US and Canada.
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