NEW YORK, July 22, 2020 /PRNewswire/ -- Amid historic economic pressures as a result of COVID-19, KPMG LLP (KPMG), the U.S. audit, tax and advisory firm, has brought to market a cloud-based technology tool – the KPMG Indirect Tax Analytics Platform – designed to automate, streamline and enhance the ability of companies to accurately determine state sales and use taxes. In an environment where every dollar counts, the software-enabled services platform analyzes and categorizes vast amounts of data with the objective of enhancing liquidity for companies.
"This technology tool is an important component of our firm's overall investment strategy in artificial intelligence," said Greg Engel, Vice Chair – Tax at KPMG. "The KPMG Indirect Tax Analytics Platform easily allows users to quickly analyze and apply data to enhance decision making and help move the business forward."
The intuitively-designed tool is especially beneficial to companies doing business in multiple jurisdictions, and it allows organizations to track their tax obligations in near real time via a dashboard so that adjustments can be identified and corrected – and potential refunds planned for – before a tax return is filed.
Two years ago, the U.S. Supreme Court's South Dakota v.Wayfair ruling on Internet sales taxation altered the landscape for state tax collection in the U.S. The decision expanded the number of companies that are required to collect and pay state taxes on remote sales, even in states where the company lacks a physical presence.
"The Wayfair ruling totally remade the landscape for state tax collection in the U.S.," said Rick Blattner, KPMG State and Local Tax Principal. "With so many companies still operating in uncharted territory, the KPMG Indirect Tax Analytics Platform simplifies the process of determining sales and use tax obligations, and improves accuracy to avoid overpayments or unnecessary audits due to underpayments."
In addition to leveraging pre-defined data-extraction scripts and utilizing machine-learning algorithms and visualization features to enhance the user experience, the KPMG Indirect Tax Analytics Platform provides:
more accurate tax filing returns
better management of cash flow
automation of the data transformation process
the application of machine learning to tax determination and transactional analysis.
"As disruptive technologies continue to alter business as we know it, and as companies reimagine their tax departments to adapt to new realities, our platform leans into cloud, AI and machine learning to help modernize the antiquated world of state sales and use tax determination," said Sam Guevara, national practice leader for the KPMG U.S. Indirect Tax Services practice and Chicago business unit leader for KPMG Ignition Tax.
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