Tax and Data Analytics

The rise of data analytics is changing the tax profession in a number of ways. It's affecting tax compliance, tax planning, tax controversy, and financial reporting. Here are some examples:

--- Tax compliance: companies are automating the collection of raw, unstructured data and the filing of forms.

--- Tax planning: companies can use third-party tax software to perform what-if analysis, such as analyzing the tax implications of buying or selling an asset.

--- Tax controversy: companies can use machine learning models to predict the outcome of a tax court case.

--- Taxes and financial reporting: companies can monitor tax liability in real-time and use third-party tax software to quickly predict income tax expense.

0:00 Introduction
0:11 Tax compliance
1:15 Tax planning
2:09 Tax controversy
3:26 Taxes and financial reporting
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