Tax Management Services For A Large Insurance Company
Source: Deloitte LLP
A global company with a significant insurance business was seeking additional resources for taking care of tax compliance, the tax provision and new tax issues that were presented by business transactions. At the same time, the company wanted to achieve an appropriate mix between internal and external resources and remain flexible to changing business conditions. In addition, the company also was planning an Enterprise Resource Planning (ERP) implementation. The company needed a flexible alternative, whereby it could access specialized tax resources, as needed, cost effectively, and use those resources to leverage and enhance the company's established tax processes. To achieve its goals, it sought help from Deloitte, a leading global business consulting solutions provider. Through a co-sourcing arrangement, Deloitte Tax LLP was able to provide the company with the needed resources and the flexibility it sought. Deloitte provided the company the much-needed experienced tax resources for the quarterly and annual tax provision and tax footnotes for the financial statements, as well as tax consulting for potential transactions and other special tax needs. In addition, it also helped develop a blueprint to sensitize the company's accounting systems to addressing tax department needs. Deloitte also provided its support to the ERP implementation team in exploring opportunities for efficiencies in the tax compliance area. The solution has provided the company with the broad tax experience required for tax compliance and planning along with various tax tools.