Transformation and innovation in tax

In this episode of The Better Finance Podcast, EY’s Myles Corson and Jeff Saviano share insights on the transformation in tax, how the tax function is evolving to be more digital and the future skill set of the tax professional of the future. Emerging technologies and innovation are changing the way tax functions operate.

Emerging technologies and innovation are changing the way tax functions operate. EY’s Myles Corson and Jeff Saviano share insights on the transformation in tax, how the tax function is evolving to be more digital and the future skill set of the tax professional of the future.

Key takeaways

• Innovation in technology is driving the tax function toward a very significant transformation. 
• The modernization of the way governments handle tax processes has the potential to impact the way corporate organizations can respond, with advanced technology moving to reduce fraud and modernize work flow. 
• Emerging innovative solutions, most notably blockchain, will continue to develop in their applicability to tax, with traceability being a top benefit in helping federal entities prevent fraud.
• Looking forward, the tax practice will continually involve to integrate digital assessments as part of the fundamental process, increasing overall automation and altering the face of the function. In fact, the entire tax life cycle is game for disruption.
• The tax professional of the future will likely have a skill set that combines core tax technical skills with data science skills in order to get the most of the advanced technologies and build a successful career in the industry.