May 19 2025 |
What are Tax Disputes & Rulings?
A tax disputes and rulings list identifies tax disputes between your company and tax authorities across jurisdictions.
A tax disputes and rulings list records the details of all the tax disputes related to your company, including:
- Timeline: Start and end dates of each tax dispute, including details of tax year
- Type and Nature: Type of tax under dispute and nature of each dispute
- Status: Current status of each tax dispute, i.e., ongoing or resolved
- Identity of Tax Authority: Names and contact details of relevant tax authorities across jurisdictions
- Value Under Dispute: Tax value involved in each tax dispute
- Resolution Method: Methods adopted by your company to resolve tax disputes
Why are Tax Disputes & Rulings important for business today?
A tax disputes and rulings list enables your company to:
- Evaluate the impact of an ongoing or a closed tax dispute on your company’s financial health
- Assess the frequency and nature of tax disputes related to your company across jurisdictions
- Evaluate the time required to resolve tax disputes by jurisdictions
- Formulate internal processes and strategies by identifying reasons behind past tax disputes
- Mitigate the risks and liabilities of any non- compliance of tax guidelines across jurisdictions
Why are Tax Disputes & Rulings important for an event tomorrow?
A tax disputes and rulings list is important for an event tomorrow, as it helps:
- Evaluate the costs incurred and time spent by your company to resolve each dispute
- Assess the reasons behind each tax dispute
- Evaluate the effectiveness of resolution methods adopted by your company to resolve previous tax disputes
- Determine the current status of each tax dispute related to your company
Pros of addressing Tax Disputes & Rulings
- Predict potential disputes that may arise in the future by analyzing historical trends
- Facilitate introduction and implementation of internal processes and strategies to avoid and manage tax disputes
- Communicate the status and progress on each dispute to your stakeholders and accounting teams
- Mitigate the potential for current or future disputes
Cons of not addressing this topic
- Increase in resource waste due to potential lengthy legal processes
- Limit on your company’s ability to track the status, amount and nature of each tax dispute
- Impact on financial risks due to lack of business processes to mitigate tax disputes
- Impact on your company’s reputation and potential for negative publicity.
ALSO LEARN ABOUT
- Income Tax Returns
- Inter-Company Transactions
- Tax Planning
- Sales Tax Returns
- Tax Assumption
- Tax Agreements
