|Friday, 20 April 2012, 16:00 HKT|
Source: marcus evans Summits
|Larry Martin, Vice President of Tax, AOL, Inc, a speaker at the marcus evans Tax Officers Summit XIII 2012, on the benefits of in-sourcing core competencies. |
New York, Apr 20, 2012 - (ACN Newswire) - "The best way to prepare for what lies ahead is to make sure that we are on solid footing and that the strategies we adopt today are already in our reach," says Larry Martin, Vice President of Tax, AOL, Inc. It is crucial for tax officers to determine what their core competencies are that could be done in-house, and from there, determine what could be outsourced.
A speaker at the marcus evans Tax Officers Summit XIII 2012, in Hollywood, Florida, May 17-19, Martin discusses what tax functions should be carried out in-house and what should be outsourced.
- How can tax officers decide what should be outsourced or done in-house?
A combination of outsourcing and in-house tax functions works best. It is advisable to in-source all work up to a senior manager level. Highly technical areas and ones which the organization does not deal with often should be outsourced.
Every head of tax must step back and look at their core competencies: those that could be done in-house and those that should be outsourced. This will depend on their day-to-day activities. Some may consider mergers and acquisitions as a core competency, whereas others may outsource this.
- What drives tax strategies for online organizations?
Our principle challenge lies around tax accounting and financial reporting to the Securities Exchange Commission (SEC).
AOL was spun off from Time Warner a few years ago and everything from the staffing to systems and processes needed to be worked on. We just finished an implementation of tax accounting systems, one was the tax provision, and we have already seen significant benefits from an efficiency and process standpoint.
The financial crisis contributed to many tax strategies changing, but in AOL's case this was not the primary driver. We are driven by economics and similar concerns that all internet companies face, such as monetizing traffic on websites. This is what is driving our tax strategy, both domestically and internationally.
- How could the tax function be run more effectively?
I see myself as a business man who happens to specialize in tax. It is crucial for tax officers to integrate themselves into the business and support it by adopting strategies, communicating those strategies and delivering on them. Traditional tax functions focusing solely on technical tax matters will limit their value to their organization.
- What is your outlook for the future?
The best way to prepare for what lies ahead is to make sure that we are on solid footing and that the strategies we adopt today are already in our reach.
As we are looking for transactions, one key element we always try to plan for is an exit strategy. This means that from a tax standpoint, when we are going down a certain path and for some reason it unravels on the business side, we will be able to unwind the tax planning without significant determent to our position.
About the Tax Officers Summit XIII 2012
This unique forum will take place at The Westin Diplomat Resort & Spa, Hollywood, Florida, May 17-19, 2012. Offering much more than any conference, exhibition or trade show, this exclusive meeting will bring together esteemed industry thought leaders and solution providers to a highly focused and interactive networking event. The Summit includes presentations on confronting the endless challenge of how to cope with the evolving tax world, the pressure of staying up to date with pending legislation and best practices for running the tax function. For more information please send an email to email@example.com or visit the event website at www.taxofficerssummit.com/LarryMartinInterview
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About marcus evans Summits
marcus evans Summits are high level business forums for the world's leading decision-makers to meet, learn and discuss strategies and solutions. Held at exclusive locations around the world, these events provide attendees with a unique opportunity to individually tailor their schedules of keynote presentations, think tanks, seminars and one-on-one business meetings. For more information, please visit www.marcusevans.com.
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Journalist, marcus evans, Summits Division
Tel: + 357 22 849 400
Apr 20, 2012
Source: marcus evans Summits
Topic: Trade Show or Conference
Sectors: Financial General
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