The 2019 EY Homebuilder Tax Director Roundtable · The 2019 EY Homebuilder Tax Director Roundtable | 6 May 2019 | Four Seasons Hotel Las Vegas Technology in the connected economy

The 2019 EY Homebuilder Tax Director Roundtable

Tax technology and automation

6 May 2019

The 2019 EY Homebuilder Tax Director Roundtable | 6 May 2019 | Four Seasons Hotel Las Vegas

Disclaimer

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The 2019 EY Homebuilder Tax Director Roundtable | 6 May 2019 | Four Seasons Hotel Las VegasThe 2019 EY Homebuilder Tax Director Roundtable | 6 May 2019 | Four Seasons Hotel Las Vegas

Tax technology and automation

Ryan MalizioErnst & Young LLP

FY TanErnst & Young LLP

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The 2019 EY Homebuilder CFO Roundtable | 6 May 2019 | Four Seasons Hotel Las VegasThe 2019 EY Homebuilder CFO Roundtable | 6 May 2019 | Four Seasons Hotel Las Vegas

Connected Tax. A new tax function for the connected world

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Agenda

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What is Connected Tax, and what is driving it?

What new questions is Connected Tax creating for our clients?

How are leading companies approaching Connected Tax?

How can EY professionals help companies approach Connected Tax and the opportunities and risks it presents?

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Digital disruption is changing the entire world around us …ushering in global connectedness

52%“things” that could be connected that actually areconnected

1%

internet-connected “things” by 2020, including sensors and RFID chips

for new technology to reach a critical mass of 50m users

Since 2000,

of Fortune 500 firms have been demolished due to digital disruption and increasing global connectedness

Constellation Research 35 days

50b

Source: The Wall Street Journal

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What is Connected Tax?

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ConnectedTax

Service providers

Connecting with external service

providers to access innovation and new

ways of working together

Taxing authorities

Connecting directly with tax authorities in a well-controlled process to minimize risks and

controversy costs

Companystakeholders

Connecting with internal stakeholders inside tax and

across the enterprise to provide levels of visibility and

business information that enables new ways to add value

and reduce risk

Enterprisesystems

Connecting with enterprise systems

to create efficiencies and trust in the data


Technology in the connected economy is disrupting business models in every industry. This business model change is forcing companies to evaluate their tax positions utilizing outdated concepts. The disruption is also causing taxing jurisdictions to evolve new laws to collect revenue under this new paradigm.

The macroeconomic global environment is not yielding the revenue growth most companies or governments need to cover their cost base. Taxing jurisdictions have turned to transparency and tax policy to drive taxation into a more public issue. Companies are being asked to drive cost from the tax operations in the face of increased complexity.

Innovation in customer-facing technology (mobile, RFID, internet) enables exponential growth in the type of transactional data captured. Innovation in database technology enables virtually unlimited data storage. This emerging data environment is fundamentally changing how tax departments and tax authorities acquire, consume and connect the dots to assess the story the data portrays.

At an increasing pace and expanding scope, taxing jurisdictions are driving laws to require more transparency (base erosion and profit shifting, the Foreign Account Tax Compliance Act, etc.).They’re sharing this data across tax authorities, acquiring raw data sets and analyzing those data sets to assess tax directly, demanding real-time data and even replacing the formal tax return.

Explanation

Robotic process automation (RPA) and the looming impact of artificial intelligence (AI) are transforming the workforce. This, coupled with the gig economy and other forms of just-in-time workforce solutions, is connecting tasks with available labor options to solve problems in a different way.

Operational disruptersWhat’s driving the connected tax function

Platforms connect diverse participants with one another and enable them to interact and transact, creating entirely new markets. The enterprise is using this to connect people both internally and externally to maximize productivity. This is coupled with “self-service business intelligence” technology that places powerful data management and analytic tools in the hands of users without the need for IT support.

Disrupters

Transparency connects politics to tax

Workforce dynamics in a connected world

1

3

Big data fuels connectivity 2

6 Tax administration direct connectivity to tax base

Connectivity driving business model change 4

Connectivity enabled by technology

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Agenda

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Aligning the components of Connected Tax

► Even amid disruption, the remit of tax and its impact on an institution is still the same — delivering value, managing costs and mitigating risk. Each company will decide how it wants to direct the function against these core and competing obligations while keeping them in balance relative to each other through any type of transformation.

► The connected economy is driving the tax operating model around three macro Connected Tax trends — digitalization of the business, the new tax business models emerging from cloud and connected platforms, and the impending operational risk created by the connected economy.

► Aligning these components and working through the operational elements of the tax function in this context will lead to the development of a distinctive blueprint for Connected Tax.

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Key enabler of Connected Tax: the platform Game-changing innovation

► As the network platform matures with continued innovation and improved security, it has helped drive the creation of entirely new markets by connecting producers and consumers with each other.

► It’s also connecting people both inside and outside the enterprise to deliver a new wave of productivity increases.

► The platform is changing the tax function as well, playing a key role in its transformational journey and giving rise to a new ecosystem that encompasses taxpayers, tax authorities, service providers and vendors.

► It moves the tax function from back-office historian to strategic business value partner.

► This new reality? Connected Tax.

What’s driving the rise of the platform? ► Ubiquitous Wi-Fi network availability coupled

with ever-expanding mobile access

► Advances in security leading to improved customer trust and, in turn, feeding e-commerce explosion

► Access to low-cost, shared infrastructure with tools and data to capture and coordinate interactions

Secure access platform Data and primary tools sit within a platform

that all stakeholders access.Data is heavily digitized and well-controlled.

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Connecting platform participants to deliver a new wave of productivityTax reporting illustration

Tax department transmittal

Acquisition of data

Organization and structuring

data

Analyze and apply rules Prepare returns Review and

sign-offTransmit returns

Controllers/internal IT

Third-party providers

Tax department

Secure access platform Data and primary tools sit within a platform that all stakeholders access.

Data is heavily digitized and well-controlled.

Internal data owners connect trusted data sources to tax platform

Third-party consultant has developed a data structuring tool to efficiently map data

Core tax calculations

Return preparation and first review

Third-party review of high-risk areas

Tax department review and sign-off

Platform creates new opportunities to buy capacity, innovation or expertise without disrupting visibility or controls

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Operating model questions Historical analysis Analysis in a connected world Considerations

What capabilities should we as a tax department own and invest in?

What should we buy? What could we lease?

► Insource — controlled, embedded in overall function

► Outsource — disconnected from in-house team and process

► Insource — controlled, embedded in overall function

► Outsource — BPO-controlled, embedded in overall function?

► Leased/partial — componentize and acquire discrete aspects of the process in a connected, controlled manner

► Have we built the right capabilities?

► Could we acquire them more cheaply in the new world?

► Could we get better access to capabilities and not sacrifice cost or control?

Where should we locate our in-house team?

► Headquarters — more expensive, often more controlled and integrated

► Offshore — cheaper but hard to manage, process integration challenges, often relegated to low-level tasks

► Headquarters — more expensive, integrated and controlled

► Nearshore — cheaper and integrated; high-complexity tasks?

► Offshore — cheapest, now more integrated; still challenges on level of tasks

► The connected economy is allowing us to work from anywhere in the world in the same systems, on the same workpapers at the same time

► Is the distance that left us with loss of control, relationship and access being removed from the decision?

Connected Tax: questions companies should re-evaluate

Most of the key operating model questions are the same … The connected world has just radically shifted the answers

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Operating model questions Historical analysis Analysis in a connected world Considerations

Are my processes efficient?

Can they be standardized?

Can they be automated?

Are they relevant anymore, given the changes in the operating model?

► Large enterprise resource planning and system builds where tax was often deprioritized

► Solve the balance of challenges through Excel

► Disconnected teams having mixed success to truly standardize processes

► Powerful light-grade technologies are evolving in a way that business users are capable of configuring and solving targeted issues

► Data is centralized and available to many users in many locations

► Workflow and standardization have rapidly advanced, making tax-based shared service centers more of a reality

► Through the connected environment, can you develop a platform to foster data sharing, control and rapid business user problem solving at a relatively low cost?

► Does the common platform or cloud allow disparate internal users or third parties to solve discrete business challenges rapidly inside the company environment?

Do we have the right capabilities embedded in our in-house tax team to assess risk, manage data and mine data in a connected tax environment?

Do we understand emerging technologies and the risks and opportunities they present our tax function?

► Hire in-house tax IT function for common IT support on standard market-based tools

► Leverage broad IT and outside expertise for large, infrequent programs

► Technology innovation is happening at rapid and accelerating speeds

► In-house tax functions are often under-resourced and challenged to understand emerging technologies and their tax application and implications

► How do internal departments embed new and emerging skills into in-house tax functions?

► Given the connected environment and the expertise and core competencies of third parties, are we better off buying or leasing some aspects of tax technology to control cost and risk and leverage innovation?

Connected Tax: questions companies should re-evaluate

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Agenda

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Where to begin: aligning goals in the Connected Tax world

Higher-value activities should be performed at optimal effectiveness and addressed through hiring or outsourcing/managed services with higher-level skills.

Typical functions with best-in-class and quality objectives:

► Tax planning and strategies

► Tax risk and controls management

► Tax policies

► Communications and relationships with stakeholders

► Significant issues management

► Tax modeling and forecasting

► Business support in high-risk jurisdictions

Quality objectives

Speed/ efficiency objective

Compliance/ risk objective

Lower cost objective

Growth enablement

objective

Tasks deemed lower-value should be performed at minimal cost through centralization, sourcing from lower-cost locations or low-cost third parties.

Typical tax functions with lower-cost/efficiency objectives:

► Completion of tax returns and other routine reports

► Controversy and notice management

► Data collection

► Document storage, file creation

► Reconciliations

► Business support in low-risk jurisdictions

► Compute and manage compliance-related support

“Best in cost” objectives “Best in class” objectives

Best in classBest in cost

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Connected Tax: ensuring activity alignment to department goals — sample Critical point: look beyond activities of the tax function to include the broader enterprise and outsourcers

Implement tax policy and standards

Manage tax performance and measures

Set tax policy and standardsDesign KPIs for business process outsourcing (BPO)

Tax governance and administration

Review and gather information to support controversyAnalyze and respond to tax controversy

Manage additional dispute resolution

Tax controversy

Prepare all expatriate and inpatriate tax returns and equalizationsExecute on equalization policy

Develop and setequalization policy

Expat tax

Analyze intercompany activity and functionsCompute transfer pricing in adherence to policiesCompute transfer pricing adjustmentsManage transfer pricing documentation

Set transfer pricing policy Set transferpricing methods and guidanceDetermine necessity and prepare advance pricing agreement (APA)

Transfer pricing

Corp

orat

e bu

sine

ss u

nits

BPO

pro

vide

r/sh

ared

ser

vice

cen

ter Gather appropriate

data for provision calculations Prepare provision and reconcile tax accountsSubmit journal entries for financial consolidation Archive supporting documentationExternal audit support

Provide final sign-off on provision and reconciled tax accounts Submit audit report to external auditors

Tax accounting

Implementstrategy initiativesDefine and document legal entity tax structure

Develop tax strategies, structures and positions Manage special projectsAssess tax implications of business and legislative changes

Tax planning

Provide access to tax information via BPO platform

Technology

Establish and execute tax technology and data strategyIT infrastructureApplication developmentIT project managementData management Analytics and reporting

Tax compliance

Provide final technical review and sign-off on returnsRemit and pay tax obligations

Gather data for tax compliance (uniform capitalization (UNICAP), quarterly estimates, extensions and tax returns)Determine tax applicabilityPrepare tax formsArchive tax formsupporting documentation

Data management

Gather/validate data Prepare and convert trial balances to local GAAP or IFRSPrepare statutory tax provision Prepare statutory accountsPrepare statutory audit Prepare annual financial statements and disclosure requirements with local statutory agencies

Review statutory accountsReview financial statements and disclosures

Statutory reporting

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Connected Tax: is data an enabler or barrier?

Each company is unique with respect to the degree in which technology and data management techniques are already deployed. The maturity model is a powerful diagnostic to better understand the short- and long-term needs of an individual company.

The maturity model moves from the far left — a high-risk reporting environment — to the far right — a highly productive, strategic contributor to the overall business strategy.

The challenges experienced by many companies who trend toward high reporting risk can be traced to a disconnected technology and data environment, resulting from a steady stream of IT investment made by the company but excluding the interests of the tax function.

Data maturity model

In order for a company to shift its tax operational capabilities steadily toward the strategic right, it must become better-connected.

► Connected to its business operations► Connected to its financial reporting

systems► Connected to its advisors► Connected to the taxing jurisdictions

themselves in some cases

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Unacceptable levels

Acceptable levels

Reporting excellence

Strategic business partner

Data as an assetData as a liability

Reporting risk

Data as an asset

Enterprise value


Robotic process automation (RPA) features, benefits and observations

Low riskNon-invasive technologyOverlaid on existing systems and integrated with existing data, minimizing disruption to IT strategy and architecture; RPA technology can begin with simple rules-based tasks and scale to more sophisticated algorithms and machine-learning functions as the organization matures

ConsistencyIdentical processes and

tasks, eliminating output variations

AccuracyDouble-digit reductions

in error rates

Cost savings

ReliabilityNo sick days; services are provided 365 days

a year

Audit trailFully maintained logs

essential for compliance

ScalabilityInstant ramp up and

down to match demand peaks and troughs

RetentionShifts human effort

toward more-stimulating tasks

ProductivityFreed-up human

resources for higher-value-added tasks

Right shoringGeographical

independence reduces need to offshore jobs while still delivering

cost savings

Opportunity-focused

RPA can be focused on only those areas where significant opportunity exists; does not require

enterprise adoption

ROITypical RPA projects

include multiple functional “pilots,” but the program is completed in 9 to 12 months, with an ROI in

less than one year

Ranging from 20-60% of baseline

full-time equivalent (FTE) cost

RPA often “fills the gaps” between existing systems

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RPAA software solution that runs unattended, working like a virtual employee, with applications performing repetitive tasks reliably at the user-interface level

Current workforceTaking the robot out of the person allows your employees to focus on managing tax risk, reducing costs and performing value-added activities

Systems upgrades and rollouts

Strategy

Tax planning and issue resolution

Keeping non-connected systems synchronized

Entering data into a system

Running and saving reports

Rules-based processing and decision-making

Comparing data sets

Reading, copying, aggregating data

Automation of clicks, data entry

Developing relationshipsManagement decisions

Interaction with the business units

Analyzing data

Managing exceptions

Bot management

Gathering information from upstream systems

Reinventing productivity: taking the robot out of the person

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Standardize and update data► Centralize data, such as legal entity or partner data, and update

information across all entities when there is a minor change (e.g., name or address change) to reduce discrepancies in information across investor documents

Generate, prepare and review tax returns ► Package withholding forms and supplemental information as

required► Prepare and calculate certain M-1s ► Calculate and review state estimated payments

Review complex allocations and calculation► Transfer data to and from allocations and computation systems► Review calculation and information provided by client► Generate review reports of taxable income

Deliver documents to stakeholders► Distribute documents to all necessary parties through the use of

software interacting with content management tools and investor portals

► Streamline communication between the tax department and other parties, including third-party service providers, local country tax preparers and investors

Generate reports► Create reports to provide real-time analytics and visualizations for various stakeholders — e.g.,

investors, executives or other key members of your organization► Provide predictive data analytics for granularity on tax spend, efficiency, risk, market trends

and investment opportunities► Customize and prioritize reports to focus reviews toward key risk areas

Extract and move data between internal and external data providers► Extract book trial balances and key balances such as meals and entertainment, or

other tax-sensitive accounts► Transfer fund administrator data► Streamline collection and aggregation of third-party risks (e.g., from US or non-US

portfolio companies)

Connect workpapers ► Connect calculated values from workpapers to computation systems► Layer and track data from various sources of information

Reconciliations► Perform costs reconciliation; cumulative amount of direct and

indirect costs is capitalized to unit of property ► Run diagnostic reports to highlight all differences among

calculated values and footnote values

Data validations and rollforwards► Validate information by referring to a checklist of items to

facilitate completion► Perform all necessary steps to roll over workbooks and tax

packages ► Validate that costs incurred in the construction process is

capitalized in accordance to the requirements of the applicable code sections (i.e., sections 460 and 263A)

Format and create workpapers► Format, cut and paste data in workpapers to facilitate loads into tax

computation systems ► Manipulate trial balances or reports before importing into tax tool

Automation hotspots

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Automation hotspots for homebuildersCommon areas where bots help drive value

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Agenda

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EY Connected Tax opportunities evaluator

Many companies have been engaged in process improvement initiatives and technology implementations over the last few years.

We have a proven structured process to help companies inventory many of these emerging trends and develop a list of quick hits and a longer-term strategy road map.

The pace at which many of these emerging trends are being developed warrants a rapid comparison of a company’s current process improvement strategies against some of these opportunities and risks.

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EY Connected Tax opportunities evaluator processWorking with our clients

Understand at a high level what our client’s goals and organizational expectations are from its tax department

Organize the primary functions of our client’s tax department into activities where our client is focused on:► Being “best-in-cost”

► Being “best-in-class” – often driven around risk and value metrics

Review the current state of the department while considering the impact of the emerging platform environments focused on these areas:► Client’s connection with enterprise systems and the data environment

► Client’s connection with enterprise stakeholders, creation of business value and improvements to risk management

► Client’s connection with service providers to consider business process outsourcing opportunities

► Emerging digital tax administration activities and readiness opportunities

Collaborate with client to develop tactical and strategic recommendations and a supporting road map

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EY Connected Tax opportunities evaluatorIdentifying risks and opportunities

Trends in intelligent automation

(robotics, AI, etc.)

Trends in cloud computing and

platforms impacting tax

Trends in connected governments and

direct auditing

Trends in cost reduction in a

connected economy

Tactical opportunities to connect tax

Mid- to long-term strategy for operating tax in connected world

Recommendations on a strategy and road map forward

EY proprietary Connected Tax trends and leading practices:

FTEs by location

Tax department

goals

Existing process maps

Outsourced activities

Systems map and list

Process improvement

plans

Tax activities performed by non-tax depts.

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We can help: EY Tax Technology and Transformation

In 2017, the EY organization announced the formal creation of Tax Technology and Transformation (TTT), a global group better connecting our existing 1,000 professionals who are helping organizations redefine their tax function and drive transformation for the digital age.

TTT provides critical services to companies in response to:

1. Rapidly changing capabilities in technology2. Explosion of data burdening many businesses, which can become an asset in tax

planning and controversy3. Ongoing trends toward globalization, regulation and transparency4. The continuous drive to operate a cost-effective tax function

Our overall objective is to help businesses navigate the digital revolution that’s driving rapid innovation in new business models, the disruption created by intelligent automation and the pervasive move toward a hyper-connected global economy.

By connecting our global intelligence and knowledge across this TTT team, we can bring even more insights to companies to keep up with the pace of global change and provide proven methodologies that help them see around corners.

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EY services for the Connected Tax functionFocused to connect your enterprise tax function

Key

serv

ice

offe

ring

s

Operating model strategy and transformation

► Target operating model design

► Tax merger integration and divestiture operating model design

► Process improvement and root cause analysis

► Human capital strategy — offshore, onshore, digital workforce, contingent workforce

► Workload allocation strategy — cloud technology enables splitting and sharing of work processes

► Transformation program management

► Tax operational risk assessment

► Tax controls assessment and rationalization

► SOX remediation

► Tax risk management framework and governance design

► Tax technology controls design and automation

► Internal audit support

Risk managementTax Technology services

► Tax technology strategy and road map

► Tax systems implementation and configuration

► Digital tax transformation services

► Tax applications — software as a service (SaaS)

► Tax technology innovation services

► Tax data optimization and analytics

► Tax technology mobilization services

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12:38

State Appnt Entities

Workflow Reports Search

Capital Calc Planning

Audit Manager Operations

Transfer Pricing FIN 48

TP

Tax Accounting Research

Training

Documents

Collaborate

Tax Policies

Support

Operations

K-1

Tax Accounting

Tax News Tax Alerts

Compliance

Issues

EY Connected Tax platform — powered by EY GTP is global tax platform Smartphone analogy

Core functionality► Document management► Workflow► Reporting► Search

Platform that can be highly leveraged► Built on a technology framework that has a very large community of vendors building applications

and connection points into their products (e.g., K2, Nintex, and potentially OneSource and Corptax)

► Additional apps take advantage of core functionality► Apps can utilize the same data sources (e.g., entity listing, accounts, financial data, etc.)► Apps that can talk to each other (e.g., planning memos into compliance process)► Built on SharePoint with Microsoft SQL and Power BI

Many tax apps built leveraging SharePoint and other compatible tools► State apportionment app► K-1 tracker and basis

tracking► Tax payment/refund tracker► Tax account rollforward► Legal entity manager► Tax audit manager

► 5471 Schedule M compliance

► Transfer pricing model► CCAR calculator► REIT 597 analyzer► CbCR tool► SA DRD PowerApp

► Tax workflow manager► Tax data collection tool► New York 9-A analyzer► Tax planning automation► Tax calendar► Provision variance analysis

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ConnectedTax

New operating model blueprint

Tax Technology and Transformation

Aligning the components of Connected Tax

Digital disruption/global connectedness

Disrupters driving the Connected Tax function

New ways of working► Best-in-class vs. best-in-cost ► Build, buy or lease► Virtual workforce and location strategy► Vendor strategy in cloud environment► Delivering sustainable tax processes in

new ecosystems

Digitalized tax function► Data architecture, data quality► Data analytics and visualization► Automation and RPA► Emerging technologies► Dashboards and workflow management► Harnessing cloud and APIs

Operational risk landscape► Understanding the business’s emerging

tax profile► Target operating model ► Skill requirements► Utilizing technology for tax risk► Assessment of digital tax

administration journey► Governance, KPIs and risk appetite ► Real-time risk management

Transparencyconnects politics to tax

Big data fuels connectivity

Workforce dynamics in a connected world

Connectivity enabled by technology

Connectivity driving business model change

Tax administration’s direct connectivity to tax base

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On your way to Connected Tax

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The 2019 EY Homebuilder Tax Director Roundtable | 6 May 2019 | Four Seasons Hotel Las VegasThe 2019 EY Homebuilder Tax Director Roundtable | 6 May 2019 | Four Seasons Hotel Las Vegas

Questions?

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