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Tax compliance and small and medium-sized enterprises: Is the legislator out of touch with reality?Last week, I spoke to tax adviser Torsten Stockem, a partner at the law firm Energiesozietät, about Section 38 of the EGAO. The law has been in place for several years now and deals with the trialling of alternative audit methods. During our conversation, Torsten and I realised that there are many fascinating aspects surrounding the law and the section in question.
First build a risk-control matrix in Excel, then look for software – how daft is that?Open Excel, pop in the risks, add the controls. Specify a probability of occurrence from 1 to 5, then the potential loss. Then quickly throw in a formula for the risk score, add some traffic-light colours, and your ‘ICS light’ is ready. Or ‘TCMS light’. Or is it? This is how many managers in companies think. It sounds pragmatic, but it often isn’t. Because this doesn’t just create a list. It already defines structures, assessment criteria, responsibilities and working methods.
TCMS Talk with Torsten Stockem: the biggest misconception about AI in tax complianceLast Wednesday, on our programme „hsp live at 11“, I spoke with Torsten Stockem, a tax adviser and partner at the firm Energiesozietät, about the opportunities offered by AI in TCMS. The discussion centred on the wide range of opportunities that the use of AI tools offers professionals when setting up and maintaining a tax compliance management system.
Tax Compliance with AI: How artificial intelligence supports an effective TCMSTo many companies, a Tax Compliance Management System – or TCMS for short – initially sounds like extra paperwork, consultancy costs and new obligations. Where should one start? Who is responsible for setting it up? And how can this be managed at all alongside day-to-day business operations?
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