Monday, March 14, 2005

Avoid Taxing Problems When Making IT Buys

Companies could be losing millions of dollars every year by not factoring tax considerations into IT purchases, according to a new report by IDC and Deloitte Consulting. The report says with the emergence of Sarbanes-Oxley and HIPPA regulations, new management groups focusing on compliance, risk management and taxes are increasingly joining the traditional IT, finance, human resources, legal and operations teams.

However, according to the report's survey results, of all these functions, tax ranked dead last in frequency among those participating in the IT acquisition process. As a result, companies that fail to include the tax function in the IT purchase decision process may end up with financial systems that are inadequate in addressing their compliance, planning and tax reporting needs.

This, in turn, could result in underpayment of tax and substantial fines and penalties.

Avoid Taxing Problems When Making IT Buys

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