Cash Saving Strategies for Tax Officers
Basil Pappas, a speaker at the marcus evans Tax Officers Summit IX 2010, addresses some of the concerns shared across tax officers in North America today.

PALM BEACH GARDENS, FL, May 02, 2010 /24-7PressRelease/ -- Interview with: Basil Pappas, Staff Vice President Tax, WellPoint Inc.

The struggle to minimize costs whilst maximizing cash is turning into a daily battle for tax officers in North America today. Never before have they been asked for such detailed levels of financial reporting and transparency, taking their time away from what they want to do most: saving cash for their company. Basil Pappas, Staff Vice President Tax at WellPoint Inc. recommends automation and innovation, to achieve savings for their organization. A speaker at the marcus evans Tax Officers Summit IX 2010, taking place in Florida, April 25-27, 2010, Pappas shares his thoughts on automation, tax planning and his projections for the future.

What are the most prominent tax issues in North America at the moment and what solutions would you recommend?

Basil Pappas: From the insurance industry perspective, the biggest issue is the continual pressure to be more accurate in the financial reporting aspects of the tax function. We are expected to do more with less. Over the last several years, our profession has gone from one of being planners to reporters; we do not have sufficient time to spend on planning the tax activities of the company, and hopefully saving money on some level.

Automation is a solution. We are trying to automate as much as we possibly can, whether it is tax provision calculations or tax return processing, to help cut back on errors and also speed up the processes. Tax executives should use all resources that are available to them, and there are many ways to save cash taxes at the federal and state levels. I would advise tax officers to have competent people in their team who have the time to actually get in the weeds and look through how subsidiaries are dealing with items. Tax executives could use their ability to change tax accounting methods to save cash taxes on the front end, and defer payments to the government as long as they can.

To view the complete press release, please visit:
http://www.me-uk.com/summit/newsletter.asp?eventid=16212&RecID=1824

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