The Critical Role of Tax Managed Services Amid Accounting Staff Shortages 

Written by: Scott Clayton—Executive Vice President, Transaction Tax

Let’s talk about something that’s been making headlines recently—the shortage of qualified accountants in the world of corporate taxation.

Taxes are already a labyrinth riddled with intricate tax codes and state-specific regulations. But this challenge is further compounded by the current shortage of accounting staff plaguing businesses across the country.

Tupperware, the company that revolutionized your kitchen storage, had to delay their annual report due to a lack of accountants. However, this scenario is not unique to Tupperware. About 70 companies have postponed their annual reports this year, a 40% increase from last year. This trend underscores the urgent need for a solution that can address this problem effectively and efficiently.

This is where tax managed services, such as those offered by DMA, come into play.

What Are DMA’s Tax Managed Services?

As your outsourced tax partner, DMA’s Tax Managed Services allow you to shift the burden of your recurring tax functions to us. Our teams of experienced professionals work cross-functionally to provide you with a comprehensive solution to the challenges of corporate tax compliance and on-time filing. Our Tax Managed Services provide a range of services that can help relieve your team of day-to-day compliance functions, giving them the time they need to focus on other high-priority projects.

Here’s why tax managed services are so helpful:

Expertise and Experience

DMA’s team of experts brings a wealth of knowledge and experience in dealing with various aspects of corporate taxation. They understand the nuances of each tax compliance challenge and can provide practical insights and strategies to address them.

Resource Optimization

With the current shortage of accounting staff, DMA’s Tax Managed Services can fill the gap and ensure that tax compliance tasks are handled efficiently, freeing up your resources to focus on what you do best—running your business.

Scalability

Our Tax Managed Services adapt to your needs and can scale up or down to accommodate growth, turnover, or skill gaps.

Risk Mitigation

Non-compliance with tax regulations can lead to hefty penalties. DMA’s Tax Managed Services help you stay compliant, reducing the risk of penalties and giving you peace of mind.

Technology Integration

DMA uses advanced tax technology to manage compliance tasks, boosting efficiency and ensuring accuracy in tax filings.

The case of Tupperware serves as a stark reminder of the challenges companies face in managing their taxes, and how crucial a reliable and experienced workforce is. However, companies can navigate these industry-wide obstacles effectively and accurately by partnering with DMA and taking advantage of our Tax Managed Services. By leveraging DMA’s expertise and technology, companies can optimize resources to ensure timely and accurate tax filing and mitigate risk.

So, in an era marked by accounting staff shortages and increasing tax complexities, tax managed services have emerged as a critical component of corporate tax compliance. By utilizing these services, you’ll be well-positioned to deal with staffing fluctuations while gaining efficiency and maximizing your internal resources.