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November 26, 2024
2024-2161

Six actions for tax teams before year-end 2024

As companies approach 2024 calendar year-end, now is the time to address tax accounting and reporting challenges to avoid unexpected issues and reduce pressure on the financial statement close process. Geopolitical disruptions, inflationary pressures, changing interest rates and supply chain realignments have impacted global organizations. Additionally, rapidly evolving tax policies, legislative and administrative developments and increased demands for tax transparency have combined with broader business challenges to elevate reporting complexities and tax risks. Sustainability initiatives, including environmental, social and governance (ESG) considerations, are adding new layers to tax reporting requirements. This EY article discusses six key areas tax accounting teams should consider as they approach 2024 year-end and look ahead to 2025.

 

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