U.S. tax directors report that they now have greater visibility before corporate leadership, but they also believe they are spending more time on work that is less valued by their organizations because of increasing legislative and regulatory demands, according to a survey of senior tax executives by KPMG LLP.

The majority of survey respondents ranked accurate, timely financial reporting (63 percent) and tax return compliance (57 percent) as the top two functions that their departments will spend time on during the next year. However, when asked to rank tax functions based on their value to the organization, the majority of respondents ranked cash tax savings/tax deferral (69 percent) and effective tax rate (64 percent) as the top two most valued functions.

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