Many corporate tax executives are lost when it comes to the tax implications of doing business in the cloud, leading to missed cost savings and the possibility of future tax liabilities and reputational risks, according to a new survey by KPMG.
KPMG surveyed 250 chief tax officers and other senior tax executives in the U.S. and found that nearly all of them (92 percent) said they have not taken advantage of existing statutory credits at the state and local tax levels for implementation in cloud technology. IT-related issues, such as server location, pose the biggest challenge for companies, from a tax perspective, as they begin to use cloud technology.
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