Mon, May 6, 2013

Cloudy, With A Chance of Audit

A recent survey revealed that over 80 percent of corporations are migrating their data to offsite cloud computing storage sites.

Clearly the “going paperless” trend continues to build momentum; for financial, tax and treasury officers, storing records in “the cloud” has broad implications when it comes to defending a corporation’s past activities for transaction, income tax and unclaimed property audits.

Bob Peters and Sonia Walwyn will be discussing this topic in an upcoming session titled “State Tax Compliance in a Cloud Environment…What Do You Need to Retain?” This takes place on May 10 at the Windy City Summit, sponsored by the Treasury Management Association. The session will address such issues as:

  • Challenges financial and tax officers face when considering migrating to a cloud environment,
  • How to best manage the migration process to prepare for the inevitable tax or unclaimed property audit,
  • How to safeguard records over time, should the host provider change.

At Duff & Phelps we assist companies to ensure they are “meeting, but not exceeding” their unclaimed property reporting obligations. 

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