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Tax data marts are a repository of data from the financial reporting and other system to get the data to support tax department needs. Tax

Tax data marts are a repository of data from the financial reporting and other system to get the data to support tax department needs. Tax departments are able to specify what data might affect their tax calculations for their tax data mart and have continuous feed of that data. This data mart is essentially one where the tax department can, in some sense, "own" the data because no other group has rights to modify it. Tax regulators use data analytics to see if companies are close to actually paying what would be expected based on tax rates and expected income or sales. Tax data analytics allows tax departments to view multiple years, periods, jurisdictions (state or federal or international, etc) and differing scenarios of data typically through us of a dashboard. Data analytics are used by accountants to do things like discern patterns in customer spending, identify market behavior, anticipate trends and predict regulatory reactions. Accountants who specialize in data analytics manage, analyze and mine multiple streams of data. Doing so provides them granular-level details that can be used to answer questions, identify patterns and make fact-based predictions. Everyone wants prove, and with tax data analytics, there is a way of showing why you think certain scenarios might occur as well as identifying any warnings that the client or shareholders should be aware of. Areas of current or potential risk can be uncovered and managed in real-time. Funding needs, process flows and investment opportunities are all areas that an accountant may look at. The more metadata, the better the tax accountant can accurately calculate the amounts of taxable and nontaxable items as well. For example, they can more clearly identify expenses that qualify for the research and development credit or track meal and entertainment expenses that may trigger tax presence in other locations. They can also categorize big items snuck in repairs and maintenance or supplies that might be able to be capitalized

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