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 audit, tax, and advisory firm.

The majority of survey respondents rank accurate, timely financial reporting (63 percent) and tax return compliance (57 percent) as the top two functions that their tax departments will spend time on during the next 12 months.  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. Read the full report

“Tax directors are finding that their roles have changed as a result of increased compliance-related activities,” said Brad Brown, KPMG’s National Partner-in-Charge of Global Tax Transformation Services.  “Tax directors are simply unable to spend the time they would like on non-compliance related functions that they believe are more important to their corporate leadership and more valuable to their organizations.”