Q&A: Tax Compliance in a Changing Financial Landscape

Updated on: January 29, 2024

In an ever-changing financial landscape, the approach to tax compliance is a critical component for businesses. Kevin Zeman of Gen II offers unique insights into this dynamic field. Drawing from his extensive experience, Zeman shares the transformation of Gen II's tax department, emphasizing a client-centric approach and the importance of adapting to regulatory changes. His perspective reflects the evolving nature of the client–service provider relationship and underscores the significance of innovation and strategic planning in staying ahead of regulatory challenges.

Q: How has Gen II's approach to tax compliance evolved?

A: At Gen II, we've significantly transformed our tax department. This isn't just a tactical change but a fundamental shift in our philosophy. The result is a client-centered approach, tailoring our services to the individual needs and business models of our clients. This pivot is about deepening our understanding of each client's unique circumstances and putting less emphasis on the returns and a greater focus on creating and delivering access to the data used to create them.  This shift allows Gen II to create a continued presence throughout the year to assist with strategic tax planning and operational tax management to achieve the desired result.

Q: What is at the core of Gen II's client engagement strategy?

A: Our core strategy is deeply rooted in personalization. No two clients look the same from a resource or needs standpoint. We focus on understanding the distinct aspects of each client's business model. This approach goes beyond traditional tax compliance. We commonly find discussions that begin with tax compliance requests and end with bespoke operational solutions designed to address the client’s specific challenges. By staying ahead of changes, we can adapt strategies to provide our clients with the most effective, forward-thinking solutions.

Q: What challenges does Gen II face in the tax industry?

A: The tax industry is constantly changing, especially with the rapid evolution of tax regulations and the increased focus on investor reporting. Our biggest challenge is staying ahead of these changes. This requires a proactive stance, not just vigilance. We're always forecasting future trends and adapting our strategies accordingly. Our goal is to ensure that our clients not only keep up with these changes but are also positioned to respond quickly to changing circumstances.

Q: What has been key to your success in the tax profession?

A: My success in the tax profession is attributable to a mix of continuous learning, adaptability, and a relentless focus on client needs. This approach has been integral to the philosophy of Gen II. Our mission is to embody these values in everything we do, ensuring that we deliver not just tax services, but excellence and innovation in our solutions. This client-focused strategy is what sets us apart in the industry.

Kevin Zeman's insights provide a unique viewpoint on the dynamic world of tax compliance. Gen II’s focus on a customized, client-centered approach highlights the necessity of evolving strategies in response to the ever-changing tax landscape. His perspective underscores the importance of innovation and strategic foresight. Tax data management is proving essential for businesses seeking to increase the quality of their LP experience and effectively navigate the complexities of modern tax regulations.

Published on: January 29, 2024

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