- Give rapidly growing tax team the research tools it needs to take over global tax services from former parent company
- Bloomberg Tax & Accounting
- Save time and money getting expert insights into tax issues
- Help the tax team stay up to date on evolving global tax issues that impact technology companies
- Continue growing the business and the tax team
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Challenge: Create a new corporate tax department
Hundreds of millions of singles have created meaningful connections with the online dating products from Match Group. Since pioneering the concept of online dating more than 20 years ago, Match Group, through its subsidiaries, today offers a diverse portfolio of applications and products — including Tinder, Match, Meetic, OkCupid, Hinge, Pairs, PlentyOfFish, and other brands — to enable connections across the spectrum of age, race, gender, sexual orientation, and backgrounds.
Having more than doubled revenue and subscribers across all platforms since its IPO in 2015, Match Group became the most successful business owned by parent company IAC, which operates Vimeo, Dotdash, and Care.com, among others. With a $40 billion market capitalization, Match Group separated from IAC in July of 2020.
Shan Luton, Match Group’s senior vice president of taxes, was hired to expand the tax department’s capabilities and take over global tax strategy, planning, and reporting for the business as it spun off from IAC.
“Many of our tax services were performed by our parent company before the separation,” said Luton. “My job was to build a centralized global tax function for Match Group that would manage the complex spin-off transaction and then expand the tax team to support our rapidly growing company.”
Solution: Put professional tax research tools at the team’s fingertips
As Luton set out to expand his team and resources, he began the search for a robust platform of tax research tools to be a trusted source of up-to-date news, analysis, primary sources, and more across federal, state, and international tax areas.
After evaluating and comparing solutions, he chose Bloomberg Tax & Accounting research solution for its ease of use, intuitive organization of tools and resources for the tax professional, and seamless integration of research sources and tools.
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“Going through a spin-off is a big milestone for any company,” said Luton. “With our subscription to Bloomberg Tax & Accounting, we get the expert analysis, news, and resources we need to help us navigate our complex tax environment as an independent company no longer relying on our parent.”
As a global technology company, Match Group needs its tax team to maintain a deep understanding of taxation issues as they evolve at the local, national, and international level and use that knowledge to inform the company’s tax strategy.
“I read the Bloomberg daily updates on issues like digital service taxes and other topics that can meaningfully impact our business,” said Luton. “For example, anyone who has ever looked into permanent establishment rules under tax treaties knows there are many areas of ambiguity. It’s important to have expert commentary within Bloomberg research to help think through different issues like these.”
With our subscription to Bloomberg Tax & Accounting, we get the expert analysis, news, and resources we need to help us navigate our complex tax environment as an independent company no longer relying on our parent.
Results: Save time and money understanding complex topics
Luton credits Bloomberg Tax & Accounting with giving his tax team — which more than doubled in size in one year — the tools it needs to have informed discussions about complex tax issues.
“I want my group to have the mindset and the intellectual curiosity to find the answers to questions on their own, and Bloomberg Tax & Accounting research is a big part of helping me do that,” said Luton.
With in-depth analysis on the issues facing technology companies, Bloomberg helps Luton empower his team to be informed tax partners to the company.
What we spend with Bloomberg Tax & Accounting is far less than the (cost of) daily issues that come up for which we would otherwise have to ask a law or accounting firm.
“When a complex question comes up, we can start with the code, go to the regulations, build an argument, and be able to support and document it — all made possible by the tools within the Bloomberg platform,” said Luton. “I think many tax professionals have the itch to understand and enjoy the legal analysis of issues. Bloomberg Tax & Accounting helps us scratch that itch.”
Luton believes the company’s subscription to Bloomberg more than pays for itself.
“What we spend with Bloomberg Tax & Accounting is far less than the [cost of] daily issues that come up for which we would otherwise have to ask a law or accounting firm,” he said. “Bloomberg research helps us understand complex topics, which saves us time and money while increasing our team’s knowledge.”
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Next steps: Continue growing the business and the tax team
Looking ahead, Luton sees the tax team continuing to grow in step with the company’s organic growth and acquisition strategies. Bloomberg Tax & Accounting research solution will be there to support that growth.
“We’ll continue to rely on Bloomberg research to help us develop effective tax strategies for our company as we expand and seize new opportunities and as global tax regulations evolve,” he said.
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