Victaulic Switches to Bloomberg Tax Research for Easy-To-Digest Content and Tools

Challenge:

• Provide the global tax team with an intuitive, easy-to-digest research tool

Solution:

• Bloomberg Tax Research

Results:

• Significantly reduce the time spent researching local, state, and international tax matters and forms
• Boost the team’s tax knowledge and reduce reliance on external advisors

Next steps:

• Navigate corporate restructuring

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Challenge: Create a new global tax department

Founded in 1919, Victaulic is the originator and world’s leading producer of mechanical pipe joining and fire protection solutions. Its products have been used in iconic projects such as the Hoover Dam, Eiffel Tower, Alexandria Library, Beijing Olympic Stadium, and many others. Victaulic has more than 4,500 employees, with operations in 120 countries around the world.

Jennifer Koorie, Manager of Corporate Tax at Victaulic, was hired to create, grow, and manage a new global tax department for the company. Today, with 14 employees worldwide, including six in the U.S., her team is responsible for tax return preparation, transfer pricing, inhouse tax research, shareholder advisory work, and other critical tax functions.

Initially, the newly formed global tax team relied on the same research products that Koorie had used during her prior stint in public accounting. However, as her team expanded and faced more complex challenges, it was time to consider replacing the legacy tool with a more intuitive and robust tax research solution.

Solution: Move to an easy-to-digest, trusted source for tax research

Making the decision to switch to the Bloomberg Tax Research solution was an easy choice for Koorie.

“I immediately loved everything about it,” she said. “Bloomberg is more user-friendly and intuitive than the tool we used previously, with easier-to-digest research and content.”

Having a much smarter and more organized tax research solution helped Koorie encourage adoption of the new tool by her team.

“Instead of getting lost in a non-curated search engine, my team can turn to Bloomberg Tax Research for relevant, up-to-date content including BNA Picks, forms, best practices, charts, and much more,” said Koorie. “It’s a rich source of information and tools that help us work more efficiently.”

Now the entire global tax team relies on Bloomberg Tax Research as an essential tool to help them stay up to date on policy changes, as a trusted resource for researching tax questions, and to streamline their workflow with helpful tools and charts.

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Results: Improve efficiency and boost internal tax knowledge

Today Koorie and her team turn to Bloomberg Tax to help them understand complex tax issues and build in-house tax knowledge.

“Rather than giving an external advisor a blank check and asking for the answer, we use Bloomberg Tax research to find the answer on our own,” said Koorie. “With Bloomberg, we can conduct our own research, write a position paper, and develop a conclusion before asking for a review or opinion from an external advisor.”

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Because Victaulic has operations in every state within the U.S., Bloomberg Tax Research solution saves the tax team significant time during its compliance workflow.

“Before Bloomberg, we had to go to all 50 state websites for the most recent forms and information,” said Koorie. “Now we have everything available in one place, which saves us a lot of time and helps us be more efficient.”

Next steps: Navigate corporate restructuring

Koorie and her team are relying on Bloomberg Tax as they manage the tax challenges that arise from the corporate restructuring they are currently undertaking.

“It’s a major challenge because it’s a new situation for all of us,” said Koorie. “We’re turning to Bloomberg to help us with everything from understanding potential capital gains taxes to property tax implications, shareholder tax impact, and other tax aspects of the corporate migration.”