Success Story - Tiptree Inc.

Challenge

External vendors involved in all of our tax processes left us with high costs and limited control of our own tax function.

Year-end provision:

• Close process took 3 weeks to complete
• Calculations relied on trial balances from multiple ledger systems, dozens of internally/externally managed Excel files, and an entirely manual process to consolidate and prepare footnotes
• Number of parties involved and the manual process exposed us to serious data integrity risks

Compliance:

• Federal and state tax return preparation was fully outsourced at significant cost
  • Limited control over timing of return filing: many returns filed close to deadlines, leaving little time for review
  • Difficult to provide audit support without additional cost and coordination as ledger mapping and supporting schedules resided with external vendors

Solution

CSC Corptax^® Professional Services helped us rapidly implement CSC Corptax^® Compliance, Provision, and Office for insurance. With all tax data in one place, we seamlessly consolidate for the provision, fully control federal return preparation, and instantly access our tax data.

• Using Corptax Office, adjustment workpapers are standardized and cleanly calculate and push adjustments into Corptax from the trial balance
• Corptax Compliance combines all subsidiary inputs and deferreds into a consolidated group with consistent presentation of the return across the entire company
• Ability to view RTP in real time because provision and compliance data is all in one place
• Can utilize all provision calculations and copy them over to tax returns in an instant
• International calculations streamlined and organized

Results

Now, we control provision and compliance in-house using the highly scalable and cost-efficient Corptax platform.

• $700,000 annual reduction in outsource fees after software costs
• 1 full week saved on the close process
• 4-month early filing of mixed group return, accelerating refund claims
• One team (us!) manages all of our tax data for faster modelling and footnote preparation and reduced data risks
• Full detail and insight into how our returns are prepared allow for ownership and ease of audit support