Best practices for the family office tax function
Historically, family offices hired individuals with previous public accounting experience, many of whom were tax professionals, to build a successful tax function. Although this is still a common practice for many family offices, the complexities and changing tax environment have led family offices to consider alternative approaches to meet the tax needs of the family. But in order for a family office to maintain the necessary software, provide appropriate levels of review, and stay abreast of tax law changes, the internal tax function must do one of two things: have the capacity to scale or take a “skinny” aka hybrid approach.
We explain the importance of a best-in-class tax function for the overall strategy and success of the family office and share best practices to strengthen your family office’s tax capabilities.