Regulatory uncertainty meets unmatched clarity

To manage this nonstop change, Cowen’s tax department chose Checkpoint Edge as their tax research tool. “We know what we need to do, we need to do it in a client-friendly way, and we need to do it in a smart way,” Gassman says. “We look at technology. We engage vendors; we engage technology solutions and our business partners to drive compliance with tax regulations.”

Monitoring new developments starts with news from Checkpoint Edge. Daily newsletters cover developments from the IRS, state tax agencies, global tax authorities, as well as commentary from leading tax practitioners and insights from industry conferences. “We are taking in all of the news and we are trying to dissect and look for the biggest problems on the horizon so we can inform our counterparties and clients,” explains Gassman. “We’re able to aggregate that information and provide it to clients so there’s transparency, time for business planning, and solutions in place to be compliant,” he adds.

Easily manage multiple jurisdictions with customizable charts

Cowen operates in multiple countries, states, and municipalities — each with its own rules and requirements. Understanding the nuances of laws and how they apply across different jurisdictions is a time-consuming task. With the right tools — like international and state charts from Checkpoint Edge — organizations can quickly generate custom reports with each jurisdiction’s rule, the controlling authority, and links to analysis from Checkpoint’s editorial team of experts.

“With the charting tool,” says Gassman, “you’re comparing apples to apples. You understand what your deadlines are, what your obligations are, and what your nexus is. The charts allow you to customize for what you need.”

Checkpoint Edge enables Cowen’s staff to be responsive to clients. Gassman continues, “They feel good about their job, and it's another tool that they have in their toolbox to be able to manage client inquiries, to be able to manage all sorts of challenges or new projects and initiatives that come up every day.”

Bring more work in-house and reduce outside advisor expense

“Many years ago, we didn't use Checkpoint in the international space,” recalls Gassman. “What we found was that every time we had to call our outside advisors, it would be very expensive and it would also delay the response to our clients.”

All of that changed when Cowen added international tax resources from Checkpoint Edge: “It does two things right away: first, it means the people who are having discussions with our advisors are already very well-versed in the matter. When we come to the table, we already understand the rules. Two, the conversation now focuses on particular pain points — ‘Here are the four questions we have’ or ‘here's the information we're not clear on.’” Checkpoint Edge reduces the learning curve, allowing Cowen’s tax department to bring more work in-house.

Reducing outside advisor expense was a key driver for Cowen’s choice to purchase an expanded set of resources on Checkpoint Edge. “Now, we're doing all that research in advance,” says Gassman. “We now have this tool that gives us the news, gives us the up-to-date rules; we can read it in layman’s terms, chart the difference between all the countries or states, and formulate a plan. If we still have some questions, the cost to go to a local tax advisor goes down tremendously. This tool is very powerful for that.”