Accounting for Income Taxes (ASC 740)

As income tax provision reporting requirements become increasingly complex, professionals are working harder to comply with tax accounting standards under US generally accepted accounting principles (GAAP) and International Financial Reporting Standards, or IFRS. And with tax reform passing late in 2017, there are several additional disclosures and exercises with new and lasting impacts—making compliance even more complicated.

Controls around the accounting for income taxes can be a critical source of material weakness in a company’s internal controls over financial reporting. Accounting for income taxes can also be a primary reason for restating financial statements.

How We Serve You

Our industry-smart tax professionals can help. They’re technically proficient in the many aspects of tax accounting and compliance and skilled in the tax technology products available in today’s market, including ProSystems, OneSource, Corptax, and QuickBooks, as well as broader enterprise-enabled systems such as ERP and financial reporting consolidation platforms.

Our Services

Here are a few ways we can help your company:

• Consultation on tax provision-related reporting issues, including impacts of recently-passed tax reform
• Tax provision review prior to submission to external audit team
• Full-scope tax provision preparation
• Internal controls assistance and consulting relative to income tax provisions