Accounting & Reporting for Income Taxes
Tax provision calculations have become increasingly challenging due to ever-changing tax laws and financial reporting guidance, global business expansion, operational evolution, and resource constraints.
Is your company:
- Facing a significant deficiency or material weakness in the area of income tax or compensation reporting?
- Considering any significant acquisition, merger, or sale transactions?
- Planning for domestic or foreign expansion?
- Concerned with the expiration of income tax attributes?
- Revising its equity compensation plans?
- Undergoing a federal or state income tax audit?
- Concerned about nexus in states, or permanent establishments outside the U.S.?
- Struggling to hire the internal tax department talent that you need?
- Considering outsourcing all or part of your tax provision function?
Any of these situations above can — and should — impact both the ASC 740 income tax provision process and final ASC 740 reporting and disclosures. Andersen Tax is a proven resource to assist dynamic companies in timely addressing the complexities of ASC 740 reporting.
Many companies have turned to Andersen Tax to assist in addressing these challenges because of our ability to identify issues early in the process which translates into timely, informed and favorable results.
Andersen Tax professionals serve a wide range of companies, both public and private from early stage to global Fortune 500. Our clients know that they can count on Andersen Tax to provide ASC 740 services to meet their changing needs as their businesses evolve. The Andersen Tax approach is "hands on," which means more partner level attention and timely, highly experienced, and informed responsiveness.
Andersen Tax is the solution for companies that want to team with their service provider and minimize unforeseen issues that can arise during an audit. The ASC 740 reporting and disclosures must adhere to guidance set forth by Generally Accepted Accounting Principles (GAAP) and the Financial Accounting Standards Board (FASB). We assist our clients in staying abreast of changes in this regulatory guidance. Our in-depth technical knowledge in a variety of complex tax related matters provides your company with the advantage of visibility into issues and ultimately your overall tax risk and liabilities.
We understand the provision process and have extensive experience working with our clients' audit teams, typically from "Big 4" and regional accounting firms. This experience results in the highest level of quality in our tax provision work, which ensures that your tax provision documentation meets both your expectations and those of your audit firm.
Whether your company intends to outsource the provision process, would like us to work hand-in-hand with your personnel to prepare the provision, or needs assistance on any ASC 740 issue, Andersen Tax will assemble the right team to best address your needs.
Areas of potential complexity that we address frequently:
- Business Acquisitions/Combinations/NOLs & Tax Credits
- Equity Based Compensation
- Uncertain Tax Positions/Income Tax Audits
- International Operations
- State Tax Effective Rate/State Deferred Rate Analysis
- Valuation Allowance Determinations
- Indefinite Reinvestment Conclusions and Documentation (APB 23)
- Intraperiod Allocation Considerations
- Interim Reporting/Discrete Items
- Convertible Debt/Hybrid Instruments
- Outside Basis Differences
- Internal Controls
- Deferred Tax Validation
- Currency Translation Impacts
- Branch Operations
- Join Ventures
- Income Provision Process Improvement
- Integration of Provision and Compliance Process
- Accounting for Tax Law Changes
- Documentation of Income Tax Accounting Policies
- Financial Statement Income Tax Disclosures
- Accounting for Book and/or Tax Accounting Method Changes
- Effective Tax Rate Reconciliations and Analysis
- Initial Public Offerings
- S1 Filings