ASC 740, replacing FAS 109, establishes requirements governing accounting for income taxes. Compliance requires astute issue spotting, correct analysis and clear presentation. TaxGroup is expert in the combination of tax and accounting procedures involved in meeting the standards of ASC 740.
Tax Provision Done By Tax Specialists
We are experienced in detecting and reporting uncertain tax positions and preparing proper disclosures. We are knowledgeable about complex areas of the tax law and how to translate them to financial reports.
We analyze our clients’ deferred tax assets and liabilities, assisting in determining the existence of those items and their correct valuation. We are experienced in evaluating deferred tax assets created by or carried through complex business transactions. We help our clients navigate the labyrinth of limitations and exceptions that can make tax attributes valuable or worthless.
ASC 740 exists for the purpose of tax risk management. Under the Sarbanes-Oxley law (“SOX”) and ASC 740-10 (the successor to FASB Interpretation 48 or “Fin 48”), businesses must maintain proper internal tax controls and procedures to manage and minimize tax risk. We are experienced in SOX compliance for taxes.
Major business transactions can have profound effects on taxpayers’ tax situations. The tax law relating to those transactions is itself complex, its application to financial reporting for taxes more so. With a substantial transactional tax structuring and advisory practice, TaxGroup has the insight to assist in all aspects of tax accounting for transactions.