In preparing its tax provision, every business must make and document a supportable estimate of its tax liabilities. This work, formerly carried out under FAS 109 but now governed by ASC 740 and related pronouncements, requires proficiency in issue spotting and a fine sense of judgment in resolving tax and accounting issues.

Logo-Bullet Complete Tax Provision Services

TaxGroup’s professionals are expert and efficient in all aspects of tax provision work, including:

  • Researching and preparing written analysis of tax positions
  • Determining whether the positions are “uncertain tax positions”
  • Documenting book-tax differences
  • Distinguishing between temporary book-tax differences and permanent book-tax differences
  • Quantifying deferred tax assets and deferred tax liabilities reporting
  • Determining required valuation allowances for deferred tax assets and deferred tax liabilities

We assist in the preparation of any required financial statement footnotes or other disclosures including those required for Forms 10-Q and 10-K (and, where necessary, under International Financial Reporting Standards or “IFRS”). We are proficient in working with auditors to provide materials that they can properly evaluate in a timely and efficient manner.

Logo-Bullet Complex Tax Matters

TaxGroup is particularly experienced in dealing with complex areas of the tax law, including:

  • State taxes, including tax apportionment and tax allocation
  • Transfer pricing (Internal Revenue Code § 482) risks and issues
  • Income repatriation (APB 23 and Subpart F issues)

We assist, when necessary, with restatements of tax liability. ASC 740, replacing FAS 109, is an accounting standards pronouncement that governs accounting for income taxes. Generally, it requires each reporting business to determine its income tax expense, including separating book-tax differences into temporary and permanent differences, establishing deferred tax assets and deferred tax liabilities to take those book-tax differences into account, establishing appropriate valuation allowances for deferred tax assets and reporting uncertain tax positions.