Accounting for Income Taxes (ASC 740)

Complexity Made Simple

Income tax provision reporting requirements have become more complex as tax professionals work to comply with tax accounting standards under US GAAP and IFRS. This complexity increases the likelihood of complications.

In recent years controls around the accounting for income taxes have been a critical source of material weakness in companies’ internal controls over financial reporting. Accounting for income taxes has also been a primary reason for restating financial statements.

Our tax professionals are 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, QuickBooks, and others, as well as broader enterprise-enabled systems such as ERP and financial reporting consolidation platforms. We can assist your company with:

  • SOX consulting relative to income tax provisions
  • Provision review prior to submission to audit team
  • Provision preparation
  • Outsourced tax return work

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