Income Tax Provisions - ASC 740 and IFRS

PRIMARY CONTACT: James Sayre 

One of the leading causes of financial restatements continues to be the reporting of deferred taxes and valuation allowances. These matters are further complicated with the continuous tax legislation developments across all jurisdictions. 

Additionally, accelerated reporting deadlines along with increased scrutiny placed on proper disclosures create further challenges to comply with all reporting requirements.  It is clear that accounting for income tax grows complex each year and while a significant component of a company’s financial statements, many do not have the necessary resources available internally to prepare their income tax provision calculations. 

Schneiders Downs provides solutions to your company’s needs to ensure appropriate reporting in accordance with ASC 740 (formerly FAS 109). We offer specialists that are dedicated in the area of accounting for income tax and work closely with your accounting department to co-source or outsource the calculations on an annual or quarterly basis based on reporting requirements. 

Our tax accounting specialists provide the following services:

  • Tax provision outsourcing/co-sourcing and support
  • Analysis and support for accounting for uncertain tax positions under ASC 740-10 (formerly FIN 48)
  • Assistance with all required footnote disclosures
  • Audit support services
  • Income tax accounting for purchase accounting related to business combinations
  • Tax accounting training tailored to company needs
  • Assistance in designing and implementing your accounting processes and related internal controls around income tax reporting including SOX documentation
  • Consultation focused on process improvement for internal calculations
  • Tax package preparation for conversion to IFRS

About Schneider Downs Tax Advisors 

With one of the largest regional tax practices in the country, Schneider Downs Tax Advisors’ personal focus on clients and in-depth understanding of current issues ensures that clients are complying with tax filing requirements and maximizing tax benefits. Our industry knowledge and focus ensures delivery of technical tax strategies which can be implemented as practical business initiatives. Learn more at www.schneiderdowns.com/tax-services.

case studies
 
                                    Company impacted by ransomware.
big problem:
Company impacted by ransomware.
big thinking:
Restore system on-site and avoid six-figure ransom.
 
                                    Inefficient tax credit realization.
big problem:
Inefficient tax credit realization.
big thinking:
Identified a $900,000 tax credit, nearly twice as much as prior years.
our thoughts on

IRS Gave the Gift of Higher Estate and Gift Tax Limits for 2023

Learn more about how you can give tax-free gifts in 2023 due to Rev. Proc. 2022-38.

read more >

Join us this December for “CPE Month”

Join Schneider downs for our annual year-end Continuing Professional Education (CPE) presentation events to help you stay current on the latest trends and developments in the industry.

read more >

Individual Tax Filing Season to Begin January 24

Learn more about US individual tax filing season beginning when the agency starts accepting and processing 2021 tax returns on January 24, 2022.

read more >

New Pennsylvania Electronic Payment Requirements for Personal Tax Payments Greater than $15,000 Beginning January 1, 2022.

Learn more about the January 1, 2022 requirement that personal income tax payments equal to or greater than $15,000 must be paid electronically.

read more >

Estates and Trusts Tax Update - November 2021

Get the latest estates and trusts tax updates from our estate planning professionals.

read more >

IRS Extends Federal Individual Tax Filing Deadline. State deadlines to follow?

Learn more about the IRS extension for individual tax filing season by 1 month until May 17, 2021.

read more >

Remember to File Your BE Benchmark Survey

Every five years, the Benchmark Survey of U.S. Direct Investment in Foreign Business Enterprises is conducted by the Bureau of Economic Analysis (BEA),

read more >
contact us

This site uses cookies to ensure that we give you the best user experience. Cookies assist in navigation, analyzing traffic and in our marketing efforts as described in our Privacy Policy.

×