Accounting for Income Taxes (ASC 740)

Making provisions for income taxes can be challenging for preparers, users and auditors. Accounting for taxes under ASC 740 is evolving due to the manner in which federal, local and foreign governments levy taxes.

EisnerAmper Corporate Tax group can assist with the following ASC 740 and ASC 740-10 related projects:

Deferred tax validation projects
Tax basis balance sheet support
Remediation and restatement assistance
Financial statement carve-out support
Uncertain tax position (ASC 740-10) consulting
Tax provision software implementation (OneSource Tax Provision)
Tax provision review services
Issue-specific tax accounting consulting, including:

valuation allowance assessments
business combinations (purchase accounting)
intraperiod allocations
FAS 123(R) - APIC pool tracking, and accounting for stock-based compensation

We can help you address problems you may be experiencing such as:

Lacking integration of tax accounting and reporting into the finance function
The emergence of new reporting considerations such as Uncertain Tax Positions (UTP) or the globalization of International Financial Reporting Standards
Lacking skilled tax accounting resources, in the U.S. as well as overseas, to help them meet today's tax accounting and reporting challenges
The strain of managing the increasing tax accounting and reporting burden has resulted in decreased employee morale and/or increased employee turnover

Benefits include:

Better control over your tax accounting function
Reduced risk through improved controls and documentation
Improved processes and efficiency through expanding the integration of your tax compliance and accounting functions
More time to focus on more strategic aspects of your business
Minimize potential review comments by your external auditor on accounting for income tax matters
More timely financial statement closings