Financial Statement Tax Provision (ASC 740), Preparation & Review

Companies today operate in an increasingly complex tax and regulatory setting that is constantly changing. This environment creates a need for accurate accounting for income taxes which has become increasingly challenging. With increased scrutiny from regulatory agencies and the capital markets, many organizations are finding the highly complex and time intensive calculation of the tax provision to be a strain on already limited resources.

Whitley Penn has a team of professionals experienced in working with tax provisions. We can tailor our services to your specific needs through a full outsource or collaboration with your internal tax accounting team. This assistance will result in better control over your tax accounting function, more time to focus on strategic aspects of your business, and more timely financial statement closings.

Whitley Penn can assist you in the following key areas:

  • Tax accounting and reporting: Assist, prepare or review interim and annual tax provision calculations, including supporting analysis to support necessary valuation allowances, fixed asset and other book/tax differences, foreign calculations and assertions.
  • Tax balance sheet presentation: Assist in determining current and deferred income tax accounts with supporting documentation.
  • Transaction documentation: Assist in tax accounting related to acquisitions and dispositions.
  • Tax provision consulting: Assist in tax accounting treatment on complex standalone items during the year, including uncertain tax position (ASC-740-10) consulting
  • State and local tax matters: Assist in calculating state and local tax consequences and related exposures of your operations and incorporating into your financial statements.
  • Foreign tax matters: Assist in incorporating the aspects of foreign business activities in your consolidated financial statements, as well as documenting supporting positions.