Welcome To TaxFunction.com
About Us
Integrating technology and functionality to improve tax function effectiveness.TaxFunction Consulting
Experienced tax professionals specializing in corporate tax accounting and advisory services.Tools & Resources
Extensive collection of organized tools and resources.
Integrated Tax Lifecycle
The Tax Lifecycle is a continuous progression generally started with an enterprise’s annual income tax provision and continuing through the planning and forecasting phases. The process is tied to various regulatory deadlines and must be adhered to.Provision & Financial Statement Audit
At the close of every year and quarter, companies recognize income tax expense or benefit in accordance with FASB Accounting Standards Codification 740, Income Taxes (ASC 740). ASC 740 prescribes the methodology for the recognition, measurement and disclosure of income taxes.Extensions
Due to the time constraints endured during the compressed tax accounting close, enterprises generally extend their tax compliance obligations to afford additional time to file income tax returns.Estimated Tax Payments
Companies need to comply with various federal, state, local and country specific rules and regulations to remit estimated tax payments periodically throughout the tax year.Tax Compliance
Companies prepare and file their annual income tax returns following a set of jurisdiction-based complex rules and regulations which are subject to ongoing change.Budgeting & Forecasting
Due to the generally large cash outlays required during the tax year, tax obligations should be forecasted to ensure coordination with overall business operations.Tax Planning & Reporting
As one of the largest expenses on a company’s income statement, income tax planning is necessary to ensure obligations are met without sacrificing tax efficiency.Amended Tax Returns
Due to a multitude of factors, companies may be required to amend previously filed tax returns that may increase or decrease the amount of tax previously reported.Tax Authority Audits & Defense
Tax returns are subject to the scrutiny of the various taxing jurisdictions in which a company operates or may be deemed operating.Tax-News.com: Mauritius's FATCA Filing Deadline July 31
The Mauritius Revenue Authority on June 11, 2018, warned those financial institutions required to report information on the accounts of US persons under the US Financial Account Tax Compliance Act that declarations are required by July 31, 2018.
Tax-News.com: DeFazio Tables US Anti-Profit Shifting Bill
US congressman Peter DeFazio (D-OR) has introduced legislation designed to amend the Tax Cuts and Jobs Act so that incentives for US corporations to shift income and production overseas are reduced.
Tax-News.com: TCJA Encourages Firms To Shift Profits Offshore, Says ITEP
Aspects of the tax reform legislation in the United States continue to provide an incentive for companies to shift profits offshore by providing more favorable tax treatment to foreign income than domestic profits, the Institute on Taxation and Economic Policy has said.
Tax-News.com: Canada Told To Sharpen Corporate Tax Competitiveness
The IMF has said that the recent changes to the US tax system could make Canada a less attractive destination for investment.
Tax-News.com: AICPA Urges IRS To Augment Virtual Currency Guidance
The American Institute of CPAs has urged the Internal Revenue Service to supplement its guidance on the tax treatment of virtual currency transactions with answers to a set of frequently asked questions.
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Tax-News.com: TCJA Encourages Firms To Shift Profits Offshore, Says ITEP
Aspects of the tax reform legislation in the United States continue to provide an incentive for companies to shift profits offshore by providing more favorable tax treatment to foreign income than domestic profits, the Institute on Taxation and Economic Policy has said.
Tax-News.com: India To Expedite Resolution Of Tax Disputes In June
India's Central Board of Direct Taxation announced on June 7, 2018, that during the first two months of June tax officials have been tasked with resolving disputes with taxpayers.
Tax-News.com: Canada Told To Sharpen Corporate Tax Competitiveness
The IMF has said that the recent changes to the US tax system could make Canada a less attractive destination for investment.
Tax-News.com: Switzerland To Amend Anti-Money Laundering Law
The Swiss Government is consulting on proposed amendments to the Anti-Money Laundering Act.
Tax-News.com: Just Three Signatories For HMRC's Digital Marketplace VAT Pact
The UK tax agency, HM Revenue and Customs, has disclosed that just three online marketplaces have so far signed up to its voluntary agreement on supporting VAT compliance: Amazon, eBay, and Fruugo.
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Proposal would clarify exception to client confidentiality rule
Under a proposal issued by the AICPA Professional Ethics Executive Committee, certain reviews of a tax practice would be explicitly included in exceptions to AICPA Professional Standards client information disclosure rules.
A new playing field for business
The Supreme Court’s decision on sales tax collection could give smaller companies that rely on in-store sales a better chance to compete with virtual retailers.
GASB addresses interest cost incurred before a construction period ends
State and local governments will provide new information to financial statement users under a standard GASB issued that establishes accounting rules for accounting for interest cost incurred before the end of a construction period.
FASB clarifies accounting for grants and contributions
The ASU seeks to simplify accounting for grants and similar contracts awarded by governments to not-for-profits.
Supreme Court overturns Quill’s physical presence requirement
The U.S. Supreme Court on Thursday held that states can assert nexus for sales and use tax purposes without requiring a seller’s physical presence in the state.
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Supreme Court overturns Quill’s physical presence requirement
The U.S. Supreme Court held that states can assert nexus for sales and use tax purposes without requiring a seller’s physical presence in the state.
Disguised-sale partnership regs. withdrawn
The IRS announced that it was withdrawing temporary regulations on the treatment of partnership liabilities for disguised-sale purposes and proposing to reinstate the old rules.
AICPA advocates for IRS tax guidance priorities
The AICPA sent a letter to the IRS with recommendations for items of tax guidance that should be priorities for the Service to issue from July 1, 2018, to June 30, 2019.
Draft 2019 Form W-4 and instructions posted
The IRS released a draft Form W-4, Employee’s Withholding Allowance Certificate, and its instructions, for individual taxpayers to use to determine their income tax withholding for 2019.
Sec. 965 transition tax penalty relief issued
The IRS announced relief from late-payment penalties and that it will allow late elections for taxpayers subject to the new Sec. 965 transition tax on deemed repatriated foreign earnings.
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