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: German Industry Cautions Against EU Digital Tax
The Federal Association of German Industry has said that proposals for a tax on digital companies will be detrimental to the European economy and exacerbate trade tensions between Europe and the United States.
Tax-News.com: Guam To Launch Tax Amnesty
The Government of Guam, a US territory located in the Pacific, has announced proposals for a temporary tax amnesty program.
Tax-News.com: US House Lawmakers Considering IRS Overhaul
The Ways and Means Committee of the US House of Representatives considered bills to overhaul the Internal Revenue Service (IRS) and strengthen taxpayer protections at its recent markup session.
Tax-News.com: Global Tax, Trade Policies Could Dent Ireland's Growth Potential
The Central Bank of Ireland has identified the changing global tax and trade landscapes and Brexit as potential risks for Ireland's economy.
Tax-News.com: US Supreme Court To Begin Review Of Quill Decision April 17
The US Supreme Court is to hear arguments on whether states should be allowed to tax online retailers not based within a state's borders, in South Dakota v. Wayfair, on April 17, 2018.
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Tax-News.com: Time For Latin America, Caribbean To Hike Tax: World Bank
With economic recovery being reported in Latin American and Caribbean states, a new World Bank report says governments must now look to fiscal policy to reduce their deficits.
Tax-News.com: Switzerland Adopts Dispatch On New DTAs
The Swiss Federal Council has adopted dispatches on a new double tax agreement with Zambia and a protocol to the current agreement with Ecuador.
Tax-News.com: UK Revisits Proposed BEPS Changes To Its Double Tax Treaties
The UK tax agency, HM Revenue and Customs, on April 16, 2018, released proposed changes to the list of amendments it intends to make to its bilateral double tax avoidance agreements through the OECD's base erosion and profit shifting multilateral instrument.
Tax-News.com: New Zealand Confirms Virtual Currencies Are Property For Tax Purposes
New Zealand has joined a number of territories in confirming this month that virtual currency transactions are taxable as property, in new guidance that was issued at the beginning of the month.
Tax-News.com: German Industry Cautions Against EU Digital Tax
The Federal Association of German Industry has said that proposals for a tax on digital companies will be detrimental to the European economy and exacerbate trade tensions between Europe and the United States.
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Automation in finance: Get your team ready
Thanks to numerous technological advances, many routine accounting and finance tasks are likely to be automated in the near future.
News quiz: Some tax regulations get extra review
The changing of a 35-year-old practice involving Treasury regulations was among the news reported on the JofA online recently. Other reports dealt with identity theft and data breaches, innovation and risk management, and changing accounting standards. See how much you know about the news with this short quiz.
The ideal time to review your finances
Having too large a tax refund, or having to pay too much in taxes, can be a sign that your financial plan needs revising.
Supreme Court hears oral arguments in sales tax nexus case
The Supreme Court heard oral arguments in a case with broad remote sales tax collection ramifications.
IRS computer crash prompts deadline extension
After the IRS’s Modernized e-File and Direct Pay systems were not in operation for most of the day on Tuesday, the IRS extended the filing and payment deadline for 2017 individual tax returns until midnight on Wednesday, April 18.
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Supreme Court hears oral arguments in sales tax nexus case
The Supreme Court heard oral arguments in a case with broad remote sales tax collection ramifications.
IRS computer crash prompts deadline extension
After the IRS’s Modernized e-File and Direct Pay systems were not in operation for most of the day on Tuesday, the IRS extended the filing and payment deadline for 2017 individual tax returns until midnight on Wednesday, April 18.
Treasury regulations to be subject to OMB review
The Treasury Department and the White House’s Office of Management and Budget have agreed to change the procedures under which Treasury regulations are reviewed.
IRS guidance addresses limitations on business interest expense
The IRS has issued initial guidance on the new rules governing the deductibility of business interest in Sec. 163(j), as amended by the Tax Cuts and Jobs Act of 2017.
Federal spending bill includes tax provisions
The $1.3 trillion spending bill passed by Congress includes IRS funding and tax-related technical corrections, including changes to the centralized partnership audit regime.
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