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: US Urged To Trim Tax Form W-4
The American Institute of CPAs has urged the Internal Revenue Service and the US Treasury Department to simplify the draft 2019 Form W-4, Employee's Withholding Allowance Certificate, and the accompanying instructions, to reduce administrative burdens on taxpayers.
Tax-News.com: IMF Urges US To Hike Indirect Taxes
The International Monetary Fund has recommended that the United States raise indirect taxes to boost revenues, to offset the cost of recent tax cuts and spending increases.
Tax-News.com: IRS Announces Plans To Simplify Personal Income Tax Return
The US Internal Revenue Service has announced plans to streamline the personal income tax return for the 2019 tax filing season, to reflect changes brought about by the Tax Cuts and Jobs Act.
Tax-News.com: Wolters Kluwer Tax Expert Weighs In On Landmark Wayfair Ruling
The decision by the US Supreme Court to drop the physical presence requirement for states to impose sales tax will have an "incredible impact" on states' tax regimes and revenues, according to Mark Friedlich, Senior Director of Tax and Accounting, North America, Wolters Kluwer.
Tax-News.com: US Supreme Court Permits States To Tax Remote Sales
In a landmark decision on June 21, the Supreme Court of the United States overturned existing case law by ruling that a state can collect sales tax on remote sales even when the vendor does not have a physical presence in the state.
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Tax-News.com: Philippines Aiming To Finalize Tax Reform By End Of October
Benjamin Diokno, the Philippines' Budget and Management Secretary, says the Government should secure the passage of all the remaining comprehensive tax reform bills within the next two months.
Tax-News.com: Denmark Invests Further In Tax Administration
Danish Minister of Taxation Karsten Lauritzen has announced that the Government has allocated an additional DKK2.2bn (USD342m) for the modernization of the tax authority's administrative systems in an attempt to strengthen tax collection.
Tax-News.com: Australia, Indonesia Finalize Trade Agreement
Australia and Indonesia have concluded negotiations on a new trading agreement that will eliminate tariffs on a range of products.
Tax-News.com: Finnish Government Reaches 2019 Budget Agreement
A number of incentives have been included in the Finnish Government's 2019 Budget to encourage investment in the shares of both small and listed companies.
Tax-News.com: Australian PM Planning New SME Tax Changes
Australia's new Prime Minister has said his Government is working on plans to help improve the tax competitiveness of small businesses.
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SEC proposes clarifying broker-dealer exemption
The Securities and Exchange Commission proposed an amendment that would correct an error published in 2013 in the exemption provisions in the broker-dealer annual reporting rule.
News quiz: What’s the latest on accountants’ pay?
See how much you know about the news (or catch up on recent reports) with the quiz.
Investors trust auditors, but confidence in U.S. markets drops
Investors continue to show a high degree of confidence that public company auditors are looking out for them, according to a new survey.
IRS extends deadlines in N.C. counties affected by Hurricane Florence
The IRS announced that it is extending tax deadlines starting Sept. 7, 2018, until Jan. 31, 2019, for eight counties in North Carolina.
How cybercriminals prey on victims of natural disasters
Natural disasters such as Hurricane Florence provide cybercriminals with an opportunity to cause further misery for victims and businesses that already are under siege.
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IRS extends deadlines in N.C. counties affected by Hurricane Florence
The IRS announced on Saturday that it is extending tax deadlines starting Sept. 7, 2018, until Jan. 31, 2019, for eight counties in North Carolina.
IRS issues proposed regs. for GILTI inclusions
The IRS issued proposed regulations implementing Sec. 951A’s global intangible low-taxed income provision, which requires a US shareholder of a controlled foreign corporation to include this income in the shareholder’s gross income.
Deemed personal exemption amount introduced for various tax benefits
The IRS issued guidance on how it intends to interpret the exemption amount in tax years 2018 through 2025 in determining who is a qualifying relative for purposes of the various Code provisions that refer to the definition of a dependent in Sec. 152.
Proposed rules would curb avoidance of SALT deduction limit
Here is what practitioners need to know about the IRS’s proposed rules that would curb the deductibility of charitable contributions that qualify for state and local tax credits.
IRS provides initial guidance on new Sec. 162(m)
The IRS issued guidance regarding amended Sec. 162(m), which limits the allowable deduction for remuneration paid by any publicly held corporation to a covered employee to $1 million.
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