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 CPAs Recommend Easing Tax Rules On Partners Of Audited Firms
The American Institute of Certified Public Accountants has recommended that proposed regulations regarding the Centralized Partnership Audit Regime should provide "maximum flexibility" in adjusting the tax attributes of an audited partnership and its partners.
Tax-News.com: IRS Proposes To Prioritize Tax Cuts And Jobs Act Guidance
The United States Treasury Department and the Internal Revenue Service will delay a number of guidance projects until later years as they prioritize guidance connected with the tax reform provisions in the Tax Cuts and Jobs Act.
Tax-News.com: IRS Issues Guide On New Depreciation And Expensing Rules
The United States Internal Revenue Service has issued a new fact sheet explaining the new deprecation and expensing rules included in the Tax Cuts and Jobs Act.
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.
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Tax-News.com: India Announces Plans To Simplify GST Filing, Overhaul Refund System
Meeting on May 4, 2018, India's GST Council approved plans to simplify GST filing obligations.
Tax-News.com: S Korea Issues Guide For Foreign Taxpayers
South Korea's National Tax Service has released guidance in English for foreign taxpayers to comply with their South Korean tax affairs.
Tax-News.com: UAE Waives VAT On Precious Metals Trading
The UAE's Cabinet has announced that wholesale trading in gold and diamonds will be made exempt from value-added tax.
Tax-News.com: Australia To Scrutinize Company Vehicle Tax Claims
The Australian Taxation Office has said that it will be examining claims for car expenses this tax time as part of a broader focus on work-related expenses.
Tax-News.com: Malta Ratifies BEPS Convention
Malta has become the latest country to ratify the OECD's multilateral convention to counter base erosion and profit shifting.
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Tech, people skills are key as accountants face changing demands
To be prepared for the future, accountants need to develop technical competencies, people skills and an agile mindset, the AICPA’s Clar Rosso said during the spring meeting of the AICPA governing Council.
New skills essential for thriving amid digital disruption
Technological advancements have made it necessary for professionals and leaders to develop new skills to help their organizations thrive.
GASB issues implementation guidance
New implementation guidance issued by the GASB is designed to clarify, explain or elaborate on state and local government accounting standards.
Helping CPAs grasp the fundamentals of global power
The U.S. is headed for turbulence economically and politically over the next few years, geopolitical analyst Jacob Shapiro said during an AICPA spring governing Council session.
How accounting firms can tap into benefits of AI
The technology can help empower existing professionals, not necessarily remove them, particularly in specialist fields.
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Charitable contribution procedures updated
The IRS issued new procedures for contributions to charitable organizations, including rules for when donors can rely on the information about an organization’s tax-exempt status on the IRS database Tax Exempt Organization Search.
AICPA recommends flexibility in partnership audits
The IRS should provide a simplified adjustment procedure for partnership audits, the AICPA recommended in a letter to the IRS Chief Counsel’s Office.
IRS issues HSA contribution limits for 2019
The IRS issued the inflation-adjusted contribution limits for 2019 for health savings accounts.
IRS updates automatic accounting method change procedures
The IRS issued updated procedures for automatic accounting method changes. The new rules generally apply to changes on or after May 9, 2018.
Small businesses should guard against tax-return identity theft
The IRS urged small businesses to be wary of a growing amount of identity theft attempts aimed at employers and small businesses in general, and partnerships and trusts and estates.
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