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: 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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States sue over state and local tax deduction cap
Four states have sued in U.S. district court, asking to invalidate the $10,000 limit on the deduction for state and local taxes enacted as part of last year’s tax overhaul.
Many tax-exempt organizations no longer need to list donor information
News IRS procedures eliminate the requirement for many exempt organizations to list certain substantial donors’ names and addresses on some forms.
FASB issues standard devoted to minor codification improvements
FASB made clarifying changes and corrected unintended application of guidance in a standard that updates its Accounting Standards Codification.
FASB memos shed light on private company revenue recognition issues
Two FASB staff memos issued last month provide insight to private company financial statement preparers on how to overcome implementation challenges that some have encountered with the new revenue recognition standard.
AICPA: 2019 Form W-4 needs to be simplified
The AICPA’s Tax Executive Committee sent a letter to the IRS, urging the Service to simplify the proposed draft 2019 Form W-4, Employee’s Withholding Allowance Certificate.
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States sue over state and local tax deduction cap
Four states have sued in U.S. district court, asking to invalidate the $10,000 limit on the deduction for state and local taxes enacted as part of last year’s tax overhaul.
Many tax-exempt organizations no longer need to list donor information
News IRS procedures eliminate the requirement for many exempt organizations to list certain substantial donors’ names and addresses on some forms.
AICPA: 2019 Form W-4 needs to be simplified
The AICPA’s Tax Executive Committee sent a letter to the IRS, urging the Service to simplify the proposed draft 2019 Form W-4, Employee’s Withholding Allowance Certificate.
Tax practitioners are warned to safeguard client data
The IRS warned that it is increasingly difficult for it to recognize fraudulent tax returns as cybercriminals succeed in getting more and more accurate information.
Form 1040 to be shorter but with more schedules
The IRS is working on a draft version of the 2018 Form 1040, U.S. Individual Income Tax Return, that reduces the size of the form to two half-pages in length and eliminates more than 50 lines.
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