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: Malaysia To Phase Out 'Harmful' Tax Regime
Malaysia has suspended its MSC Malaysia tax regime, pending changes to bring it into line with recommendations from the OECD's Base Erosion and Profit Shifting initiative.
Tax-News.com: BEPS Project Has Triggered Near-Global Tax Reform: OECD
The OECD has committed to providing proposals to fix the taxation of the digital economy by 2020, in an update to G20 leaders on international efforts to mitigate base erosion and profit shifting (BEPS).
Tax-News.com: Switzerland Throws Weight Behind Global Digital Tax Fix
Switzerland wants to see the introduction of an internationally applicable standard for the taxation of the digital economy.
Tax-News.com: Spain's PM Proposes Minimum Corporate Tax Burden
Spanish Prime Minister Pedro Sanchez has pledged to reform Spain's corporate tax rules so that companies pay an effective rate no lower than 15 percent.
Tax-News.com: UK Must Leave EU VAT Area, UK's Lower House Votes
Upon leaving the European Union, the UK should not be included in the EU VAT area and adopt its own specific VAT regime, UK lawmakers agreed on July 16, 2018, in a move that may derail the Government's efforts to agree a Brexit transition period to cushion the impact of Brexit on firms.
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Independence interpretation on hosting services gets new effective date
The effective date of the new “Hosting Services” interpretation in the AICPA’s “Independence Rule” has been extended 10 months by the AICPA Professional Ethics Executive Committee.
FASB proposes lessor accounting amendments
Amendments proposed by FASB are intended to make implementation of the new lease accounting standard easier and less costly for lessors.
FinREC issues working drafts on credit loss accounting issues
The AICPA’s Financial Reporting Executive Committee (FinREC) has issued working drafts of accounting issues related to implementation of FASB’s new standard for accounting for credit losses.
Tolerance for high risk puts Americans’ investments in jeopardy
Many Americans see a volatile stock market as a way to make a quick profit through short-term buying and selling, according to a new poll.
Qualified business income deduction regs. proposed
The IRS issued guidance on the new Sec. 199A deduction for qualified business income in the form of proposed regulations and a separate notice on how to calculate W-2 wages for those purposes.
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Qualified business income deduction regs. proposed
The IRS issued guidance on the new Sec. 199A deduction for qualified business income in the form of proposed regulations and a separate notice on how to calculate W-2 wages for those purposes.
Final regs. govern who can be a partnership representative
The IRS finalized proposed regulations under Sec. 6223 on the procedures for designating a partnership representative and the authority of the partnership representative under the centralized partnership audit regime.
Ninth Circuit withdraws Altera opinion
The order announcing the withdrawal says it is being done “to allow time for the reconstituted panel to confer on this appeal.”
IRS issues proposed regs. on 100% bonus depreciation
The IRS issued proposed regulations providing guidance on the new tax law’s amendments to Sec. 168(k), which increased bonus depreciation for qualifying property from 50% to 100%, generally effective for property acquired and placed in service after Sept. 27, 2017.
Proposed regs. address several transition tax issues
The IRS issued proposed regulations on the Sec. 965 transition tax that requires U.S. shareholders of deferred foreign income corporations to pay tax on post-1986 deferred income.
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