Home - TaxFunction

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.

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 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 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.

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.

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.

Clean energy project prevailing wage rate and apprenticeship requirements issued

The IRS releases guidance on wage and apprenticeship requirements for enhanced tax benefits under clean energy provisions of the Inflation Reduction Act.

AICPA recommends changes to IRS draft revisions for Schedule UTP

The AICPA said the current draft of Schedule UTP, Uncertain Tax Position Statement, places a “significant burden” on both taxpayers and practitioners.

TIGTA: Taxpayers would benefit if IRS used digital communications tools appropriately

An audit report from TIGTA says taxpayers would benefit if the IRS used digital communications tools appropriately. The IRS challenged much of the audit report, including saying that TIGTA didn’t understand some of the agency’s objectives for its digital communications program.

Proposed regulations provide guidance on foreign tax credit rules

Proposed foreign tax credit regulations provide guidance on the reattribution asset rule for purposes of allocating and apportioning foreign taxes, the cost recovery requirement, and the application of the source-based attribution requirement to withholding tax on royalty payments.

Congressional report criticizes contractor used by IRS during pandemic

The statement says ID.me inflated the amount of work it could provide and the amount of federal dollars lost to pandemic fraud, the latter in an effort to increase demand for its services. In his response, the CEO says he would not use such a crisis to help his company.

View All Feeds

Inflation drives pessimism and fuels potential challenges

More CPA decision-makers are pessimistic about the state of the U.S. and global economies, according to the quarterly Business and Industry Economic Outlook Survey.

Clean energy project prevailing wage rate and apprenticeship requirements issued

The IRS releases guidance on wage and apprenticeship requirements for enhanced tax benefits under clean energy provisions of the Inflation Reduction Act.

FASB proposes update to leases guidance

FASB is seeking comments on a proposed Accounting Standards Update intended to improve accounting guidance on related-party arrangements between entities under common control.

SEC accepting Professional Accounting Fellow applications

The SEC’s Office of the Chief Accountant is accepting applications for Professional Accounting Fellow positions that will begin in the summer of 2023.

Audit committee disclosures increase, right along with workload

A Center for Audit Quality report reveals an increase in public company audit committee disclosures, particularly related to cybersecurity, while an accompanying report aims to help audit committees manage their growing list of responsibilities.

View All Feeds

‘Momentous’ UN resolution sets stage for tax clash with OECD

The UN’s decision to seek a leadership role in global tax policy could be a crucial turning point but won’t be the end of the OECD, say tax experts.

Partial double taxation for Norwegian investors when selling a partnership interest

Terje Bogaard of Deloitte Norway explains a ruling by the Norwegian Tax Appeal Board on the taxable gain when selling a partnership interest and the options to resolve the double taxation issue created.

This week in tax: UN votes to take tax leadership role

The UN may be set to assume a global role in tax policy that would rival the OECD, while automakers lobby the US to change its tax rules on Chinese materials.

ITR Awards 2023 opens for submissions

ITR invites tax firms, in-house teams, and tax professionals to make submissions for the 2023 ITR Tax Awards in Asia-Pacific, Europe Middle East & Africa, and the Americas.

MNEs shift profits to low-tax jurisdictions despite BEPS: report

An OECD report reveals multinationals have continued to shift profits to low-tax jurisdictions, reinforcing the case for strong multilateral action in response.

View All Feeds

ITR Awards 2023 opens for submissions

ITR invites tax firms, in-house teams, and tax professionals to make submissions for the 2023 ITR Tax Awards in Asia-Pacific, Europe Middle East & Africa, and the Americas.

This week in tax: UK raises windfall tax, Ireland considers reform

The UK government announced plans to increase taxes on oil and gas profits, while the Irish government considers its next move on tax reform.

The European Commission’s CBAM: threat or opportunity?

As the adoption of the CBAM moves ever closer, Giovanni Gijsels, Alexis De Méyère, and Melodie Geurts of PwC Belgium consider the impact of the mechanism on importers and how they should prepare.

Updated prices for the calculation of export duties in Indonesia

Endy Arya Yoga and Egar Adipratama of GNV Consulting summarise significant Indonesian changes regarding export prices, the luxury goods reporting system for government business partners, and the objection process for customs and excise disputes.

This week in tax: US midterms could spell tax gridlock

The midterm election results could spell gridlock on tax policy for the next two years, while the Dutch tax authorities are cooperating with Italy’s VAT investigation into Booking.com.

View All Feeds

Preparing for pillar two: why automating OTP should be at the top of your to-do list

With transfer pricing complexities set to increase in 2023, Rahila Zahin of ARKK explains how automating processes can help.

ITR Awards 2023 opens for submissions

ITR invites tax firms, in-house teams, and tax professionals to make submissions for the 2023 ITR Tax Awards in Asia-Pacific, Europe Middle East & Africa, and the Americas.

TP strategies hampered by tax authority and customs conflicts

Tax authorities and customs are failing multinationals by creating uncertainty with contradictory assessment and guidance, say in-house tax directors.