Our Tax Technology Solutions
Cloud based technology designed to drive greater tax function effectiveness and efficiency
Tax Technology BEYOND the Spreadsheet
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.
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.
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.
On December 13, 2018, the United States Internal Revenue Service issued proposed regulations on the operation of the base erosion and anti-abuse tax, contained in Section 59A of the Internal Revenue Code.
Last year, the tax burden in OECD countries reached its highest level recorded, at 34.2 percent of gross domestic product, up 20 basis points on 2016, largely due to increasing taxes on personal consumption and companies.
Releasing a progress update, the OECD said international efforts to curb harmful tax practices and prevent the misuse of preferential tax regimes are having a tangible impact worldwide.
The Financial Accounting Standards Board (FASB) on October 31 issued Accounting Standards Update 2018-17, intended to reduce the cost and complexity of financial reporting associated with consolidation of variable interest entities (VIEs), for which consolidation is not based on a majority of voting rights.
Estonia has topped the Tax Foundation's International Tax Competitiveness Index for the fifth successive year, being deemed to have the "best tax code in the OECD."
Each of the Crown Dependencies – Jersey, Guernsey, and the Isle of Man – have tabled legislation that will introduce new substance requirements for tax-resident firms engaged in certain industries from January 1, 2019.
Seychelles has enacted numerous legislative amendments that are intended to enable Seychelles to comply with the OECD's base erosion and profit shifting (BEPS) minimum standards.
Significant changes to the way that businesses should account for value-added tax on vouchers will become effective on January 1, 2019.
Canada's small business tax rate will be reduced from 10 percent to nine percent from January 1, 2019, as part of a suite of new year tax changes.
Greece will gradually lower the rate of corporate tax over the next four years, under proposals announced in September and recently approved by the Greek parliament.
The National Association of State Boards of Accountancy (NASBA) is proposing changes to the Uniform Accountancy Act (UAA) Model Rules related to peer review programs.
GASB published a proposed implementation guide that provides questions and answers about the board’s new standards for state and local government accounting and financial reporting for fiduciary activities.
The AICPA Auditing Standards Board voted to issue a new standard that will more closely align generally accepted auditing standards and the Public Company Accounting Oversight Board’s standards.
New PCAOB rules require disclosure of critical audit matters encountered by auditors during the engagement. Here are some suggestions firms can use to identify critical audit matters.
The PCAOB voted to approve a new standard and amendments for auditing accounting estimates, including fair value measurements, and using the work of specialists.
Jeff Bilsky, CPA, senior practice leader for BDO’s national partnership taxation group, sat down recently for a question-and-answer session on guidance that has been issued on the Sec. 199A qualified business income deduction.
A partial government shutdown at midnight on Friday would affect the IRS, which has not been fully funded for fiscal year 2019.
The IRS released guidance on the standard mileage rate for business, medical and certain moving expenses incurred in 2019.
The IRS issued proposed rules on the Sec.59A base-erosion anti-abuse tax (BEAT), one of a number of new international tax provisions added by the law known as the Tax Cuts and Jobs Act.
The IRS issued guidance outlining how to determine the amount of parking expense that is nondeductible under Sec. 274(a)(4) when employers provide parking for their employees.