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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.

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: Canada Revenue Agency To Improve Digital Platform

The Canada Revenue Agency is to collaborate with an association of tax preparation and software firms to improve the digital services it provides to taxpayers.

Tax-News.com: Netherlands Begins International Tax System Review

The Dutch Government has launched a consultation exercise on plans to review the country's tax treaty policy and to draw up a list of low-tax jurisdictions for the purposes of enforcing incoming controlled foreign company rules.

Tax-News.com: Cyprus Issues New CbC Filing Notification

The Cyprus Tax Department has released a notice on the obligation on Cypriot constituent entities of multinational groups to file a CbC report in Cyprus where the ultimate parent entity files in a territory without an exchange of information arrangement with Cyprus.

Tax-News.com: At UN General Assembly, OECD Urges Global Carbon Tax Action

Three years on from the commitments made at the 2015 United Nations Climate Change Conference (COP21) in Paris, the overwhelming majority of governments have not taken the necessary action to contain growing risks to the climate, says the OECD. It said, with emissions on the rise again, OECD governments need to get serious about shifting their economies to a low-carbon model and stop investing in carbon-intensive infrastructure.

Tax-News.com: Switzerland A Step Closer On Corporate Tax Reform

The two houses of Switzerland's parliament have said that they are largely in agreement on the main points of the Government's proposed changes to the corporation tax system.

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International audit standard addresses estimates

A newly released international auditing standard for auditing accounting estimates and related disclosures is designed to help auditors keep pace with changes in accounting standards for loan provisions and insurance contracts.

Meals continue to be deductible under new IRS guidance

The IRS issued guidance on the deductibility of meal and entertainment expenses after the modification of Sec. 274 by the TCJA.

GASB proposes targeted improvements, new concepts

GASB issued separate proposals that are designed to deliver targeted improvements to the financial reporting model and advance new concepts to guide the board in developing standards on recognition in state and local government financial statements.