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Integrated Tax LifecycleThe 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 AuditAt 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.
ExtensionsDue 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 PaymentsCompanies 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 ComplianceCompanies 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 & ForecastingDue 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 & ReportingAs 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 ReturnsDue 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 & DefenseTax returns are subject to the scrutiny of the various taxing jurisdictions in which a company operates or may be deemed operating.
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.
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.
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.
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.
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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Benjamin Diokno, the Philippines' Budget and Management Secretary, says the Government should secure the passage of all the remaining comprehensive tax reform bills within the next two months.
Danish Minister of Taxation Karsten Lauritzen has announced that the Government has allocated an additional DKK2.2bn (USD342m) for the modernization of the tax authority's administrative systems in an attempt to strengthen tax collection.
Australia and Indonesia have concluded negotiations on a new trading agreement that will eliminate tariffs on a range of products.
A number of incentives have been included in the Finnish Government's 2019 Budget to encourage investment in the shares of both small and listed companies.
Australia's new Prime Minister has said his Government is working on plans to help improve the tax competitiveness of small businesses.
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The Securities and Exchange Commission proposed an amendment that would correct an error published in 2013 in the exemption provisions in the broker-dealer annual reporting rule.
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Investors continue to show a high degree of confidence that public company auditors are looking out for them, according to a new survey.
The IRS announced that it is extending tax deadlines starting Sept. 7, 2018, until Jan. 31, 2019, for eight counties in North Carolina.
Natural disasters such as Hurricane Florence provide cybercriminals with an opportunity to cause further misery for victims and businesses that already are under siege.
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The IRS announced on Saturday that it is extending tax deadlines starting Sept. 7, 2018, until Jan. 31, 2019, for eight counties in North Carolina.
The IRS issued proposed regulations implementing Sec. 951A’s global intangible low-taxed income provision, which requires a US shareholder of a controlled foreign corporation to include this income in the shareholder’s gross income.
The IRS issued guidance on how it intends to interpret the exemption amount in tax years 2018 through 2025 in determining who is a qualifying relative for purposes of the various Code provisions that refer to the definition of a dependent in Sec. 152.
Here is what practitioners need to know about the IRS’s proposed rules that would curb the deductibility of charitable contributions that qualify for state and local tax credits.
The IRS issued guidance regarding amended Sec. 162(m), which limits the allowable deduction for remuneration paid by any publicly held corporation to a covered employee to $1 million.
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