Transforming Tax Technology
Our Tax Technology Solutions
Cloud based technology designed to drive greater tax function effectiveness and efficiency
Legal Entity Management
A dynamic solution that manages vital company data, documents and organizational relationships.
State Apportionment
A powerful solution to streamline state and city apportionment data and calculations.
Income Tax Provision
A comprehensive income tax accounting solution designed for accuracy and simplicity.
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.
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.
Latest News
Tax-News.com: EU To Table A Digital Tax Proposal In October
The European Commission has committed to tabling a proposal for a digital tax in October, whether or not an international agreement surfaces from OECD-led talks on new international tax rules for the world's largest firms.
Tax-News.com: Hong Kong Discusses US Termination Of Shipping Tax Pact
The Hong Kong Government has said it is looking at potential measures to support the shipping industry following the decision by the US Government to terminate the two territories' agreement that exempted shipping industry income from tax.
Tax-News.com: US Lawmakers Approve New Cryptoassets Reporting Rules
The US Senate has approved the inclusion of new provisions in the bipartisan infrastructure bill to require intermediaries involved in cryptocurrency trading to report details about transactions.
Tax-News.com: Wyden Takes Aim At US Pass-Through Income Tax Break
Senate Finance Committee Chair Ron Wyden (D-OR) has introduced legislation to overhaul the 20 percent deduction for pass-through income introduced into US tax law in 2017.
Tax-News.com: US IRS Flags Deadline For Q2 Estimated Tax Payments
The US Internal Revenue Service has issued a reminder to taxpayers who pay estimated taxes that they have until June 15 to pay their estimated tax payment for the second quarter of tax year 2021 without incurring a penalty.
Tax-News.com: UK Announces Tax Breaks For Businesses In 2022 Budget
With the UK corporate tax rate set to rise 25 percent from April 2023, the UK Government has announced various tax proposals that are intended to support businesses and the UK economy, in the newly released 2022 Budget.
Tax-News.com: Indonesian Lawmakers Approve Tax Reform Plans
Indonesia's lower house of parliament has signed off on a bill that provides for a two-stage hike to the headline value-added tax rate, the cancellation of a planned corporate tax cut, and the introduction of a new top rate of personal income tax.
Tax-News.com: Singapore To Implement Budget 2021 GST Reforms Unchanged
Following a consultation exercise, the Inland Revenue Authority of Singapore has said the territory intends to go ahead with various important goods and services tax regime changes without accepting amendments proposed by stakeholders.
Tax-News.com: Hong Kong To Amend Tax Rules For Foreign-Source Passive Income
The Hong Kong Government has issued a statement committing to amend its tax law with regards the tax exemption for foreign source passive income from 2023, to ensure the territory does not end up placed on the EU's tax blacklist of non-cooperative territories.
Tax-News.com: EU Seeks Input On New Withholding Tax Directive
On September 28, 2021, the European Commission launched a consultation on a proposed Directive that would obligate member states to introduce the same rules regarding withholding tax on dividend and interest payments.
Is it time for firms to transform their business model?
After helping their clients survive three tough years, accounting firms should look toward a post-pandemic future. Here are five areas you should explore to determine whether your firm’s business model needs transformation.
FASAB issues bulletin on reimbursable work agreements
FASAB issued a technical bulletin to further explain and address accounting issues not directly covered under Statement of Federal Financial Accounting Standards 54 and other relevant statements.
Taxpayer services should get more of that $80 billion, advocate says
National Taxpayer Advocate Erin Collins wrote in her blog post Thursday that Congress should allocate more money from the Inflation Reduction Act’s $80 billion budget infusion over 10 years for the IRS to taxpayer services and business systems modernization and less to enforcement and operations.
SEC proposals target cybersecurity
Proposals would expand who must report on cybersecurity and data breaches, as well as what they must report.
FASB proposes enhancements to income tax disclosures
FASB is seeking comments on a proposed Accounting Standards Update that addresses requests for improved income tax disclosures.
Taxpayer services should get more of that $80 billion, advocate says
National Taxpayer Advocate Erin Collins wrote in her blog post Thursday that Congress should allocate more money from the Inflation Reduction Act’s $80 billion budget infusion over 10 years for the IRS to taxpayer services and business systems modernization and less to enforcement and operations.
ERC claims on returns prepared by others raise questions for tax pros
The IRS Office of Professional Responsibility issued a bulletin that reviews the Circular 230 professional responsibilities that apply to claims for the employee retention credit.
Questions about software tracking and reporting for basis of digital assets
Tax practitioners have many questions about how to track and report the basis of digital assets, and no clear guidance exists. Here are tips from the AICPA Virtual Currency and Digital Assets Tax Task Force.
Senate approves Danny Werfel as IRS commissioner
The Senate voted 54–42 on Thursday to approve Werfel, a former acting IRS commissioner who has served under both Democratic and Republican administrations.
Digital scanning of tax documents to expand, will add Form 1040 soon
The IRS announced that it will soon be able to scan paper Forms 1040 and 941 instead of inputting them by hand. The acting commissioner describes the expansion as “another milestone” in the agency’s transformation.
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