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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.

IRS warns about more tax scams

The IRS said scams involving the fuel tax credit, the sick and family leave credit, and household employment taxes led thousands of taxpayers to file inflated refund claims.

Regulations finalize PTIN fees for tax return preparers

The IRS was required to reduce the charge for preparer tax identification numbers after a federal court found the previous amount excessive. The final regulations adopt the text of interim final and proposed regulations issued in 2023 without change.

HSA inflation-adjusted maximum contribution amounts for 2025 announced

After steep increases for 2024, the HSA maximum contribution amounts allowed by the IRS still increase for 2025, but not by as much, as the rate of inflation slowed.

Foreign trust transactions and large gifts addressed in proposed regs.

The proposed regulations implement Secs. 643(i), 679, 6039F, 6048, and 6677, which were added or modified to prevent efforts by U.S. taxpayers to use foreign trusts and offshore arrangements to avoid U.S. taxes.

Final regs. issued for new, previously owned clean vehicle credits

The final regulations, which the IRS issued Friday, also provide rules regarding the critical mineral and battery component requirements for the new clean vehicle credit, and they add a new test for mineral content.

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IRS warns about more tax scams

The IRS said scams involving the fuel tax credit, the sick and family leave credit, and household employment taxes led thousands of taxpayers to file inflated refund claims.

SEC strengthens requirements for response to data breaches

Changes to Regulation S-P call for covered institutions to develop an incident-response plan beginning in 2026.

New SSAE caps standards related to quality management

The statement offers new definitions of “other practitioner” and completes the suite of standards that firms performing A&A services are required to use to design and implement a QM system by Dec. 15, 2025, and to perform A&A services in accordance with for engagements beginning on or after that date.

Regulations finalize PTIN fees for tax return preparers

PCAOB updates general auditor responsibilities, quality control rules

PCAOB updates general auditor responsibilities, quality control rules AS 1000, General Responsibilities of the Auditor in Conducting an Audit, replaces AICPA-provided standards, and QC 1000, A Firm’s System of Quality Control, considers the AICPA’s new quality management standards.

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Billabong founder loses case over tax schemes ‘suggested’ by EY

Australian businessman Gordon Merchant used EY’s advice to offset an A$85 million capital gain, according to the Federal Court

This week in tax: PwC US head Paul Griggs assumes role early

Griggs has been drafted in ahead of schedule as the incumbent Tim Ryan departs for Citigroup; while the Netherlands plans to scrap a 15% share buyback tax

Portuguese real estate transfer tax: the devil is in the detail

Taxation when companies acquire shares in entities that hold real estate can be a fiendishly complicated issue. Ricardo Seabra Moura of Morais Leitão, Galvão Teles, Soares da Silva & Associados summarises the regulations and interpretations

Five minutes with... Allan Fallet, Mauger Muniz Advogados

Fallet, a partner at law firm Mauger Muniz Advogados in Brazil, tells ITR about his passion for tax law, the leaders who inspired him, and what makes tax cool

Key tax-related changes in the Australian Federal Budget 2024–25

The discontinuation of a proposed measure to deny deductions for certain payments relating to intangibles is among several taxation updates in Australia’s federal budget, as summarised by senior tax practitioners from DLA Piper Australia

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Mega trends in e-invoicing: In conversation with Christiaan Van Der Valk

Ahead of next week's Indirect Tax Forum in London, ITR spoke with Christian Van Der Valk of Sovos about how different governments and companies are embracing e-invoicing

Indonesian roundup: revocation of several import restrictions among latest revisions

Benjamin P Simatupang, Dwipa Abimanyu Dewantara, and Fajar Ramadhani of GNV Consulting highlight updated regulations and mandatory implementation of the Customs-Excise Information System and Automation 4.0 as Indonesia rings the changes

This month in indirect tax: Brazil moves closer to widespread reform

Nigeria looks to boost inefficient tax collection, Singapore plans to hit GST fraudsters hard, Italy and UK confirm reciprocity of VAT refunds, and more

UK ‘growing apart’ from EU in tax reporting post-Brexit

The UK is also lagging behind other countries in use of technology for compliance purposes, Christiaan Van Der Valk argues

Talent Tracker quarterly report: US dominates global tax hires

The US is capitalising on a fertile deals market to take centre stage in tax talent recruitment, according to insights from ITR+’s Talent Tracker

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Amount B and the provision of additional certainty: an unattained goal?

Paolo Ludovici and Marlinda Gianfrate of Gatti Pavesi Bianchi Ludovici focus on how the simplified and streamlined approach set out in the OECD’s Pillar One – Amount B report enhances tax certainty

Remove TP loopholes to prevent Russian oil profits, groups argue

Authorities must ensure that Russian firms do not use transfer pricing schemes to increase profits made from oil sold in different markets, advocacy organisations have argued

Italian Supreme Court decision confirms stance on intercompany services

Federico Vincenti and Carola Valente of Valente Associati GEB Partners/Crowe Valente suggest what documentation can demonstrate the reasonableness of the costs of an intra-group transaction, and the benefits for a subsidiary