Compliance with the standards of ASC 740, Accounting for Income Tax, involves the calculation and reporting of the income tax impact on a company’s financial results.
The time and resources that it takes for the accounting, the complex calculation and the disclosures related to ASC 740, can place a strain on companies and their internal accounting resources. Recent reforms in the Tax Cuts and Jobs Act, have made ASC 740 compliance even more complex for both public and private companies.
Whether you have an internal tax or accounting department or not, Aprio has experienced advisors that can assist you throughout the ASC 740 compliance process. Depending on the needs of your business Aprio advisors can help you with preparation, review or provide consultative assistance to guide you through the process.
Misinterpretation of ASC 740 financial and reporting standards is one of the leading causes of restatements. A restatement is a revision of a previously issued financial statement. These restatements can create confusion for investors, stakeholders and ultimately auditors that can have a negative impact on the business.
Handling the complexities provision for income tax calculation under tight timelines can place undue stress on your team. Working with Aprio can free up internal personnel to focus on more strategic initiatives. We help you save both time and money by avoiding costly restatements. Aprio works closely with your accounting team to assist you in the required calculations. Depending on your needs we can collaborate with your team in a co-sourcing model or you can outsource the entire engagement to a team of Aprio advisors. We can help you comply with audit requirements on a quarterly basis or as needed.
When accounting for uncertainty in income taxes, we can assist with tax position documentation and measure uncertain tax positions. Your Aprio Advisors will work with your team to create and implement processes to support your organization’s compliance.
Aprio has deep tax provision experience and our firm has been offering accounting for income tax services since our firm’s inception. Our resident tax provision expert was was recently quoted in USA Today[a] . Aprio’s Business Tax team is comprised of CPA advisors that support both public and private companies that need assistance during peak provision crunches as well as throughout the year.
Since 1952, clients throughout the U.S. and across more than 40 countries have trusted Aprio for guidance on how to achieve what’s next. As a premier, CPA-led professional services firm, Aprio delivers advisory, assurance, tax and private client services to build value, drive growth and manage risk.
If you need ASC 740 provision for income tax support we are here to help you. For a Tax Provision Process Overview contact Charles Webb.