Tax Provision and Reporting

We have extensive experience in preparing the Tax Provision for both Federal and state / Current and Deferred in accordance to ASC 740. Our core strength lies in the Accounting background and outlook where we can dig in Oracle to get transaction level details and this is very helpful in analyzing the JEs to ensure proper booking, Deferred analysis and substantiation, and the Effective Tax Rate computations. We can take up the following activities for Tax Provision and Reporting.

Forecasting of Effective Tax Rate is the preliminary step to get started with at the beginning of every quarter. The major steps involved

Prepare the Federal and State Tax Provision entries every quarter to be booked into the Financials. Major steps include:

Prepare Deferred Tax Provision which mainly gets generated from the temporary difference, prepare JE and book into the Ledger.

SOX Compliance

Have extensive experience in preparing the workpapers which are sused as support for SOX compliance. Use of AssureNET to sign off the accounts.

Deferred Validation-All the temporary difference generates deferred tax which gets booked into the balance sheet as either deferred tax assets or deferred tax liabilities. We have extensive experience in proof out and validate the deferred inventory in balance sheet and provide the support. Some examples of it are:

Preparing tax footnote information which gets reported on the form10Q and 10K reporting which are file to Security Exchange Commission every quarter and year respectively. Prepare Return to Provision True up adjustment once the Tax return is filed and incorporate the same into the provision activity. Experience in working into different tax provision software like Tax Stream and Corptax