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ASC 740 Tax Accounting and Provisions Services

Putting KPMG’s Accounting for Income Taxes experienced tax professionals at your fingertips

French Taylor

French Taylor

National Service Line Leader, Business Tax, KPMG US

+1 214-840-4148

Accounting for income taxes

Accounting for Income Taxes continues to be one of the leading causes of financial statement weakness, deficiencies and restatements. The critical audit matters communication in the auditor’s report continues to highlight the complexity and challenges companies have accounting for income taxes under ASC 740 and IAS 12.

Tax departments are expected to do more with less against the backdrop of accelerated reporting deadlines, business, legislative and regulatory changes, including adoption of new accounting standards, and global tax reform. These factors create a high-risk environment that tax leaders are required to manage.

The KPMG national ASC 740 Tax Accounting and Provisions Services (TAPS) offers a variety of integrated processes and technology solutions that can assist tax departments with their most complex challenges and needs through the deployment of highly technical experienced tax professionals, resident in KPMG offices throughout the US. The US teams liaise with our international colleagues to bring a global delivery of service to meet the needs of tax departments of multinational companies. These services are supported by the KPMG Washington National Tax Services group as well as our National Office. 

Our technical knowledge

Tax Accounting and Provisions Services bring a variety of experiences and solutions, technical analysis and transformation solutions to meet the needs of our clients.

Whether you are accounting for income taxes under US GAAP or IFRS, these services are tailored to meet your specific needs by assisting clients with:

  • Preparation (review) of quarterly and annual income tax provision, including:
    • accounting for uncertain tax positions,
    • accounting for business combinations or discontinued operations, 
    • valuation allowance analysis, 
    • and fresh start accounting
  • Co-source solutioning 
  • Tax process redesign
  • SOX control redesign and remediation
  • Data collection and management
  • “On-call” accounting for income tax consultation
  • Tax provision software implementation
  • Loan staff

Tax provision scenarios are unique to each company. Our highly technical team brings a tailored approach to meet the specific business needs of each client we serve. TAPS is well equipped to tailor a solution to address the specific needs and objectives of your tax function.

 
 
 
 

 

Recent SEC and FASB Comments on Accounting for Income Taxes

Read a January 2022 report that provides examples of comments about accounting for income taxes recently issued by the SEC to registrants: What’s News in Tax: Recent SEC and FASB comments on accounting for income taxes

Read more          Read the report

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