ASC 740 Center of Excellence

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

Anthony J. Fortunato

Anthony J. Fortunato

Tax Partner in Charge, ASC 740 Center of Excellence, KPMG US

+1 212-954-2608
View more

 

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 Center of Excellence (COE) 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 collogues to bring a global delivery of service to meet the needs of tax departments of multinational companies. The COE services are supported by the KPMG Washington National Tax Services group as well as our National Office. 

 

Our technical knowledge

 

The ASC 740 Center of Excellence bring a variety of experiences and solutions, technical analysis and risk mitigation solutions to meet the needs of our clients.

Whether you are accounting for income taxes under US GAAP or IFRS, the COE 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, 
    • valuation allowance analysis, 
    • and fresh start accounting
  • 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. The COE is well equipped to tailor a solution to address the specific needs and objectives of your tax function.

 

 

 

Stay up to date with KPMG publications & podcasts

 

Accounting for Income Taxes Bulletin

This publication is issued to highlight developments and other items of interest to professionals involved with accounting for income taxes matters.

Handbook: Accounting for income taxes

KPMG’s guidance on and interpretation of ASC 740. KPMG explains the accounting for income taxes in detail, providing examples and analysis.

Financial Reporting View - Quarterly Outlook

This edition features highlights from the 2019 AICPA Conference on Current SEC and PCAOB developments, FASB developments and agenda priorities, and ...

Additional KPMG Resources

 

Ignition Tax

Dynamic network that spark innovation and fuel change to unlock value and prepare for the future.

U.S. Tax Reform

The unfolding implementation of the 2017 tax legislation – Information to help you stay abreast of TCJA...

Compliance Management

A transformative approach to compliance management

International Tax Reform Analyzer

Modeling tool that allows for extensive modeling of international tax rules