Tax Accounting & Provision
Bridging the GAAP to Tax
The rules and regulations surrounding tax codes and accounting standards change almost daily, and keeping up with them can seem like a full-time job. At KSM, staying on top of these changes is what we do, and we’ve been helping our clients understand and capitalize on them for decades. Accounting for income taxes under ASC 740 is no exception.
ASC 740 is a U.S. generally accepted accounting principle (GAAP) that establishes standards of financial accounting and reporting for the effect of income taxes on a company’s financial results. It provides a necessary but complex framework for tax accounting and provision.
Everything You Need to Thrive
Many businesses simply do not have the resources to navigate the complexities of ASC 740. Disparate data sources, tight deadlines, and ever-growing scrutiny of financial statements make reporting requirements extremely challenging.
Our versatile team of tax accounting professionals will guide you through these complexities, helping free up resources that will ease the burden on your business. We will perform the calculations and analyses necessary to ensure your reporting is exceptionally accurate so you can avoid the significant costs – and time commitment – associated with corrections and restatements.
Our capabilities include calculating the estimated tax expense and deferred tax assets required to be reported under ASC 740; validating your tax balance sheet account; providing financial statement disclosures; preparing open balance sheet tax provisions; analyzing accruals related to ASC 740; and much more.
Let us take your reporting needs off your plate so you can focus on what’s ahead. And we’ll continue to search for unrealized opportunities that minimize your tax obligation while being unbiased advisors who keep your best interests at heart.
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