A company’s worldwide income tax provision encompasses a range of complex components: federal domestic, state and local, and foreign income taxes, among others. Each of these pieces requires careful accounting and reporting aligned with multiple standards – not least of which is Accounting Standards Codiﬁcation (ASC) 740, Income Taxes, which outlines how to account for and report the effects of taxes based on income for audited financial statements.
CohnReznick’s Tax Accounting Services group helps companies navigate through the multi-layered, ever-changing income tax reporting function. Whether your company is a small-sized start-up, middle market, or a large private or public corporation, our professionals can help guide you through the requirements of both GAAP (ASC 740) and related IASB standards, helping you reduce risk and enhance quality along the way.
- Annual and quarterly provision calculation and support, including footnote-ready disclosures
- Analysis and accounting for uncertain tax positions
- Tax basis balance sheet services
- Deferred tax balance sheet clean-up with detailed support
- Restatement assistance
- Effective tax rate management
- Accounting for corporate acquisitions, including preparation of purchase accounting journal entries
- Evaluation of tax-related impact of new ASUs and accounting standards (including lease accounting), and assistance with adoption of standards
- Assistance in IPO readiness, including disclosures and provisions for any required look-back years
- Strengthening internal controls to support accuracy and manage risks
- Deep experience utilizing multiple tax software solutions, including OTP Provision modules
Our seasoned group of tax professionals offers the wide range of experience needed to tailor tax accounting services to meet your corporation’s specific needs and goals. Once our engagement team evaluates your company’s operations and industry needs, we will select a team of subject matter experts best qualified to address existing needs and identify value-added opportunities, including opportunities related to accounting methods, Research and Development Tax Credits(R&D), cost segregation studies, and both international and state and local tax.
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