Accounting for Income Taxes
Accounting for income taxes and the preparation of the related footnotes is an important part of a company’s financial statements. This includes the calculation of current and deferred income taxes, the determination of uncertain tax positions, and the related reporting in the financial statements or inter-company reporting packages. We have extensive experience with the preparation of income tax provisions for public and private companies, and we work closely with company management and external auditors to make this process efficient.
For public companies, the quarterly and year-end reporting process is complex; it often must be completed within a short amount of time, and is usually audited by a Big Four public accounting firm, or another large global firm. We prepare the income tax provision for many large clients with worldwide operations, and have received high praise from corporate tax departments and external auditors for how smooth we make the process, the accuracy of our work, and for meeting deadlines.
- Defending the removal of a large valuation allowance to support the recording of a deferred tax asset.
- Analysis of the purchase price accounting related to a newly acquired business and the push-down of the purchase price adjustments from a foreign parent.
- Preparation of the U.S. income tax provisions for several manufacturing companies with international operations, including detailed calculations regarding unremitted earnings.
- Calculation of opening balance sheet deferred tax assets and liabilities for a recently acquired corporation.
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