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Accounting for Income Taxes (ASC 740)

Making provisions for income taxes can be challenging for preparers, users and auditors. Accounting for taxes under ASC 740 is evolving due to the manner in which federal, local and foreign governments levy taxes.

EisnerAmper’s tax professionals have the skills and experience to assist your company.

EisnerAmper Corporate Tax group can assist with the following ASC 740 and ASC 740-10 related projects:

  • Deferred tax validation projects
  • Tax basis balance sheet support
  • Remediation and restatement assistance
  • Financial statement carve-out support
  • Uncertain tax position (ASC 740-10) consulting
  • Tax provision software implementation (OneSource Tax Provision)
  • Tax provision review services
  • Issue-specific tax accounting consulting, including:
    • valuation allowance assessments
    • business combinations (purchase accounting)
    • intraperiod allocations
    • FAS 123(R) - APIC pool tracking, and accounting for stock-based compensation

We can help you address problems you may be experiencing such as:

  • Lacking integration of tax accounting and reporting into the finance function
  • The emergence of new reporting considerations such as Uncertain Tax Positions (UTP) or the globalization of International Financial Reporting Standards
  • Lacking skilled tax accounting resources, in the U.S. as well as overseas, to help them meet today's tax accounting and reporting challenges
  • The strain of managing the increasing tax accounting and reporting burden has resulted in decreased employee morale and/or increased employee turnover

Benefits include:

  • Better control over your tax accounting function
  • Reduced risk through improved controls and documentation
  • Improved processes and efficiency through expanding the integration of your tax compliance and accounting functions
  • More time to focus on more strategic aspects of your business
  • Minimize potential review comments by your external auditor on accounting for income tax matters 
  • More timely financial statement closings