Income Tax Provision Services (ASC 740)

INCOME TAX PROVISION SERVICES (ASC 740)

Making the Complex Simple

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Tax and accounting are difficult enough as it is and combining the two creates further complications. Preparing your income tax provision requires a depth of knowledge of the tax laws in the jurisdictions you operate, as well as a strong understanding of the accounting rules of US GAAP, specifically ASC 740. Considering the ever-changing global economy and tax landscape, you and your company are left with a heavy burden in the preparation and reporting of your income tax provision. This burden and complexity puts added pressure on your company’s tax department resources and their time, while also creating risk and exposure through the financial reporting process. This is evidenced by income taxes continuing to be a leading cause of restated financial statements and material weaknesses over internal controls. Given these challenges, companies increasingly find it unfeasible and impractical to manage the income tax provision process solely with its internal resources.

At H&S, we understand the burden the income tax provision places on companies and are prepared to assist you.

How We Can Help

Understanding the complexity inherent to the income tax provision, Sean and H&S are available to provide a variety of services which are scalable to meet your specific needs. We are available to serve you locally or remotely, depending on your preference. Our income tax provision services include:

Preparation and/or review of income tax provision work papers/calculations (quarterly or annually)
Co-sourcing solutions over tax provision processes
Assistance with preparing and/or reviewing tax footnote disclosures
Assistance with preparing and/or reviewing internal control documentation, including required technical memos

Ad hoc consultation on technical topics or discrete events, including:
• Deferred tax asset realizability (i.e. valuation allowances)
• Uncertain tax position recognition and measurement (i.e. FIN 48 or ASC 740-10)
• Assessment of deferred taxes for unremitted earnings from subsidiaries (i.e. APB 23 or ASC 740-30)
• Accounting for income taxes in business combinations or divestitures
• Impact of legislative changes
Advisory and consulting over internal controls and processes

Meet the Expert

Sean Hendon leads and oversees our advisory over income tax provisions to our clients. Prior to joining H&S, Sean spent ten years with a Big Four accounting firm where he specialized in assisting and serving clients in this space. When it comes to their income tax provisions, Sean has extensive experience in serving both large publicly traded and privately held multinational companies in the automotive, manufacturing, consumer products, and software industries.

Sean Hendon, CPA

231.924.8300
seanh@hscompanies.com

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