Tax Accounting Insights October 2009

  

Thomas Brown CPA P.C. Presents  

 

Tax Accounting Insights

 

 

Improve the Tax Provision

 

Process using:

 

 

Integrated FAS 109 checklists 

 

 

Checklist Benefits:

1. Sarbanes-Oxley Compliance
   
2. Expose potential issues early
   
3. Accuracy & Completeness
   
4. Consistent Process
   
5. Begin process before year end to lighten the workload during busy season

 

Examples of Checklists to Consider:

• Management Interview
  
  Identifies activities which may impact the provision

 

• FIN 48 Checklist
  
   Ensures compliance with FIN 48.

 

• Tax Account Reconciliation
  Identifies process of reconciling tax accounts.

 

• Standard Tax Information Request
   
  

  Documents recurring information necessary to prepare a complete income tax provision.

 

• Valuation Allowance Checklist
  
  Provides an approach to consider relevant information to determine whether deferred tax assets will not be realized.

 

•  Financial Statement Checklist
  
  Assists with proper reporting and disclosures 

 

 

Strategies for Success:

• Implement now for long term benefit

 

• Standardize the process

 

• Begin the process early
  

 

About Thomas Brown CPA P.C.

Thomas Brown CPA P.C. is a consulting firm which provides cost effective outsourced FAS 109 solutions and consolidated return preparation.   

 

We help our clients get through the difficult task of preparing quarterly and annual FAS 109 tax provisions and allow them to have a greater focus on quarterly and year end financial statement preparation. 

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