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Tag Archive for ASC 740 Complimentary Training

Big Mistakes Companies Make Using Homemade Excel Spreadsheets: Accounting For Income Taxes

Kat Jennings

The number one request these days for corporations hiring is someone to handle accounting for income taxes. It is a major focus for companies these days because of the complexity involved in these calculations. We have been in contact with thousands of tax professionals regarding accounting for income tax roles and have been asking them how they handle these complex calculations. What I found most interesting are the many Fortune 500 companies who still use an Excel model they designed in-house for accounting for income taxes. On the other hand, I asked technology consultants what issues they see with Excel spreadsheet models. What I learned from experts was the disproportionate amount of time the tax professionals were spending on making sure the Excel spreadsheets are calculating correctly versus the real technical issues in an ASC 740 context.

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