With the tax provision a primary concern for corporate tax organizations today, we interviewed Nick Frank, Tax Prodigy CEO for an inside look at tax provision software. More Fortune 500 to 5000 companies are now implementing this software because it is so easy to use! When you are a corporate tax executive and expected to know so much these days, it is nice to have software that cuts the provision time down from weeks to a few days.
Here is an interview about tax provision software Tax Prodigy. For companies undergoing transformation and change, this is the ideal tax software to implement in a tax organization. It does not require you buy some big complicated software system you do not need or know how to use.
KAT: What are areas of the tax provision the auditors are looking at closely right now?
NICK: Auditors really want traceability, clarity and reconciliation. The easier that they can see these three things, the more straightforward their job will be.
KAT: What are three things that you would advise corporate tax to pay attention to about their tax provision?
NICK: Corporate tax accountants need to step back and understand what ASC740 and tax reform really requires from them. The process of doing your tax provision correctly has changed and requires a balance sheet approach.
On Friday, August 17, 2018 TaxConnections invites tax professionals working in corporate tax departments to learn from nationally recognized tax provision instructor Nick Frank. After working with sophisticated tax software in Big Four and a Fortune 500 company, Nick developed a program to simplify the tax provision process.
For those of you who have attended his previous webinars through TaxConnections invitations, you now understand why Nick is such a fantastic instructor of the corporate tax provision.
If you have not had the opportunity to participate in one of Nick Franks tax provision webinars, please do so with our compliments. All you need to do is REGISTER HERE, show up and take great notes.
Please register for ASC 740 Process Series – Tax Prodigy/Tax Connections on Aug 17, 2018 at 10:00 AM CT
8:00 AM PST
9:00 AM MT
This course will cover ASC 740 process design in the context of the 2017 Tax Cuts and Jobs Act.
Want To Get On Our List For Complimentary Tax Provision Training? Contact Nick Frank.
On December 22, 2017, President Trump signed tax legislation known as the Tax Cuts and Jobs Act (the Act). The Act is the most dramatic change in corporate tax rules in over 30 years.
Accounting for the impacts of the Act will increase the risk of financial statement errors. Whether issues arise from complexity in the new laws or from the application of ASC 740 to your tax technical conclusions, you need to simplify your ASC 740 process in order to be successful, and mitigate that risk.
CHANGE IS COMING
Your spreadsheet process may have been “good enough” to get through previous financial statement audits. But with all the modifications that are going to be required as a result of tax reform, the risk of calculation errors increases significantly.