Tag Archive for Tax Provision

Solving The Toughest Tax Provision Audit Challenges – Free Webinar

Stephen Day

TaxConnections brings you two leading tax experts in tax provision webinar scheduled for November 4th, 2016. Presenters Stephen Day and Nick Frank will discuss what the tax auditors always challenge first… they will discuss the primary challenges on an audit of the tax provision and provide the best possible solutions. This webinar is free and provided by two of the most knowledgeable tax provision experts in the country. They will teach you how to get more control, more efficient and reduce risk on tax provision.

Read more

Free Webinar – Solving the Toughest Tax Provision Audit Challenges – November 4th 2016

Kat Jennings

TaxConnections brings you two leading tax experts in tax provision webinar scheduled for November 4th 2016. Accounting for income taxes is complicated and the stakes are high. Far too many companies still struggle with accurately completing the tax provision in a timely manner. Tax is still one of the leading sources of control deficiencies including financial restatements.

Read more

TaxConnections Executive Search Division – Exclusive Retained Services

Kat Jennings - TaxConnections-13
Senior Director, Tax (Southern California)

The Senior Director, Tax will be responsible for directing and managing all tax compliance and tax reporting with international, federal, state and local authorities including quarterly and annual tax provision. The Senior Director, Tax will also be responsible for the following:

• Direct and manage the preparation and review of the worldwide income tax provision including the preparation of the ASC 740 calculations, current and deferred analysis, technical review of tax accounting positions (FIN48, 123R, FAS141R purchase accounting, valuation allowance analysis APB 23 Assertion), tax account reconciliations and return-to-provision reconciliation. Read more

Attention! Corporate Multinational Tax Departments – The Tax Provision (ASC 740/FAS 109)

Shamen Dugger

Corporate Multinational Tax Departments


Gather in your conference rooms or at your desks to watch this presentation from Shamen Dugger at TaxConnections Internet Tax Summit on Tuesday, September 22, 2015 at 8:00AM (PST).  Learn from this tax expert about Tax Provision (ASC 740/FAS 109).

Introducing Tax Expert:                      (See Video Below)
Shamen Dugger, McGladrey LLP, San Francisco and San Jose, CA


Read more

Over 50 Provisions Retroactively Extended On 12/19/14

TaxConnections Picture - Tax Bulls Eye 2 - square

On December 31, 2013, 57 provisions in the federal tax law expired. Many had expired before and been renewed. While there was discussion in the congressional tax committees since at least April 2014, as well as votes, no consensus was reached until early December. The House passed the bill – H.R. 5771, the Tax Increase Prevention Act, on December 3 by 378-46. On December 16, the Senate passed it by a vote of 76-16. On December 19, President Obama signed the bill. The Joint Committee on Taxation estimates the cost of H.R. 5771 for one year as about $81 billion, but only $42 billion for ten years (because some of the items, such as bonus depreciation involved timing of deductions).

The extension means, for example, that if a business purchased new equipment in the first 50 weeks of 2014 not expecting to be able to claim 50% bonus depreciation on it (because Read more

The Election, 114th Congress And Fate of Tax Reform

TaxConnections Picture - Capitol Building 1 - square

What does the change in majority party in the Senate for the 114th Congress mean for tax reform, and perhaps for any tax legislation?

An op ed in the Wall Street Journal on November 5, 2014 by Congressman Boehner and Senator McConnell, states that the Republican controlled Congress will address many challenges including “The insanely complex tax code that is driving American jobs overseas.”

What might that mean? A few possibilities:

Nothing. Complexity is not a bi-partisan issue. There is no contrary argument to the statement that our federal tax law is too complex. So, why hasn’t the complexity been Read more

Tax Provisions Not Extended

TaxConnections Picture - Blue Checkmark
Is it real this time? –

In one of the most visible expressions of confusion in tax policy out of Washington D.C. is the treatment of a short list of tax laws that have been repeatedly extended only to expire only to be extended once again. These laws expire on midnight December 31st, 2013 unless… once again… the laws are extended.

• Teacher $250 deduction for qualified classroom expenses

• Deduction for state and local general sales taxes (in place of state income tax deduction)

• Deductibility of home mortgage insurance premiums Read more

7 Habitual Mistakes Companies Make – Chapter 4 (11)

TaxConnections Blog Post
What Should Taxpayers Do When the IRS Queries Their Tax Affairs? –

FIRSTLY, IT IS recommended that any request for information or documentation be reduced to writing as this will help set the parameters of the audit going forward.

The taxpayer should also check which tax years are involved and which taxes.

Where the IRS requests information beyond a typical three-year period, a defense may lie under the appropriate tax provision that a statutory limitation period may apply where a taxpayer may successfully argue that it does not have to provide any information or documentation, as the period for raising any additional assessments may have prescribed in that the original tax assessment has become final and conclusive. Obviously, the taxpayer Read more

A Practical Guide To Identifying, Gathering, And Documenting A Sustainable Research Tax Credit Claim

TaxConnections Picture - Chemistry

The Research and Experimentation Tax Credit (hereinafter “RTC”) was added to the Internal Revenue Code (hereinafter “the Code”) in 1981 as a temporary provision of the Code at a time when research and development based jobs were significantly declining in the United States due to these jobs being moved overseas where labor rates and overall operating costs were considerably less. For this very reason, the RTC was introduced into the Code in 1981 to motivate business entity taxpayers to incur significant and qualifying research and development expenditures with the high expectations that such an advantageous tax incentive would facilitate in stimulating job growth and investment in the United States and Read more

China Relaxes Procedures To Send Cash Out Of Country

iStock_000015914943XSmallAccording to a recent Deloitte webcast China is simplifying its procedures for outbound payments.

Bulletin [2013] No. 40 and Huifu [2013] No. 30 removes the requirements of tax clearance certificates for outbound payments.

Also, SAFE is allowing cross-border cash pooling for pilot multinational companies and state-owned enterprises. This allows for cross-border intercompany borrowing, lending and netting or cash pooling (within limits). Tax considerations include deductibility of intercompany interest expense, withholding tax on interest payments, and transfer pricing issues concerning intercompany charges.

Further, excess cash from the China operations of an MNC could be used to finance overseas cash needs of sister companies via equity or debt. Read more