BSB has extensive experience working with companies in preparing financial statement income tax accruals (“tax provision”) in accordance with the accounting standards outlined in ASC 740 “Income Taxes.” Our firm has been providing professional and personalized services for over three decades with leadership comprised of former “Big-Six” accountants. We are uniquely positioned to offer companies sophisticated tax provision support with the hands-on service of a boutique accounting firm.
Our approach is straightforward, we utilize a Company’s financial and tax information to prepare consolidated current and deferred income tax provision calculations from start to finish for each fiscal or calendar year, including the following:
- Estimated current year tax expense (e.g., federal and state taxable
- Income and book/tax differences, state apportionment and adjustments)
- Tax return to accrual analysis;
- Tax account rollforwards (e.g., taxes payable, deferred taxes) and
- Reconciliation of ending current and deferred balances to supporting documentation;
- Consolidated effective tax rate reconciliation
- Template of required journal entries for any subsidiary;
- Financial statement disclosures (i.e., tax footnote)
- Coordination with outside auditors to respond to audit inquiries and provide required documentation to support their audit procedures
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