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Essential ASC-740 Resources

ASC 740 is a complex financial accounting standard that affects all C-corporations required to produce generally accepted accounting principles (GAAP) financial statements. From terms and definitions to calculations and reporting, the standard for computing and reporting income tax provisions demands painstaking attention to detail. As a result of these efforts, companies are able to recognize current year taxes due or refundable, and manage expected future tax consequences of deferred assets and liabilities.

Deeply experienced

TaxOps is deeply experienced in every aspect of ASC 740, including:

  • Accounting for income tax uncertainties;
  • Business combinations;
  • Valuation allowances;
  • International operations; and
  • Sarbanes-Oxley Act 404 documentation; and
  • IAS 12, the IFRS equivalent to ASC 740.

ASC-740 addresses financial accounting and reporting for the effects of income taxes – federal, foreign, state and local – that result from an enterprise’s activities during the current and preceding years. ASC-740 is the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic (ASC) 740, Income Taxes. ASC-740 includes FASB Interpretation No. 48 (FIN 48) – Accounting for Uncertainty in Income Taxes, an interpretation of FASB Statement (FAS) No. 109.

We are here to help

To further the discussion, please contact John Monahan, lead partner for TaxOps Compliance and Provision practice. He can be reached at 720.227.0060 or JMonahan@TaxOps.com.

TaxOps Compliance and Provision Practice at a Glance TaxOps Compliance and Provision Practice at a Glance (224 KB)


Resources for you

We are pleased to provide you with The Path to ASC-740 Compliance, 10-steps to compliance. We hope this material provides you with insight into a complex financial accounting standard that affects all C-corporations required to produce GAAP financial statements. Please feel free to contact John Monahan, partner with TaxOps and ASC-740 specialist, at 720-227-0060 or JMonahan@TaxOps.com with any questions or for additional information.


 

Intermediate ASC-740 Resources

Want to dig deeper? Download our white paper, A Closer Look at ASC-740, and subscribe to the Fundamentals Series.

A Closer Look at ASC 740: Accounting for Income Taxes

Explore how accounting for uncertain tax positions can help smooth out tax liabilities and improve financial statement transparency in A Closer Look at Accounting for Income Taxes. Get the File »

Subscribe to the ASC-740 Fundamentals Email Series

The ASC-740 Fundamentals Series walks readers through a step-by-step process for preparing an income tax analysis. Everything from basic terminology and definitions through calculating uncertain income tax positions is covered in this 10-part series.

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Other Resources

Schedule UTP (Form 1120)
Instructions for Schedule UTP (Form 1120) (HTML
Seven Frequently Asked Questions
IRS Schedule UTP Guidance for Preparing Concise Descriptions
More FAQ Guidance on Filing Schedule UTP
All Schedule UTP (Form 1120) Revisions
Frequently Asked Questions on Schedule UTP
Uncertain Tax Positions - Schedule UTP
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