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Expertise and process drive our ASC 740 solutions.
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.
By signing up for the downloadable white paper, you will also receive our ASC 740 Fundamentals Series, a 10-part series offering a practical approach to meeting standard requirements.
TaxOps is experienced with every aspect of ASC 740, including:
We are also fluent in IAS 12, the IFRS equivalent to ASC 740.
Explore how accounting for uncertain tax positions can help smooth out tax liabilities and improve financial statement transparency in our white paper, “A Closer Look at Accounting for Income Taxes.” Requirements and common pitfalls of complying with ASC 740 are also identified as the white paper answers the following.
TaxOps Fundamental Series walks readers through the practical application of ASC 740 for preparing an income tax analysis. Everything from basic terms and definitions through calculating uncertain income tax positions is covered in the 10-part series. Sign-up to receive the downloadable ASC 740 white paper to receive the ASC 740 Fundamentals Series.
Dan DeLau, a Partner with TaxOps, is available to answer your questions regarding ASC 740 and our tools for meeting reporting standards at 720-227-0065 or delau@taxops.com.
Beginning January 1, 2010, certain corporate taxpayers are required to file Schedule UTP to report uncertain tax positions with the Form 1120. Completion instructions and other information related to the filing of Schedule UTP can be found at the UTP web page at Schedule UTP.
In addition, the IRS posted a list of seven frequently asked questions (FAQs) that supplement the 2010 instructions and other guidance issued on Schedule UTP. The FAQs address some of the key issues that taxpayers and practitioners have raised about Schedule UTP and related guidance.
Seven Frequently Asked Questions
View the second set of frequently asked questions issued by the IRS on July 19, 2011.
During its review of Schedule UTP (Uncertain Tax Position Statement) filed by taxpayers for the 2010 year, the Internal Revenue Service discovered that descriptions of some disclosed tax positions were more “concise” than they should have been. A new page on its website provides specific examples of acceptable and unacceptable descriptions.
IRS Schedule UTP Guidance for Preparing Concise Descriptions
More FAQ Guidance on Filing Schedule UTP
*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.
