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Income Tax Accounting

Providing understanding in a complex world.

Public and private companies are facing intense scrutiny from numerous stakeholders over their financial statements and income tax accounting policies and procedures. Companies are required to demonstrate a clear understanding of complex tax and accounting rules to accurately account for and disclose their income tax accrual. A restatement or report of a material weakness is not only costly and time-consuming, but could also damage the credibility of your organization.

Loftis CPA’s global Income Tax Accounting Services (ASC 740) team is well equipped to help you navigate the myriad of complex tax and accounting guidance on accounting for income tax matters.

The team is comprised of professionals with numerous years of experience leading “best in class” income tax accounting functions with both large corporate organizations and accounting firms.  By leveraging our extensive experience with companies of all sizes and in a wide range of industries, we have the ability to offer a comprehensive range of services to assist and complement the internal tax function through a collaborative and tailored approach.

We adhere to both ASC 740 and IFRS-IAS 12 guidelines, and have a deep understanding of the ever-changing and challenging tax laws.

 Our services include:

  • Tax provision preparation & outsourcing
  • Co-sourcing
  • Tax basis balance sheet assistance
  • Uncertain tax position (ASC 740-10) support
  • Local country tax provision support
  • Deferred tax validation
  • Financial statement carve-out support
  • Transactional tax accounting consultation
  • Issue specific tax accounting consulting
  • Remediation assistance
  • “Close” process design
  • 404/Internal controls assistance
  • Tax provision automation & process design
  • Onsite training