Tax Automation & Innovation
BDO works with companies to design and document processes, extract, transform and load source data, automate tax calculations and streamline tax reporting.
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Income Tax Accounting
Keep up with the rules governing accounting for income taxes and how they impact your income tax provision calculation
Strengthen your income tax accounting function
As accounting standards and income tax laws modernize, companies face intense scrutiny from regulators, investors, and their boards over their financial statements and income tax accounting policies and procedures.
Businesses must account for their income taxes on their financial statements using U.S. GAAP ASC 740 guidelines or IFRS (i.e., IAS 12). They must have a clear understanding of complex tax and accounting rules to accurately account for and disclose the income tax consequences of their operations. Strained tax departments can leverage our team to provide effective income tax accounting options, as well as technical tax and financial reporting knowledge. Our support enables businesses to develop a stronger income tax accounting function and ultimately, reduce their total tax liability.
Changes in tax policy, such as adjustments to tax rates, deductions, credits, or the introduction of new regulations, can significantly impact how businesses account for income taxes. Affected areas include deferred tax assets and liabilities, financial statement disclosures, and uncertain tax positions. Tax policy changes can be complex and may have far-reaching implications, so consulting with a tax professional will help you stay up to date. Read One Big Beautiful Bill Act: Implications for Accounting for Income Taxes.
How BDO Can Help
Explore new possibilities and address challenges with strategies designed for income tax accounting.
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Save Time & Resources
Support your income tax provision process, including preparing your income tax provision, enabling your team to focus on critical strategic work.
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Build a Tax Strategy
Analyze your income tax picture to identify and mitigate risks that could materially impact your business.
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Strengthen Compliance
Establish internal controls and remediation processes to help ensure your financial reporting is compliant with authoritative guidance.
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Evaluate Tax Positions
Follow frameworks under ASC 740 (previously FIN 48) or IAS 12 (IFRIC 23) to establish processes to recognize and measure uncertain tax positions.
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Enable Efficient Transactions
Help structure your transactions to attain the greatest possible tax benefit.
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Maintain Accurate Disclosures
Help secure accurately stated and supported tax accounts.
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Save Time & Resources
Support your income tax provision process, including preparing your income tax provision, enabling your team to focus on critical strategic work.
-
Build a Tax Strategy
Analyze your income tax picture to identify and mitigate risks that could materially impact your business.
-
Strengthen Compliance
Establish internal controls and remediation processes to help ensure your financial reporting is compliant with authoritative guidance.
-
Evaluate Tax Positions
Follow frameworks under ASC 740 (previously FIN 48) or IAS 12 (IFRIC 23) to establish processes to recognize and measure uncertain tax positions.
-
Enable Efficient Transactions
Help structure your transactions to attain the greatest possible tax benefit.
-
Maintain Accurate Disclosures
Help secure accurately stated and supported tax accounts.
Income Tax Provision
Our Income Tax Accounting professionals efficiently manage the preparation of clients’ provision for income tax, delivering accurate calculations and audit-ready provision packages.
Inaccuracies in tax provisions could result in material weaknesses and potentially financial restatements. By working closely with clients and their external auditors, we support audit documentation needs and help mitigate financial reporting risk. We also work closely with our BDO global network member firms to coordinate global income tax provision requirements for multinational organizations. Using technical, technological, tax operations, and regulatory insight, we help clients achieve accurate tax provisions and stay current with the latest developments in income tax accounting, enabling them to navigate an evolving regulatory landscape with confidence.
Tax Internal Controls
Evolving tax policy and compliance requirements present opportunities for organizations to strengthen internal controls and reinforce business credibility. And, as internal controls are increasingly scrutinized by regulatory authorities, it’s important to proactively identify and address potential weaknesses and gaps.
Our Income Tax Accounting practice works with your team to enhance internal controls, interpret updates to accounting standards and regulations, and uncover opportunities for risk mitigation and cost efficiency. Drawing on extensive experience leading income tax functions at large corporate organizations and accounting firms, we support tax teams in moving beyond routine compliance and focusing on strategic initiatives that contribute to business growth.
Strengthen ASC 740 Processes and Reduce Tax Risk
Discover how our Income Tax Accounting and Tax Risk Services practices work together to help you deliver accurate provision calculations and reduce risk.
Income Tax Accounting Case Studies
Income Tax Accounting Insights
Explore our most recent resources and thought leadership.
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Tax Policy Insights
Stay informed in a rapidly evolving tax policy landscape and learn how tax legislation may impact you and your business.
Contact Us
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