Income tax provisions, accruals and disclosures contained in financial statements require adherence to rules and guidelines prescribed by law and as well as by generally accepted accounting principles and the Financial Accounting Standards Board. WTAS professionals with extensive experience with these rules coordinate with WTAS subject-matter specialists to help businesses with the financial reporting aspects of income taxes.

Accounting for income taxes (including FAS 109)

Our professionals can:

• Prepare tax-accrual workpapers, including computations of income tax provisions in annual and/or quarterly financial statements
• Review company-prepared tax-accrual workpapers before submission to independent auditors
• Determine financial reporting of tax effects of special transactions or circumstances, such as mergers and acquisitions, fresh-start accounting situations and foreign operations
• Evaluate and document asset valuation allowances
• Evaluate, select and implement FAS 109 / FIN 48 software, including automation of book-tax differences
• Help your business implement TaxStream, a leading tax provision software package

Accounting for uncertainty in income taxes (FIN 48)

We also have extensive experience in advising public and nonpublic companies on accounting for income taxes in situations involving uncertain tax positions. We can:

• Implement FIN 48 for nonpublic enterprises that have yet to adopt it, including identifying and cataloging uncertain tax positions and preparing supporting technical documentation
• Analyze positions, help determine whether an issue is “more likely than not” sustainable, and measure the probability of meeting the recognition threshold
• Prepare draft footnote disclosures, including tabular reconciliation of the beginning and ending amounts of unrecognized tax benefits
• Assess on an ongoing basis any subsequent changes in judgment regarding the recognition and measurement of a tax position
• Analyze post-FIN 48 adoption planning and remediation