The end of the year is a busy time for many of us. Preparing for the upcoming holidays, spending time with family and friends, and planning for the New Year take a lot of time and commitment. Countless to-do lists and responsibilities at home and work make the most wonderful time of the year more stressful than it needs to be.
Finance teams planning for their year-end financial statement audit have an even longer list of things to think about at the end of the year, including income statements, balance sheets, and, finally, the income tax provisions and disclosures that must be presented in the financial statements. Are your dreams of a relaxing holiday interrupted by what you know is waiting for you on January 2? The dreaded request from your financial statement auditors for the year-end tax provision file and financial statement footnotes?
Companies face increased scrutiny as new tax rules and regulations coupled with new financial statement developments and with shrinking reporting timelines create challenging conditions. Navigating both tax and financial reporting rules requires skill, expertise, and experience to correctly interpret and apply them. Withum can help bring clarity to the complexities of these changes.
Work-life balance with December 31 around the corner is a challenge for all of us. Planning and identifying the areas where you may need to bring in a specialist does not only ease your year-end stress but also sets you up for a successful year-end close.
With nearly 50 years of experience working with clients of all sizes and a team of tax and audit specialists, Withum can work with you and your company to create a customized plan unique to your needs. We will review your current processes and offer best practices advice. We offer a full range of services to improve your company’s tax provisions, financial reporting processes, and help meet your resource needs. Through our relationships with our international member firms, we have invaluable access to a global network that has extensive technical and industry expertise worldwide.
2024 Year-End Tax Planning Resources
Now’s the time to review your year-end tax planning options and strategies for the 2024 tax season. Withum’s Year-End Tax Planning Resource Center offers tips, legislative updates, and tax-saving opportunities for individuals and businesses.
Our Income Tax Accounting Expertise
- Preparing U.S. federal, state, and foreign tax provision workpapers and draft footnotes for inclusion in annual financial statements
- Tax accounting for foreign operations, including the domestic tax impacts associated with GILTI, FDII, and foreign tax credits as they relate to foreign subsidiaries
- Reviewing company prepared quarterly or annual tax calculations for commentary prior to submission to external auditors
- Accounting for tax complexities, including business combinations, debt modifications, and other non-recurring transactions
- Assisting management in arriving at and documenting conclusions concerning valuation allowances and recognition of deferred tax assets
- Accounting for uncertain tax positions, including complexities that arise for multi-state and multi-national operations such as nexus, transfer pricing, and research and development tax credits
- Reconciling all tax accounts including deferred tax and taxes payable balances
- Consulting with company and external auditors, as required, to formally document tax positions in the form of memorandums
Let us help you stay on track with your financial statement auditors. Meet our team and let us cross the tax provision off your to-do list, so you can focus on the things that matter the most.
Author: Karin Salmeri | ksalmeri@withum.com
Contact Us
For more information on this topic, please contact a member of Withum’s Business Tax Services Team.
