FAS 109 Consulting

ASC Topic 740 (FASB Statement 109, Accounting for Income Taxes)

The Sarbanes-Oxley Act of 2002, as well as increasing complexity in tax law, has made Financial Accounting Standard (FAS) 109 increasingly significant. Tax departments are under pressure to provide cost-effective, efficient processes that are accessible, visible, transparent, and adhere to the controls required by new regulations. For those departments, WTP provides the following services:

FAS 109 analysis and calculation: WTP assists in quarterly and annual tax provision calculations, performs return-to-provision analyses, and calculates valuation allowances as needed. These services are also available on an ad hoc basis for planning purposes, or to test the design and implementation of a particular process.
Tax Rate/Effective Tax Rate Analysis: WTP assists in determining a company’s ETR that will have an impact on the bottom line, whether it is for long-range tax planning, or for quarterly or current-year reporting.
Tax Balance Analysis: WTP reconciles tax balance sheet accounts, and independently substantiates future utilization of deferred tax assets.
Tax Accounting Process Automation: WTP addresses inefficient and manual processes by automating information flow among the general ledger, provision and return systems using cutting-edge tax application software such as ONESOURCE TaxStream Provision. We provide full outsourcing services or loan staff arrangements to suit client requirements.
Tax Process Improvement: WTP assists in improving tax organization functions, settlement processes and process controls including data and systems management.
Controls: Implementation and testing of SOX 404 control processes are available for tax departments seeking to avoid or remedy findings of deficiency or weakness.

FAS 109 Consulting

Services