ASC 740 demands painstaking attention to detail and deep knowledge to accurately calculate and report income tax provisions and uncertain tax positions. Lindsay Haskell answers frequently asked questions about ASC 740, a complex and time-consuming set of corporate standards.
Accounting for income taxes (ASC 740) is a set of income tax standards requiring public companies and private companies preparing to go public to analyze and disclose income tax risks. The implications of getting it wrong–financial restatements and financial disclosures–can impact investor confidence and shareholder value. Complications can also lead to significant remediation costs and business distractions for key executives.
Complying with ASC 740 is challenging for due to the knowledge and experience needed to meet the significant tax and financial reporting requirements. For companies without an internal tax department, the challenge is greater. Learn more with this instant download.
- What is ASC 740?
- Why should companies be concerned with ASC 740?
- What is the scope of ASC 740?
- What income taxes are covered by ASC740?
- What is a tax position?
- What is an “uncertain tax position”?
- How is an uncertain tax position determined?
- Why is complying more challenging for private than public companies?
- What is the difference between ASC 740 and ASC 740-10?
If after reading you have questions, please do not hesitate to get in touch.
Need just the basics? Download a Closer Look at ASC 740.
Explore how accounting for uncertain tax positions can reduce your tax risk, smooth out tax liabilities, and improve financial statement transparency in A Closer Look at ASC 740: Accounting for Income Taxes. Having the in-depth knowledge, tax technical understanding, and experience to manage estimates and assumptions related to tax provisions is critical to getting ASC 740 calculations and disclosures right. The requirements and common pitfalls of complying with ASC 740 are explored in this White paper as we answer:
· Why do companies struggle with accounting for income taxes?
· Why does accounting for income taxes matter?
· What are the common pitfalls associated with accounting for income taxes?
· How do I get started?
Lindsay Haskell, CPA, Director of Corporate Tax, TaxOps
With an eye for what is practical, Lindsay Haskell brings private and public sector experience in corporate, income tax provision (ASC 740) and compliance as well as indirect tax experience to creating solutions that work for businesses. Previously, Lindsay spent time at EY handling tax compliance and provision for corporate, international, federal, and state and local projects. She also worked in private industry at Webroot Inc., now Carbonite, Inc., where she performed cross-functional compliance and planning integration across tax disciplines. Lindsay is a licensed CPA and holds a Master of Science in Accountancy from Bentley University McCallum Graduate School of Business.
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