FAS 109- Review & Advice
FAS 109 (Financial Accounting Standards Board “Statement 109: Accounting for Income Taxes”) requires public companies to disclose a reconciliation of their reported amount of income tax expense to the amount of income tax expense that would result if they applied U.S. domestic federal statutory income tax rates to their pretax financial income. In other words, a company’s FAS 109 income tax provisions and the Schedule Ms of its income tax return bridge the gap between the company’s financial accounting world under GAAP (generally accepted accounting principles) and its tax world under the Internal Revenue Code. Applying FAS 109 can be challenging and expensive, whether a company chooses to use in-house expertise or hire outside consultants. Improperly applying FAS 109 can bring your company all sorts of unwanted attention, e.g., disclosure of tax-related material weaknesses to the SEC or your investors. We can use our Big Four accounting firm tax consulting experience to review and advice on your federal and/or state income tax provisions at very affordable fees. We can also represent you in case of an IRS or any other taxing authorities’ audit of your income tax provisions.
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