Your browser is not supported by this site. Please update to the latest version, or use a different browser for the best experience.
Corporate Income Tax Provision Checklists

Corporate Income Tax Provision Checklists

Product Information

  • Brand:
    WGL

Format

Price

Quantity

Online
Product Code:
WTPC
$420.00

Corporate Income Tax Provision Checklists provides a comprehensive income tax provision process. In addition to the traditional pronouncement-based requirements, the checklists provide an overall structure for establishing and maintaining an accurate and timely information flow.

  1. Identify and collect all relevant information:
    • Management Interview Form — To ensure that the income tax provision is complete with respect to consideration of all relevant information, the Tax Manager conducts a quarterly tax update meeting with top management to identify unusual transactions, changes in operations or circumstances or potential issues that may have an income tax impact. The occurrence of this meeting is documented with signatures of the meeting participants. The meeting utilizes the Management Interview Form to identify changes in facts and circumstances that may impact the income tax provision or its reporting and disclosure.
    • Income Tax Checklist — identifies tax law changes for significant taxing jurisdictions that may impact the income tax provision.
    • Standard Income Tax Information Reporting — ensures that the Tax Manager has the recurring information necessary to prepare a complete income tax provision.
  2. Review and analyze information and calculate the income tax provision:
    • Unrecognized Tax Benefit Analysis — ensures compliance with FASB ASC 740, which contains the codified standard for accounting for uncertain income tax positions, with respect to the identification of uncertain tax positions and the proper measurement and reporting of resulting unrecognized tax benefits.
    • Current Income Tax Procedure — provides for the accurate determination of current income tax expense and related balance sheet accounts in compliance with FASB ASC 740, which contains the codified accounting standards for income taxes.
    • Current Income Tax Procedure — provides for the accurate determination of current income tax expense and related balance sheet accounts in compliance with FASB ASC 740, which contains the codified accounting standards for income taxes.
    • Valuation Allowance Analysis — provides an approach to the consideration of relevant information with respect to determining if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized.
    • Special Areas for Income Taxes — deals with areas that provide exceptions to the normal rules of FASB ASC 740 with respect to 1) items that normally result in deferred tax assets and liabilities and 2) transactions for which changes in current income tax or deferred tax assets and liabilities impact goodwill or equity accounts rather than income tax expense.
  3. Income tax provisions are complete and accurate
    • Reconciliation of All Income Tax Accounts — provides a short checklist regarding the process of reconciling all income tax accounts.
  4. Financial statement reporting of income taxes and related disclosures:
    • Financial Statement Reporting — is directed at the proper reporting in the Financial Statements: Statement of Operations (alternatively referred to as the Income Statement), the Balance Sheet, the Statement of Cash Flows and the Statement of Changes in Stockholders’ Equity and Other Comprehensive Income.
    • Income Tax Footnote Disclosure — is directed at the detailed disclosure of amounts and items in the income tax footnote to the financial statements.

Documentation memos document the relevant analysis and the corresponding conclusions with respect to:

  • Summarization of the period’s tax activities and compliance with FASB ASC 740 and other applicable guidance.
  • Documenting changes in the tax Unrecognized Tax Benefits reserve.
  • Documenting No UTPs Found.
  • Procedures performed in determining a conclusion on the need for a valuation allowance related to deferred tax assets.
  • Information and a checklist with respect to the current requirements for filing Form 1120, Schedule UTP, Uncertain Tax Position Statement.

Corporate Income Tax Provision Checklists also contains sample SEC filings from Forms 10-K and 10-Q and sample SEC comment letters redacted to focus solely on income tax provision.