Income Tax Provision

Raising your bottom line with accurate and strategic tax provisioning.

ASC 740 (Formerly FAS 109 and FIN 48)

Tax provisioning is a daunting task for many businesses. It’s a never-ending process of estimating current and deferred income taxes while trying to keep up with changing tax regulations.

Thornhill Financial simplifies the process for you. We’ve calculated income tax provisions for clients nationwide. Our diverse client portfolio means that we’ve worked with private and publicly traded companies of all sizes. We apply that expertise to your situation which allows us to accurately and efficiently perform the tax provision calculations.

Tax Provision Services

Our specialists are skilled analysts and tax experts capable of managing your tax provisioning throughout the year. 

We offer quarterly and year-end support for our business clients. Our comprehensive tax provision services include:

  • Preparation of all book tax difference (Schedule M) calculations.
  • A roll forward and tie-out of all deferred tax balances.
  • Analysis and documentation of any tax reserve needs.
  • Summary workpapers compiled from the above detail workpapers which support the overall tax expense and accrual balances, as well as the footnote support requirements.
  • Preparation of the tax footnote.
  • Coordination of testing of the provision workpapers by the external auditors.
  • Detailed and comprehensive quarterly assistance should you require adjustments to your tax accounts each quarter.

Consultation for Tax Uncertainties

Accounting for Uncertainty in Income Taxes, requires all U.S. companies, public and private, to apply a more rigorous methodology for evaluating the expected tax benefits from uncertain tax positions.

Our tax uncertainties consulting services include:

  • Identifying and cataloging uncertain tax positions and preparing supporting technical documentation
  • Analyze positions, help determine whether an issue is “more likely than not” sustainable, and measure the probability of meeting the recognition threshold.
  • Prepare draft footnote disclosures, including tabular reconciliation of the beginning and ending amounts of unrecognized tax benefits.
  • Assess on an ongoing basis any subsequent changes in judgment regarding the recognition and measurement of a tax position.

Get the expert help and advice you need. Thornhill Financial has the technical expertise to assess your financial statements and implement potential tax-saving strategies.
CALL: 440-238-0445

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