Tax accounting services
As complexity increases in business, legislative and the regulatory tax environment, the call for transparency is also increasing. Companies across industries must find a way to help their in-house tax accounting and reporting team. There is an increased risk in inaccuracies surrounding income tax accounts and the disclosures in financial statements. Companies are facing a growing need for tax accounting due to financial restatements, enhanced regulatory scrutiny over tax disclosures and new reporting considerations and standards.
While facing these challenges with limited resources, companies like yours are increasingly turning to our tax accounting services department for assistance with tax accounting calculations and procedures.
KNAV P.A. helps your tax team perform efficiently by assisting in the following critical areas:
- Tax accounting: We can either develop quarterly and annual tax provision calculations or review the calculations that your tax team provides us. This includes analyzing and documenting tax accounting technical positions, and issuing specific tax accounting consultancy which includes valuation allowance evaluation, business combinations (purchase price accounting), intra-period allocations, outside and inside basis evaluations, stock based compensations, etc.
- Uncertain tax positions: We consult and undertake calculations for your company on uncertain tax position (ASC 740-10) issues. This includes the evaluation of uncertain tax positions on both federal/state income tax and transfer pricing matters. This analysis has become important in light of emergence of reporting considerations of uncertain tax positions both under US GAAP and federal tax returns;
- Tax balance sheet: We support your company in preparing the tax basis balance sheet &
- IFRS, US GAAP and IndAS: We provide assistance to your tax team whilst they adopt new accounting standards or when they need help for conversion of financial statements from IFRS/IndAS to US GAAP and vice versa.
- Impact of tax reforms: The new tax reforms introduced may have significant impact on the financial statements. We assist the company in analyzing the impact of these tax changes on their financial statements.