Certified Public Accountants1215 Herr Lane, Suite 210 - Louisville, KY 40222502-896-2999

ASC 740 (FAS 109) and FIN 48 Tax Provision Accounting

Neikirk Mahoney & Smith can assist in your income tax provision calculations necessary for financial statement presentation. Accounting Standards Codification (“ASC”) Topic 740 (formerly FAS 109) provides detailed requirements and disclosures necessary to present income tax components of financial statements in accordance with Generally Accepted Accounting Principles ("GAAP"). We can streamline the process for an annual calculation performed by our firm, or can provide training and oversight so that your Company can perform the calculations necessary on a yearly or quarterly basis. Tax Provision Calculations typically include:

  • General ledger adjusting journal entries
  • Current income tax expense calculations
  • Rollforwards of current income taxes payable
  • Rollforwards of deferred tax assets and liabilities
  • Income tax rate reconciliations
  • Inventories and measurement of uncertain tax positions under FIN 48
  • Weighing the technical merits of tax positions under FIN 48
  • Rollforwards of uncertain tax positions under FIN 48
  • Financial statement footnote support