Accounting for Income Taxes ASC 740

Accounting for income taxes ASC 740 (formally FAS 109) has become increasingly more difficult for many companies due to the ever-growing complexities in the tax law, especially for international and multi-state companies can at times be overwhelming. This coupled with new accounting standards and interpretations, and expanded financial statement disclosure rules, leaves many companies feeling vulnerable to control risk deficiencies.

Of course the hurdles don’t end with the technical challenges. The limitation of auditors to assist due to SOX independence rules and the challenge of identifying qualified resources to perform these computations and to speak both auditor and tax “talk” is often more daunting. And with the growing scrutiny on quarterly provisions, accounting for income taxes in no longer a once-a-year process.

BMF serves as a trusted advisor to numerous public and emerging public companies on accounting for income taxes with scalable solutions to meet the unique needs of each. We have the people, processes and technology to overcome your accounting for income tax challenges.

Services

• Co-sourcing (working side by side with you from start to finish)
• Turnkey compliance
• SOX 404 tax internal control assessment and solutions
• Technical consulting (pronouncements, interpretations and legislative changes)
• Internal training

Experience

A registered member of the PCAOB, BMF has worked extensively with publicly held companies throughout the region, collaborating with each of the Big Four firms on their audit clients as independent advisors.

As an independent member of the BDO Alliance USA,we are able to support ASC 740 needs in foreign jurisdictions.

The ASC 740 specialty practice team is headed by James M. Bowen, partner of taxation, who currently serves numerous SEC companies and future registrants. Prior to joining BMF, Jim led a regional tax outsourcing practice for Ernst & Young LLP, where he oversaw tax compliance, planning and accounting for income taxes for many of the region’s leading public companies.

Our experience and technical expertise combined with the excellent client service of a smaller, regional firm, can help you achieve full compliance and meet all of your accounting goals as they relate to ASC 740.