Tax & Accounting Blog

The “With and Without” Method for Allocating Income Tax

The “With and Without” Method for Allocating Income Tax

‘Twas the night before press release and all through the proof Nothing was open and there weren’t any goofs When all of sudden you awake with a fit You forgot intraperiod allocations and a deficiency you may get As the above cringe-inducing verse demonstrates, it is easy to think the tax provision is complete when … Read More

Transfer Pricing and Customs Valuations:  Will Your Adjustment Be Recognized?

Transfer Pricing and Customs Valuations: Will Your Adjustment Be Recognized?

What do you do when you need to make a transfer pricing adjustment, but the goods were delivered to the buyer in a prior tax year?  From a financial reporting and tax return perspective, the company within the local jurisdiction may or may not respect the adjustment.  But is that the end of the issue? … Read More

Why Should I Improve My State Apportionment Process?

Why Should I Improve My State Apportionment Process?

Over the last few years, tax departments still face the same three management objectives: Budget: Requests to do more with less, or to keep spending costs low without recognition of increased complexity and workload Risk Mitigation:  The need to get returns out the door, but we must also support provision reporting with an increased focus … Read More

Data Management Podcast Series: How a Tax Department Automated 70% of Their Tax Adjustments

Data Management Podcast Series: How a Tax Department Automated 70% of Their Tax Adjustments

Imagine eliminating the risk and time-consuming processes of using Microsoft® Office Excel during your income tax filings and year-end financial close. As part of the latest story in our Data Management Podcast Series, Chip Gooding, Director, Tax Accounting and Reporting at Commercial Metals Company (CMC), shares how transitioning to standardized workpapers helped his tax … Read More

APB 23:  ETR Ally, Audit Risk or Both?

APB 23: ETR Ally, Audit Risk or Both?

What is APB 23? APB 23 (codification effort notwithstanding, old habits die hard) provides an exception to the general rule that a U.S. multinational company must provide U.S. taxes on the foreign earnings of its controlled non-U.S. affiliates. More specifically, APB 23 is the accounting rule that allows a U.S. multinational to assert that its … Read More