Tax Provision
The income tax provision is the first chronological step of the corporate tax year. TaxStream's scalable provision solution has all the necessary functionality to calculate the provision and provide all supporting reports. Automation and controls allow for a more efficient, easily audited solution.
Internal and external auditors have increasingly turned their focus on the current and deferred income tax expense calculation, making it a crucial part of a company's fiscal year. The tax provision is the first chronological step in the corporate tax cycle, but tax and treasury departments are under pressure to complete it in a relatively short time period. TaxStream’s reports add structure to your provision process, doing many of most demanding provision tasks automatically, so you can focus on legal changes and tax optimization.
The TaxStream solution is currently used to generate the income tax provision, workpapers, and tax footnotes for over 1000 organizations worldwide, including over 27% of the FORTUNE 500. Our software is flexible and scalable enough to accommodate the provision of any company, regardless of size, industry, or complexity. In addition, TaxStream is intuitive and easy to master, so you spend less time learning the software and more time optimizing your tax process.
Provision Features
- Data Automation - Streamline your tax provision process. Bridge from your general ledger for account level analysis of tax-sensitive items and to support financial results. Enable local data collection from foreign or remote controllers or tax offices. You determine what levels of access and sign off are needed for each user and each remote location. Automate even further with electronic feeds from fixed asset systems and other third party software, allowing vendor choices appropriate for the level of complexity of your organization. Following the process through, TaxStream automatically generates journal entries.
- Tax Filings - Export book-tax differences to your tax compliance software to populate Schedule A and Schedule M and other forms, then re-import your return into TaxStream once the tax compliance process is finalized to generate your true-up items. TaxStream has worked closely with Abacus, VantageTax, CCH and many other compliance software vendors to create even greater efficiencies for a smooth and easy process.
- Process Controls - Whether your organization falls under SarbOx, Bill 198, La Loi sur la Sécurité Financière, or other tax and financial process regulations, TaxStream documentation provides the path to a tested controls-based tax provision. According to the SEC, a large percentage of all material weaknesses discovered during SOX Section 404 audits were linked to the income tax provision. TaxStream calculates a tax provision with proven SOX compliance.
- Data Collection - An alarming number of financial restatements have involved bad data inputs. Taxstream helps you design a tax process to optimize your data flow, including bridging to and from general ledgers, consolidation packages, and web-based remote data entry, improving both accuracy and efficiency.
- Deferred Balance Tracking - Track, manage, and analyze your deferred balances and roll them over from period to period. Automate your operating and tax losses, determine whether they’re recognized, and track them on a jurisdictional, entity, and filing group basis.
- Automated Reporting - Generate self-reconciling tax provision reports in real time: consolidated, by entity, by jurisdiction, by managerial reporting or other sub-consolidated grouping.
- Calculation Tie Out - All reports and calculations within TaxStream automatically tie out with one another, so you don't have to worry about broken formulas or variance reports.
- Global Compliance - TaxStream provides the flexibility to calculate the tax provision according to a variety of accounting standards, including IAS 12 of IFRS (iGAAP), and many local GAAPs. Whether you adhere to Boletín D-4 of the ISR, FRS19 under UK GAAP, AASB 12, or multiple sets of accounting rules, TaxStream was built with a balance sheet approach to income tax expense calculation, combining all permanent and temporary differences, credits, and other provision-relevant tax data. What’s more, with TaxStream you can easily translate between local and reporting GAAP if local books are kept according to local GAAP, then consolidated under iGAAP, US GAAP or other rules.
- Superior Local Income Tax Functionality - Generate reports for a specific U.S. state, Swiss Canton, Canadian province, Brazilian state, or other local taxing municipality. Apportion out state and jurisdiction rates and account for special jurisdiction rules such as combined filings. Apportion taxable income to as many U.S. or foreign jurisdictions as necessary to properly allocate your activity. The results can be reported on a separate, combined or unitary filing basis. Choose whether local taxes are deductible or not for the country, to appropriate deal with state, provincial, cantonal and other taxes. For U.S. entities, the Federal benefit of state for the deferred items can be represented as a component of the either the Federal rate or the state rate.
- Audit Trail - Track all changes, numeric and non-numeric, by user, time, and date, in our full audit trail.
- Flexibility - TaxStream can accommodate your current tax process, regardless of size, industry, or structure.
- Ease of Use - TaxStream is designed to be user-friendly, and is easily configurable by the user to reflect your specific tax provision needs.
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