Are You Ready for FASB's Income Tax Disclosure Changes?

Navigating the future of tax compliance just got easier with Marcum.

The Financial Accounting Standards Board (FASB) is expanding disclosure requirements affecting your business’s worldwide tax profile. The changes bring more transparency for investors, yet many companies are apprehensive about the resources and effort it will take to comply.

Are you ready to:

• Disclose key tax elements equal to or greater than 5% of your entity’s statutory tax rate?
• Provide detailed information both in percentages and dollar amounts?
• Understand foreign tax effects, state and local taxes, changes in tax laws, tax credits, valuation allowances, and uncertain tax positions?
• Explain your state effective tax rate and your overall effective tax rate on an interim basis?

These new demands could lead to unfair scrutiny, reduced competitive advantage, political pressure, and potential misinterpretation of information. Your company might need to hire additional resources, overhaul processes, and adapt quickly to meet these requirements. Don’t let these changes catch your business off guard. Act now to ensure compliance.

The Marcum Advantage

At Marcum, we believe in a customized approach to tax compliance that includes:

• Tailored Solutions: We offer comprehensive solutions uniquely tailored to your business’s needs, avoiding one-size-fits-all approaches.
• Technology Integration: Leverage our cutting-edge technology to seamlessly navigate these changes and achieve greater efficiency and accuracy.
• Experienced Specialists: Our ASC-740 tax team has successfully navigated complex changes for numerous multinational businesses.

Our Services Include:

• Targeted Technical Analysis: Understand the implications of the FASB disclosure changes and make sure you are ready.
• Automated Mapping Processes: Streamline data capture, enhance existing controls, and ensure accurate disclosures.
• Resource & Process Overhaul Consultation: Determine if your existing processes are sufficient, and how to optimize them for the new standards.