Users of financial statements continue to emphasize the importance of informative, decision-useful disclosures. This focus often extends to the reporting of income taxes, a material component of most financial statements. Tax laws can be difficult to understand due to their complexity, compounded by the multitude of taxing jurisdictions throughout the world. Connecting the effects of those laws with financial accounting principles adds to the challenge.
Numerous income tax accounting matters require the use of estimates, judgments, and other subjective information that can obscure the presentation in the financial statement accounts. Clarifying disclosures can enable users to gain a better understanding of the reporting entity's income tax environment.
Today's financial reporting users represent a spectrum of stakeholders including investors, lenders, regulators, accounting standard setters, analysts, researchers, and legislative or public policy-making bodies around the world. The business environment and user expectations have evolved such that companies are encouraged to communicate more effectively about their income tax profile.
The Financial Accounting Standards Board (FASB) has a large-scale disclosure framework project in progress. A discussion paper was issued on July 12, 2012 followed by a comment period. The FASB is currently reviewing the feedback, while developing a decision process for establishing disclosure requirements. With the framework project, the FASB hopes to improve the effectiveness of disclosures in the notes to financial statements by clearly communicating the information that is most important to users. The FASB intends the framework to promote more consistent decisions around disclosure requirements.
Earlier this month, the FASB announced that it will seek further input on certain income tax areas noted in a recently completed Financial Accounting Foundation report as presenting difficulties for users. Specifically, information enabling users to analyze income tax cash flows and the effects of indefinitely reinvested foreign earnings.
The International Accounting Standards Board (IASB) held a discussion forum in London earlier this year and released a paper in May 2013, Discussion Forum – Financial Reporting Disclosure Feedback Statement, outlining the initiatives they expect to undertake. The actions include steps to address materiality considerations and the challenges associated with providing effective disclosure.
The Securities and Exchange Commission (SEC) recently announced its plan to hold roundtable discussions with its varying constituents on the subject of disclosure. In October 2013, Mary Jo White, Chair of the SEC, gave a speech to the National Association of Corporate Directors where she expressed the need for continued focus on disclosure requirements to ensure they are providing effective and useful information to users. At the same time, she cautioned against information overload, which can confound users.
The SEC staff continues to focus on disclosures in comment letters issued to registrants. In connection with income taxes, frequent comment areas include the indefinite reinvestment of foreign earnings, effective tax rate reconciliations, the assessment of deferred tax assets, and uncertain tax positions.
Income tax disclosure continues to be a hot topic with lawmakers around the world. Their focus has similarly been on reported effective tax rates, country-by-country reporting transparency, uncertain tax positions, and reinvested foreign earnings. Included in the
Dodd-Frank Wall Street Reform and Consumer Protection Act are certain country-by-country tax reporting provisions adopted by the SEC in August 2012. They require SEC-listed companies in the extractive sectors to disclose, on a country-by-country basis, certain payments made to governments. In early 2013, the European Union (EU) enacted EU Capital Requirements Directive IV, which includes provisions that will require all banks, other credit institutions, and certain investment firms to publish detailed financial data on a country-by-country basis.
Financial reporting disclosures are a key mechanism for communicating with stakeholders. Disclosures go beyond the reporting of numbers in the financial statements, providing an opportunity for a company to tell its story.
While the disclosure requirements are different for non-public entities, effective disclosure can be of equal importance. In addition, entities expecting to become public, as well as regulated filers such as hedge funds, will often consider disclosure from a perspective comparable to that of public companies.
The presentation of financial statements in conformity with US generally accepted accounting principles (US GAAP) includes proper disclosure.
The following Accounting Standards Codification (ASC) topics provide general guidelines regarding
disclosure requirements:
In addition to the general guidelines, specific disclosure requirements are prescribed within numerous accounting topical standards. With respect to income taxes, ASC 740, Income Taxes, requires certain financial statement footnote disclosures. These are augmented by SEC footnote requirements for public companies. In addition, there are tax-related footnote disclosures required under other standards, such as those relating to business combinations, stock-based compensation, and foreign currency.
For US public companies subject to SEC reporting requirements, disclosures may be found in annual and quarterly filings such as the Forms 10‑K or 10-Q. A company's annual filing includes the audited financial statements and a narrative containing management's description of the company's performance, activities, and liquidity. If a significant event occurs outside the annual and quarterly filing periods, a Form 8-K filing may be necessary.
Public companies typically also issue press releases and conduct 'earnings calls' to disclose information to users. Companies should be aware of what others in their industry are disclosing and may consider disclosing information through industry-specific publications. Non-authoritative sources may also be useful references for disclosure, including the American Institute of Certified Public Accountants' US GAAP Financial Statements –
Non-public entities may limit their disclosure considerations to those specified in the authoritative accounting guidance. In some instances, the guidance differs from the requirements for public companies. Non-public entities that anticipate seeking public capital or otherwise wish to report in a more publicly comparable manner may expand their disclosure considerations.
Our journey through Form 10-K begins with management's discussion and analysis (MD&A). In recent years, this opening section of registrant filings has garnered frequent comments from the SEC staff.
MD&A disclosure is guided by three principal objectives:
The discussion should be from the perspective of management rather than that of one department, specific employees, or even the corporate board. Obtaining broad organizational input can be instrumental to distilling key considerations and providing clarification that is not otherwise apparent within the filing. In determining whether commentary within MD&A is appropriate, consider the following steps:
It is presumed that reported results will be fairly consistent over the near/mid-term horizon to the best of management's knowledge. To the extent that additional information is known by management that may impact this presumption, discussion within MD&A is encouraged in order to provide appropriate context and timely warning to readers.
Since MD&A should provide clarifying discussions to enhance the usefulness of the financial statements, it should not repeat or contradict content already contained within another part of the filing; it should not be generic in nature; it should not focus on immaterial events or transactions; and it should not dilute the user's understanding. Disclosure is about the quality, not quantity, of information.
Registrants should explain significant matters impacting cash flows and capital resources. For example, in the event there are significant cash flows related to windfall tax benefits from stock-based compensation, discussion within MD&A may be appropriate. With respect to deferred taxes, discussion of the expected timing of future tax cash flows may be useful. Disclosure is also expected to indicate potential tax costs that would be incurred if foreign cash or cash equivalents were needed to fund US obligations or contingencies.
As discussed later, the effective tax rate (ETR) is based upon the reported amount of income tax expense attributable to continuing operations. Discussion should provide users with an understanding of the key underlying factors reflected in the ETR reconciliation. Registrants should explain the reasons for significant changes in the ETR from year to year. This may include discussion of significant changes that may occur in the future.
Additionally, registrants should provide a discussion of unusual and infrequent items impacting the ETR reconciliation.
Registrants should consider discussion of significant income tax implications relating to international operations and/or foreign income tax rates, which may include:
Disclosure can provide users with insight into the risks and opportunities relevant to an organization based on how it conducts its cross-border business and which taxing jurisdictions are of major significance to the organization.
The SEC staff has emphasized the importance of transparency with respect to undistributed foreign earnings. They have been regularly asking companies to disclose the specific factors and plans considered in support of indefinite reinvestment assertions.
Registrants should consider discussion of the organization's assessment of the realizability of deferred tax assets (DTAs). If there are recent cumulative losses in a jurisdiction with significant DTAs, consider explaining why no valuation allowance was established. If not explained in the footnotes, emphasis should be given in MD&A to the evidence considered by management and the weighting accorded to each component of evidence in reaching its conclusion.
In the event it is not apparent that an organization's existing level of income for a particular jurisdiction is sufficient to realize its DTAs, the following should be discussed:
The SEC staff has recommended that the historical relationship between pre-tax earnings and taxable income, including the nature and amount of material differences, be disclosed. Likewise, a discussion regarding tax-planning strategies that would be available to generate future taxable income and the timing of the reversal of significant deductible temporary differences should be considered.
Changes in valuation allowances, whether recording or releasing an allowance, should be explained. The SEC staff expects that such changes would not only have been foreshadowed in prior disclosure, but that support for changes in the accounts be discussed in detail.
Liabilities for unrecognized tax benefits should be considered when a registrant prepares the contractual obligations table. There are various formats that these disclosures might follow. However, the ultimate goal of the disclosures is to provide transparent information that enables investors to understand the impact of uncertain tax positions on the company's liquidity.
Registrants should provide a discussion of critical accounting estimates, assumptions, and uncertainties within MD&A to serve as a supplement to the accounting policy section of the notes to the financial statements. This discussion should not be repetitive or a replacement of the financial statement footnote discussion. It should include a discussion of the process management used to apply decision frameworks across and between a broad spectrum of models that often require significant judgment.
Specifically, factors to consider for this disclosure include:
Many organizations include income taxes within this section of MD&A due to the judgmental nature of the accounting estimates and assumptions management must make. Common examples include valuation allowance assessments, indefinite reversal assertions for unremitted earnings of foreign subsidiaries, and tax examination developments.
Consideration should be given to tax-related events or uncertainties that could be of a material nature. This may include proposed tax legislation that could significantly impact management's judgments and decisions. Many companies track legislative proposals significant to their organizations and denote significant tax implications that could result if such proposals were enacted. The emphasis would be on the potential effect of such developments on the variability of earnings, financial condition, and liquidity.
ASC 235 is a generic disclosure standard that applies to all entities issuing financial statements under US GAAP. This standard addresses the disclosure of the accounting policies judged by management to most fairly present the entity's financial statements.
It requires that disclosure identify and describe the accounting principles followed by the entity and the methods of applying those principles that materially affect the determination of financial position, cash flows, or results of operations. The disclosure encompasses important judgments as to the appropriateness of accounting principles and methods that involve any of the following:
The significant accounting policies disclosure of many companies includes income tax policies. The extent of the disclosure, including the level of depth and specific income tax topics covered, varies among financial statement preparers. Income tax policies often included in this disclosure are:
Public entities must disclose a reconciliation (using percentages or dollar amounts) of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying the domestic federal statutory tax rate to pre-tax income from continuing operations. The statutory tax rate should be the regular tax rate if there are alternative tax systems. The estimated amount and the nature of each significant reconciling item should be disclosed. A non-public entity must disclose the nature of significant reconciling items but may omit a numerical reconciliation.
ASC 740 does not define what constitutes a 'significant' item in the rate reconciliation. However, Rule 4-08(h) of SEC Regulation S-X requires disclosure of individual reconciling items that are more than 5% of the amount computed by multiplying pre-tax income by the statutory tax rate (e.g., for a US-based entity subject to the 35% statutory tax rate, any item that increases or decreases the tax rate by 1.75%). Care should be taken to ensure that items are not disaggregated or aggregated to avoid this requirement, and that reconciling items below this threshold are displayed in appropriate categories. While groupings should generally be consistent from year to year, when a change to a grouping is appropriate an accompanying explanation should
be considered.
An area of increasing user interest is the foreign tax rate differential. This reconciling line item should reflect activity resulting from foreign tax rates. The foreign rate differential is not intended to capture all items that may have a related foreign tax consequence.
Other common ETR differentials include:
Certain jurisdictions tax corporate income at different rates, depending on whether (and, in some cases, when) that income is distributed to shareholders. A jurisdiction may have a tax system under which a credit for taxes previously paid is provided when dividends are paid. Conversely, in other jurisdictions the 'distributed' rate exceeds the 'undistributed' rate, and additional taxes are due whenever income is distributed to shareholders.
There should be disclosure of the rate applied in measuring current and deferred taxes. When dividends are declared, any additional tax (or benefit) should be considered for presentation in the ETR reconciliation.
Disclosure should also be considered with respect to other types of hybrid tax systems that similarly require an assessment of the appropriate tax rate. This includes:
ASC 740 and SEC regulations require the disclosure of gross DTAs, gross deferred tax liabilities (DTLs), the valuation allowance, and the net change in the valuation allowance. This disclosure requirement would not apply to deferred tax charges related to intercompany transactions and deferred tax credits arising from leveraged leases.
Management may find it prudent to indicate in the financial statements the extent to which realization of DTAs is dependent on projections of future taxable income. In addition, Regulation S-X Rule 5-04 requires that valuation allowance details be provided on Schedule II, as prescribed in Rule 12-09, if it is not otherwise provided in the financial statements or notes.
Public companies must disclose the amounts of significant types of temporary differences. Non-public entities are not required to provide this numeric information but must disclose the nature of significant items. Regulation S-X Rule 4-08(h) does not impose a mechanical hurdle for determining which types of temporary differences are significant. As a practical benchmark, we believe that a particular type of temporary difference should be considered significant if its deferred tax effects equal 5% or more of either total DTAs (i.e., before valuation allowance) or total DTLs, whichever is greater.
Other required disclosures relating to deferred tax balance sheet accounts include:
Companies are required to disclose the amounts and expiration dates of loss and tax credit carryforwards. This would include the nature and potential effects of any tax law provision that might limit the availability or utilization of those carryforward amounts (e.g., limitations caused by change in ownership).
The disclosure of such tax attributes should also reflect unrecognized tax benefits that would reduce the amounts claimed or reported in the tax returns. Companies may wish to disclose the claimed tax return amounts as well as the amount that excludes the effects of unrecognized tax benefits.
When a stock compensation award is settled, but a company cannot recognize the tax benefit of a windfall deduction because it did not reduce income taxes payable, the carryforwards for which a DTA is recorded may differ from the amount available to the company. The carryforwards related to windfall tax benefits will need to be tracked separately, but will be included with the other available carryforwards disclosed in the footnotes. The amount of carryforwards for which a benefit would be recorded in equity when realized should be disclosed.
ASC 740 and SEC regulations require the disclosure of the amount of income tax expense or benefit allocated to continuing operations and the amounts separately allocated to items that are included in other categories, such as discontinued operations, other comprehensive income, and extraordinary items.
The amount of income tax expense or benefit allocated to continuing operations would ordinarily be shown on the face of the income statement. The significant components of income tax expense attributable to continuing operations for each year presented are to be disclosed in the financial statements or footnotes. Those components may include:
In situations where a DTL has not been recognized because of the exception for indefinite reinvestment, the following information should be disclosed:
For companies that do not disclose an estimate of the unrecorded liability, the SEC staff has been requesting an explanation as to why determination of an estimate is not practicable. Some companies that had historically concluded that an estimate was not practicable have more recently begun disclosing an estimate.
If it is reasonably possible that within one year there will be a change in an indefinite reversal assertion (or in the expected method of recovery of an investment in a domestic subsidiary), disclosure under ASC 275 may be required. If a foreign non-controlled investee becomes a subsidiary, disclosure should be considered with respect to the treatment of previously recorded deferred taxes.
Disclosure should also be considered in relation to earnings that are not eligible for home country tax deferral. For US companies, that can include so-called 'subpart F' earnings of foreign subsidiaries as well as foreign branch earnings. The income tax accounting model in each of these contexts can in certain cases present policy choices that should be considered for disclosure.
ASC 275 requires disclosures in financial statements of risks and uncertainties (e.g., use of estimates) that can help users in predicting future cash flows and results of operations. This guidance is often relevant to income taxes in relation to areas such as valuation allowances and indefinite reversal assertions for unremitted earnings of foreign subsidiaries. Disclosure may include assumptions that management uses to estimate its balance sheet and income statement tax accounts. When it is reasonably possible that a material adjustment will occur in the near term (generally considered approximately one year), the financial statements should disclose this uncertainty along with a range of potential changes to its recorded amounts. The premise of this disclosure requirement is that significant one-time charges or benefits, such as a change in the assessment of the need for a valuation allowance, should not surprise users.
ASC 740 requires public entities that are not subject to income taxes, because their income is taxed directly to their owners, to disclose that fact. In addition, there should be disclosure of the net difference between the tax bases and the reported amounts of assets and liabilities.
Consistent with ASC 235, more specific income tax accounting policy choices should also be considered for disclosure. In addition to other disclosures discussed in the context of particular topics, examples of such policy choices in the income tax area may include:
Consideration should also be given to disclosure of other significant assumptions that may be used, for example, to determine the measurement of deferred taxes. An example of this is the expected manner of recovery (e.g., disposal versus distribution) used to measure a DTL related to an equity method investment.
Several footnote disclosures required by the SEC are not specifically required by ASC 740. These include:
These disclosure requirements apply not only to continuing operations, but also to total pre-tax income and total tax expense. However, overall disclosures of the components of total income tax expense (i.e., current vs. deferred and US federal vs. foreign vs. other) are acceptable. It is not necessary to make such disclosures with respect to each of the different categories (continuing operations, discontinued operations, extraordinary items, etc.) in which income tax expense is reported.
Disclosures for uncertain tax positions require the use of professional judgment. While management might be concerned with including information in the financial statements that could be helpful to a taxing authority, users base their investment decisions on the same financial statements. ASC 740 addresses this tension in part by requiring a qualitative discussion of only those positions that management expects will change significantly within the next 12 months. Further, the quantitative reconciliation of unrecognized tax benefits required in public company footnotes is prepared on a worldwide aggregated basis.
Disclosures should be provided for each annual reporting period presented. To meet this requirement, disclosures related to historical information reflected in the financial statements (e.g., the tabular reconciliation of unrecognized tax benefits) should be based on the years for which the relevant income statements are presented. Disclosures that are primarily forward-looking in nature may be presented as of the most recent balance sheet date only. If applicable, significant changes to the disclosures would be reported in interim periods.
Topic |
Disclosure |
Interest and penalties |
Accounting policy for the classification of interest and penalties, either as components of income tax expense or as part of pre-tax income. In either case, however, they should not be included in the annual tabular reconciliation disclosure because they are not considered unrecognized tax benefits. |
Significant changes |
The nature of uncertain positions and related events if it is reasonably possible that the positions and events could change the associated recognized tax benefits within the next 12 months. This includes unrecognized tax benefits that are expected to be recognized upon the expiration of a statute of limitations. Disclosure should include an estimate of the range of the reasonably possible change or a statement that an estimate cannot be made. |
Examination years |
All tax years that remain open to assessment by major tax jurisdictions. |
Tabular reconciliation |
Reconciliation of the beginning and ending balances of unrecognized tax benefits. This includes all unrecognized benefits, whether they are reflected in a liability, a decrease in a DTA (irrespective of whether a valuation allowance would be required), or even an off-balance-sheet exposure such as an uncertain stock option windfall benefit that has not been recorded because it has not yet reduced taxes payable. |
Foreign currency translation |
The effects of currency translation on the line items within the tabular reconciliation may be presented as a separate line item or included in the amount presented in each line item. Disclosure may include reference to the manner of presentation. |
Impact to the ETR |
The total amount of unrecognized tax benefits that, if recognized, would impact the ETR — that is, unrecognized tax benefits that would affect (if recognized) the tax provision within continuing operations. This would generally not include (1) timing-related uncertainties, (2) windfall tax deductions from stock-based compensation, and (3) measurement period adjustments. Supplemental disclosures should be considered to indicate, for example, the amount of gross unrecognized tax benefits included in the ending balance whose tax effects, if recognized, would be recorded in equity and/or goodwill. |
Backwards tracing |
With respect to uncertain tax positions relating to discontinued operations, extraordinary items, intercompany transactions, and items included in other comprehensive income, there may be policy choices that should be considered for disclosure. |
Subsequent events |
Relevant developments occurring after the balance sheet date but before issuance of financial statements (including the discovery of information that was not available as of the balance sheet date) that affect unrecognized tax benefits should be considered a non-recognized subsequent event. Accordingly, the effects are not recorded in the current period financial statements, but an explanatory disclosure of the event and its potential impact should be considered. |
The amount of income tax expense or benefit allocated to currency translation must be disclosed on the face of the financial statements or in the notes. There are several forms of acceptable presentation.
Other foreign currency tax-related disclosures may include:
Several tax accounting policy elections may be disclosed in connection with business combinations, including:
Financial statement disclosures required during interim periods are generally prepared under the assumption that users have read or can access the audited financial statements for the preceding year. For this reason, interim reporting disclosures are not expected to be as robust as the disclosures required at year end.
Disclosure requirements for significant income tax items generally include:
Additionally, appropriate financial statement disclosures should be made for interim-period income tax policies. Examples of specific areas where such policies may impact the estimated annual ETR include the treatment of:
In a similar fashion, interim MD&A disclosures are intended to enable users to assess significant changes in financial condition. This includes addressing significant changes in the results of operations that did not arise from or are not necessarily representative of the ongoing business.
Users of the financial statements can assume, for instance, that a company's ETR for the most recent periods will continue into the near-term future. If items impacting the interim rate will not recur, disclosure would generally be appropriate.
In the event interim statements are used in lieu of annual statements (e.g., in a registration statement), disclosure is required of the components of interim income tax expense.
Form 8-K and its variants are used to report specific events, normally, within four days of occurrence (unless otherwise stated). The filing of Form 8-K may be required as a result of any number of potentially important events, including:
Although Form 8-K filings often arise from third-party commercial events, there are instances in which tax-related transactions, events, or agreements occur for which an 8-K filing would be considered. For example:
Businesses that prepare consolidated (or group) financial statements also often prepare separate financial statements for one or more divisions, business units, and/or subsidiaries. Such statements ('carve-out' or 'standalone' financial statements) can be necessitated by a pending transaction such as an initial public offering, spin-off, or business combination. Alternatively, they may be required for certain statutory or regulatory filings on an ongoing periodic basis.
The selection of an appropriate income tax allocation method requires significant judgment. Accordingly, disclosures regarding the chosen policy should be sufficiently transparent to enable users to make informed decisions.
ASC 740 requires an entity that is a member of a group that files a consolidated tax return to disclose the following in its separate financial statements:
Although these disclosure requirements are in lieu of, rather than in addition to, the general disclosure requirements of ASC 740, it is generally advisable to include a description of the types (and potentially the amounts) of significant temporary differences. In addition, if the carve-out financial statements will be filed with the SEC, the disclosures should generally be comprehensive.
Disclosures regarding uncertain tax positions of the carve-out entity would generally be appropriate. The level of uncertain tax position disclosures, however, may vary depending on the tax allocation method chosen as well as the other ASC 740 disclosures provided. For example, if income taxes are allocated to a carve-out entity using a method that provides that subsequent changes relating to uncertain tax positions are allocated to the parent company, the carve-out entity may not need to provide all the required ASC 740 disclosures. On the other hand, if the carve-out entity is allocated income taxes using the separate return method, it should generally provide all the required ASC 740 disclosures.
Disclosure should similarly be considered for an allocation of a windfall tax benefits pool to the separate filing entity.
It is also generally appropriate to disclose tax attributes that have been allocated to the carve-out entity but will not remain with the carve-out entity upon separation from the consolidated group. For example, there may be a separate return method DTA for a loss or credit carryforward that has been used in a consolidated tax return.
Because International Financial Reporting Standards (IFRS) and US GAAP are based on comparable income tax accounting principles, many of the pertinent disclosure considerations are similar. However, differences exist and some examples follow.
On the balance sheet, IFRS requires deferred taxes to be recognized on a net basis (valuation allowances are not allowed to be recorded) and recorded in a non-current account. A supplemental note that provides greater detail is required.
Under IFRS, a numerical reconciliation is required in either or both of the following forms:
Accounting for uncertain tax positions is not specifically addressed within IFRS. As a result, there are accounting policies that may be disclosed, such as those for measuring tax positions and for determining the 'unit of account.' Relevant post-balance-sheet date events would be assessed for possible adjustment to the current period accounts or disclosure without current adjustment. There may also be accounting policy choices for interest and penalties.
Significant differences also exist with respect to stock-based compensation. There is no concept of a 'windfall pool' under IFRS, and all tax benefits or shortfalls upon settlement are reported as operating cash flows.
Companies often present users with additional accounting information that is not presented in accordance with US GAAP. The information is based upon US GAAP amounts, but with adjustments. These presentations are referred to as 'non-GAAP financial measures' under SEC rules. The non-GAAP financial measures may be presented in addition to results prepared in accordance with US GAAP, but should not be considered a substitute for US GAAP results. Companies are required to provide a reconciliation of the non-GAAP measures to the most directly comparable US GAAP amounts.
Income tax accounting items that are often adjusted in non-GAAP measures include valuation allowances, windfall tax benefits, tax effects related to unremitted foreign earnings, and uncertain tax positions. Non-GAAP measures will generally need to include a reconciliation of the US GAAP effective tax rate.
Disclosures are a critical element of financial statements and accompanying communications. They enable a company to tell its story and strengthen the relevance of their financial statements. Disclosures pertaining to income taxes are no exception and in many respects can be among the most useful to financial statement users.
Today's financial statement users are more diverse than ever. To reach them, good disclosure should be clear and crisp, and in plain English. In formulating effective disclosure, no one company department should go it alone.
Many companies have disclosure committees that help ensure proper alignment of disclosure. The best assessment of the effectiveness of disclosure will often come from other than those specialists who may be most familiar with the intricacies of the respective financial accounts.
Companies should foster cross-functional teaming around income tax disclosure, as income tax reporting by its nature requires an integration of skill sets and multi-sourced data. Companies are likewise encouraged to have proactive conversations with their independent audit firm. Coordination among all participants in the external reporting chain is a best practice.
Access a PDF copy of the article on PwC.com.
Edward Abahoonie
Tax Accounting Services Technical Leader
+1 (973) 236-4448
edward.abahoonie@us.pwc.com
Jonathan DeFeo
National Professional Services Group
+1 (973) 236-7088
jonathan.d.defeo@us.pwc.com
Kristin Dunner
National Tax Accounting Services
+1 (617) 530-4482
kristin.n.dunner@us.pwc.com
John Schmitt
National Tax Accounting Services
+1 (312) 298-3272
john.schmitt@us.pwc.com
Access a PDF copy of the article on PwC.com.
For questions about income tax accounting matters, please contact your local PwC team or our Tax Accounting Services leaders listed below.
|
Leaders |
Phone |
|
Global Tax Accounting Services Leader |
Ken Kuykendall |
+1 (312) 298-2546 |
|
Atlanta |
Ben Stanga |
+1 (615) 503-2577 |
|
Northern California – San Jose |
Ty Kanaaneh |
+1 (408) 817-5729 |
|
Northern California – San Francisco |
Adan Martinez |
+1 (415) 498-6154 |
|
Southern California |
Darrell Poplock |
+1 (213) 356-6158 |
|
Carolinas |
Tamara Williams |
+1 (704) 344-4146 |
|
Chicago |
Rick Levin |
+1 (312) 298-3539 |
|
Florida |
Rafael Garcia |
+1 (305) 375-6237 |
|
Houston |
Maria Collman |
+1 (713) 356-5091 |
|
Lake Erie |
Mike Tomera |
+1 (412) 355-6095 |
|
Michigan |
Amy Solek |
+1 (313) 394-6767 |
|
Minneapolis |
Chad Berge |
+1 (612) 596-4471 |
|
Missouri |
Brian Sprick |
+1 (314) 206-8509 |
|
Northeast |
David Wiseman |
+1 (617) 530-7274 |
|
New York Metro |
Allen AhKao |
+1 (973) 236-5730 |
|
New York Metro (Financial Services) |
Gayle Kraden |
+1 (646) 471-3263 |
|
New York Metro (Private Companies) |
Gary Pogharian |
+1 (973) 236-5696 |
|
New York Metro (Financial Services) |
John Triolo |
+1 (646) 471-5536 |
|
Ohio, Kentucky, Indiana |
Dan Staley |
+1 (513) 723-4727 |
|
Pacific Northwest |
Suzanne Greer |
+1 (206) 398-3339 |
|
Philadelphia |
Diane Place |
+1 (267) 330-6205 |
|
Rockies |
Mike Manwaring |
+1 (720) 931-7411 |
|
North Texas |
Steve Schoonmaker |
+1 (512) 708-5492 |
|
Washington Metro |
Jamie Grow |
+1 (703) 918-3458 |