Posts Tagged ‘provision’

Since the onslaught of SOX, Accounting for Income Taxes has been, and continues to be, one of the leading causes of material weaknesses in a company’s internal controls.   

Tax 2.0 has recognized a growing trend; CFO’s and Controllers seem to be losing confidence in the tax department’s ability to accurately account for their income tax positions.

To quell this sense of unease some companies have shifted the responsibility for managing their tax provisions and related accounting from the Tax department to the Accounting department.  Others have created the new position of “Tax Controller.”

Now, we would like to post the following questions to the Tax 2.0 community.

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Sometimes, to move forward you have to take a step back. Deloitte delivers sound advice for tax departments struggling with the deluge of regulatory and business climate changes over the past few years with this insightful paper “Tax Accounting Processes: Time to get back to basics?”

Read more on the Deloitte site.