Many people have never heard of ASC 740, at least until they go into business for themselves. After that, it commonly becomes a topic they hear about all too often.
Just in case it’s new to you, ASC 740 is a set of rules and standards that are applied to accounting for income taxes. Under these standards, businesses also have to disclose any income tax risks they have become aware of.
Complying with ASC 740 can be a challenge, but it’s very important to do, particularly for public companies, which often face the harshest requirements and scrutiny. The good news, though, is that you don’t have to do it on their own. Here at Mitchell Advisory Company, we’re well-versed in all aspects of business tax law and can help with ASC 740 compliance and more.
Many types of businesses are required to follow the accounting for income taxes principles and requirements laid out by ASC 740, and we can help them all.
Businesses required to meet these standards include both domestic and foreign entities, as well as public and private companies, and even some non-profit organizations. However, the standards and exact expectations may vary somewhat from one type of business to the next.
If you’re feeling confused as to whether or not these regulations apply to you or about how to comply fully and correctly, we can help, no matter what type of business you have.
Because ASC 740 requirements are somewhat strict and very complex, it’s not uncommon for businesses to make mistakes that cause them to have problems and, in some cases, that lead to required restatement.
Common issues include things like vague disclosures and problems with deferred tax assets and their feasibility.
To avoid these and other types of problems, we encourage you to lean on our expert, professional assistance.
For many businesses, ASC 740 compliance is a major source of stress and worry. With our help, though, you have nothing to fear. We can do all the hard work for you and save you a lot of time and energy in the process. That’s time and energy that you can instead devote to what matters most: growing and improving your business.
While you focus on that, we can handle everything from calculating your global income tax provision to crafting footnote disclosures.
If you’re ready to leave ASC 740 compliance right where it belongs—in the hands of a professional—contact us today. You’ll be so glad you did!