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In an ideal world, “Accounting for Income Taxes,” Financial Accounting Standards Board (FASB) Statement of Financial Accounting Standards No. 109 (FAS 109), would be easily understood.

The business world, however, is riddled with increasing complexity, and FAS 109 deficiencies may keep many chief financial officers up at night. Crowe Horwath LLP provides a comprehensive suite of services – cosourcing, consulting services, and outsourcing – to help management reduce the risks facing businesses today.

FAS 109 inadequacies lead to additional headaches.
Income taxes. More and more, they can weigh on the minds of CFOs.

    • Is your effective tax rate understandable?
    • Are multistate or international operations creating issues with your tax processes?
    • Do you have the right personnel to handle the complexity and often voluminous calculations?

The risks can be considerable. Misrepresentation of taxes on financial statements can cascade to expensive and time-consuming restatements. The pressures aren’t letting up due to Sarbanes-Oxley, along with continual changes in accounting standards and tax laws. Many companies choose to rely on Crowe’s expertise to help them alleviate the headaches and avoid material weaknesses in this area.

Call on Crowe to help you reduce FAS 109 risks.
Experienced tax professionals are in high demand. To address the resource constraints facing many companies, Crowe has a comprehensive range of FAS 109 services:

    • Cosourcing or loan staffing;
    • Consulting services (including FASB Interpretation No. 48 (FIN 48)); and
    • Outsourcing.

Crowe’s approach: melding people, technology, and processes
Crowe starts by evaluating performance in each of the critical components to locate and recommend improved processes that can, in turn, better utilize your people resources.

How long does it take your tax department, for example, to do a “true-up” of the provision-to-return in the following year? If it takes weeks, you may not have the best processes or the right people involved. Even with well-designed workflows and qualified tax personnel, you simply might not have enough time to do the job.

Crowe can identify root causes of persistent FAS 109 problems.
We can help organizations integrate the appropriate processes, systems, and people to improve accounting for income taxes on an ongoing basis. Our services are flexibly tailored to meet each organization’s unique needs, whether for staffing resources, technical expertise, or outsourcing the entire tax provision process.