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Some Income Tax Provision New Year's Resolutions
December can be a busy month. The holidays and the decorating, the airports and the travelling, and -- for some tax departments -- preparing for the year-end income tax provision crunch soon to come. Taxand US addresses several key items that require careful consideration as part of a company's year-end process.
With just a few weeks left in the decade, there is still enough time for companies to take proactive steps to be ahead of the game on their 2010 annual income tax provisions and to develop or improve their related processes.
Good communication, continual assessment and updating of relevant tax law developments and key provision determinations, as well as documentation, are critical to preparing an accurate income tax provision. Addressing each of these prior to the year-end close crunch can help in making it a happy new year.
If a company is looking for some good New Year's resolutions when it comes to their income tax provisions, they might want to consider the following: to communicate better, to update in a more timely way and to document thoroughly.
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