Tax Accounting and Tax Provision Services
Accounting for Income Taxes (ASC 740)
Accounting for income taxes has become increasingly challenging. Companies have limited internal resources to dedicate to the complex, time-sensitive calculation of the tax provision. Additionally, accounting firms have certain independence restrictions prohibiting them from providing tax provision services to their audit clients.
At Jimerson Tax and Accounting we understand the tax provision process from beginning to end. We are able to tailor our services to meet your company’s specific needs and fill in any gaps in your tax provision process. We work collaboratively with your external audit firm and understand the need for the tax provision to be reported timely and accurately so that you can meet your financial statement reporting requirements.
Our expertise includes working with both public and private companies. Call us to schedule a virtual or in-person meeting to discuss your needs and how we can help.
Financial Statement Compilation Services
What is a compilation?
A compilation involves preparing the financial statements of an entity based on information provided by the entity’s management. Those statements may be in conformity with generally accepted accounting principles (GAAP), cash basis, or the income tax basis of accounting. We look at the data prepared by management and decide whether it contains errors or is incomplete and needs adjustments.
Compiled financial statements assist management in making operating decisions, making budget decisions, and completing loan applications.
For more information about compilation, review, and audit services be sure to download our Compilation Services Guide.
Why would the system-generated financials not be sufficient?
- Simply put – garbage in, garbage out. The accounting software does not intuitively know if your transactions in accordance with GAAP.
- The software cannot make year-end adjustments for accruals, prepaid expenses, current portions of long-term debt and similar items that require accounting knowledge.
- Footnotes and disclosures typically have to be prepared outside of the accounting system.
Monthly Bookkeeping & Tax Services Package
For small business owners we can structure a fixed-price monthly service to manage or review both your bookkeeping and your tax preparation while you do what you do best – run your company.
Be sure to bookmark our Record Retention Guide.