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CHALLENGE
In the current environment of increased scrutiny and risk—due in part to Sarbanes-Oxley compliance requirements, companies must be prepared to support tax provision computations, positions, tax reserves, and disclosures. Any small error in basic computations or a slight lapse in controls for any of FAS 109’s interconnected processes can create a myriad of exposures. Implementation of internal controls under Sarbanes-Oxley as well as the need to adopt FIN 48 in the area of accounting for deferred taxes have placed greater emphasis and resource demands on already strained tax departments. Applying FAS109 in the context of international, state and local jurisdictions adds complexity to a confusing and evolving area.
SOLUTION
At True Partners, we understand the entire tax provision process and can assist with implementation of a solution that can automate your tax provision and compliance activities from start to finish. The TaxStream software offers a streamlined approach to tax accounting which reduces chance for errors while expediting the delivery of results. While calculating the full detail of your tax provision is the focus of TaxStream, it also has the ability to track liabilities, compute estimates and extensions, export M-1 and M-3 detail to your return, perform return to provision true-up, and provide you with a tax basis balance sheet. TaxStream has enabled hundreds of tax departments to become more efficient and has the capacity to implement a paperless one step close.
• Customized to meet your needs. TaxStream Enterprise is available as either an internally or externally hosted solution. TaxStream Enterprise supports local states in U.S. and foreign jurisdictions, as well as separates the current tax provision into cash and non-cash components, thereby improving planning and allowing for a straightforward transfer to your compliance software. With TaxStream Enterprise, the reports can be viewed in reporting or local currencies, and data can be gathered from remote locations using the web-based iTaxStream tool.
• Streamline your process. TaxStream can bridge in data directly from your general ledger system and use the iTaxStream tool to streamline data flow. Reports are automatically generated using the information that is entered in the system.
• Sarbanes-Oxley controls. Controls built inside TaxStream Enterprise will help your tax department with Sarbanes-Oxley compliance. A built-in audit trail, password protection, and document attachment are just some of the features that ensure Sarbanes-Oxley compliance.
THE TRUE PARTNERS TEAM
Our Team has provided TaxStream implementation assistance for a diverse clientele, from Fortune 500 companies to smaller niche businesses across a variety of industries. In addition, our Team of professionals is experienced in all areas of taxation, including identifying and resolving tax accounting issues.
John P. Bennecke, Managing Director
312 235 3337 |
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Michael Chen, Managing Director
408 625 5088 |
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Louis Gomes, CPA Managing Director
408 625 5099 |
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Andrea L. Gronenthal, CPA Managing Director
312 235 3328 |
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Lawrence P. Salus, ESQ., CPA Managing Director
312 235 3319 |
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James T. Hedderman, CPA Manager
312 924 3217 |
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Tara Hibbard, CPA Manager
312 924 3212 |
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John Hurst, Senior Manager
408 625 5054 |
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Margaret P. Janeczek, CPA Manager
312 924 3220 |
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Tanesha S. Jones, ESQ., CPA Manager
312 924 3206 |
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Timothy D. Nolan, CPA Senior Manager
202 465 6544 |
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Joseph R. Ochoa, PMP Senior Manager
813 434 4013 |
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Theodore V. Peck, Senior Manager
631 777 6316 |
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