Tax Series Provision Module

Automates worldwide tax provision reporting for corporate tax teams, adhering to ASC 740 and IFRS.

by Tax Technologies, Inc. ยท Tax Provision

Executive Summary

The Tax Series Provision Module by Tax Technologies, Inc. is a robust SaaS solution designed for corporate tax teams operating globally. It streamlines and automates the complex process of worldwide tax provision reporting, ensuring compliance with both ASC 740 and IFRS accounting standards. This module is engineered to simplify the intricate calculations involved in global tax provisions, reducing manual effort and enhancing accuracy. Key functionalities include the automation of local country tax calculations for U.S. companies, comprehensive handling of U.S. shareholder income, and the integration of worldwide income inclusion items based on various state rules. The system is built to integrate seamlessly with existing financial systems, allowing for efficient data flow and a unified approach to financial and tax reporting. This integration capability ensures that tax provision data is consistent with broader financial statements. By leveraging this module, corporate tax departments can achieve greater efficiency, improve the accuracy of their tax provisions, and maintain audit readiness. It provides a centralized platform for managing global tax liabilities, facilitating better decision-making and strategic tax planning while ensuring adherence to evolving regulatory requirements.

Use Cases

  • Automating global tax provision calculations for multinational corporations.
  • Ensuring compliance with ASC 740 and IFRS accounting standards for tax reporting.
  • Managing U.S. shareholder income and local country tax calculations for U.S. companies with international operations.
  • Integrating tax data with existing financial systems for seamless reporting.
  • Streamlining the preparation of tax disclosures and financial statements.

Features

Visibility

  • Global Tax Provision View: Provides a consolidated view of worldwide tax provision data and status.
  • Effective Tax Rate Reconciliation: Visualizes and reconciles the effective tax rate across jurisdictions.

Intelligence

  • Automated Calculation Engine: Performs complex tax provision calculations based on ASC 740 and IFRS standards.
  • Scenario Modeling: Allows for modeling different tax scenarios and their impact on the provision.

Technical Specifications

Deployment
SaaS
API Available
Yes

Pricing

Starting Price
Contact sales
Target Customer
Mid-Market,Enterprise