ASC 740 Tax Provision Tools and Resources
From accounting for net operating losses to business combinations, Bloomberg Tax Provision covers the needs of accounting and tax professionals. Learn more about how to calculate your ASC 740 tax provision accurately and efficiently with in-depth articles, how-to videos, and the most powerful tax provision software on the market.
How-to articles and webinars
Provision for income taxes
How to calculate the ASC 740 tax provision
Understand the ASC 740 tax provision, how to calculate the provision for income tax, and how tax provision software can help practitioners.
U.S overview: permanent and temporary book-to-tax differences
Join Bloomberg Tax & Accounting to learn an overview of the basic concepts of ASC 740, including the following: the balance sheet approach – current payable and deferred taxes, common temporary book-tax differences, and common permanent book-tax differences.
Net operating losses and tax credits
Net operating losses and credit carryforwards impact the provision for income tax by creating deferred tax assets subject to valuation allowances.
Article: How to account for NOLs and credits under ASC 40
Webinar: NOLs, Credits and AMT
State income tax provision
State income taxes are generally deductible expenses for federal tax purposes, so they impact accounting for income taxes under ASC 740.
Article: How ASC 740 applies to state income taxes
Webinar: States Overview
Foreign tax provision
Accounting for income taxes under ASC 740 is evolving due to changes in how federal and foreign governments levy taxes on worldwide income.
Article: How ASC 740 applies to foreign tax provisions
Webinar: International – Foreign Branches
Controlled foreign corporations
Controlled foreign corporations must calculate a separate current, deferred, and non-current income tax provision for each jurisdiction.
Article: How ASC 740 impacts controlled foreign corporations
Webinar: International – Controlled Foreign Corporations (CFCs)
Uncertain tax positions
ASC 740 prescribes a framework for dealing with uncertain tax positions (UTPs) and any related uncertain tax benefits (UTBs) that arise.
Webinar: Uncertain Tax Benefits Overview – Foreign
Webinar: Uncertain Tax Benefits Overview – Domestic
A valuation allowance is recorded against a deferred tax asset if it is not more likely than not that the deferred tax asset will be realized.
Webinar: Valuation Allowances
In business combinations, the acquirer must account for the potential tax effects of carryforwards and income tax uncertainties.
Article: How ASC 740 applies to business combinations
Webinar: Business Combinations Overview
For quarterly financial statements, companies can’t calculate deferred and temporary items the same way they would for an annual income tax return.
Article: How ASC 740 applies to interim reporting
Webinar: Interim Overview
ASC 718 provides specific guidance on income tax accounting and clarifies how ASC 740 should be applied to stock-based compensation.
Article: How ASC 740 affects stock-based compensation
Webinar: Stock-Based Compensation
Customer success stories
Trade complicated spreadsheets for simplicity and accuracy
Learn how Novo Building Products simplified its spreadsheet-heavy tax provision process with Bloomberg Tax Provision.
Maximize time, effort, and accuracy
Learn how Bloomberg Tax Provision helped IT provider Flexential save time and effort and ensure accuracy by simplifying its approach to tax provision.
Simplify your ASC 740 process with Bloomberg Tax Provision
Bloomberg Tax Provision is the simplest solution to the complicated technical requirements involved in calculating your income tax provision. This easy-to-use software helps you manage risk and reduce time spent in your ASC 740 process by providing a streamlined, controlled environment that leverages a balance sheet approach to comply with US GAAP. Efficiently move from your Facts to the Footnote.