TaxStream simplifies tax planning with an easy set up of forecast models, potential scenarios, and unlimited copy capabilities. This allows users to test the impact of…
The income tax provision is the first chronological step of the corporate tax year. TaxStream’s scalable provision solution has all the necessary functionality to…
Accounting for Share Based Stock Options under FAS 123R is easier said than done. The tax computations are especially challenging because they require each exercise to be…
The concept of compliance lies at the heart of the job of the corporate tax department. The TaxStream solution provides the flexibility to accommodate all your compliance…
Just as important as generating reports for your financial filings is generating reports for your auditors and providing them with the supporting detail and documentation…
Whether you are dealing with complex, multinational tax structures or simply a few different jurisdictions, tax data consolidation is critical. TaxStream functions as a…
TaxStream simplifies tax planning with an easy set up of forecast models, potential scenarios, and unlimited copy capabilities. This allows users to test the impact of various planning structures on the effective tax rate and cash taxes.
Corporate tax planning is a competitive necessity. A company’s tax planning must be in step with its evolution, and can even shape its forward motion. The strategic placement of tax expense as the last line on a company’s income statement makes its management critical to a number of stakeholders. Following Sarbanes-Oxley and other financial control requirements, corporate tax planning has come under ever-increasing scrutiny. The TaxStream Solution allows you to manage and document your tax planning effectively and efficiently.
What Ifs - Create an unlimited number of what-if or planning scenarios – without compromising the integrity of your actual data.
Forecast - Compare your forecast information side-by-side with your actual information and isolate the differences.
Interim Reporting - Store and present your data on a monthly, quarterly, and annual basis, rolling together three months into a quarter or four quarters into a year, as needed. Annualize your quarterly data, create year-to-date reports, and layer on discrete items.
Trend Analysis - Compare changes in your provision between any two periods and demonstrate how your tax landscape has changed over time.
Effective Rate Management - Track and manage your effective rate in detail, entity by entity, line item by line item. TaxStream’s proof of tax reports fully reconcile between the statutory rate and your effective rate, showing the effects of rate changes, any local taxes, and companies in countries with different rates.
Uncertain Tax Reserves - Use TaxStream to document, analyze, manage, and report your uncertain tax positions, both separately and as a piece of your taxes payable for FIN 48, IAS 12, or other GAAP environments. Tax Provision
The income tax provision is the first chronological step of the corporate tax year. TaxStream’s scalable provision solution has all the necessary functionality to calculate the provision and provide all supporting reports. Automation and controls allow for a more efficient, easily audited solution.
Internal and external auditors have increasingly turned their focus on the current and deferred income tax expense calculation, making it a crucial part of a company’s fiscal year. The tax provision is the first chronological step in the corporate tax cycle, but tax and treasury departments are under pressure to complete it in a relatively short time period. TaxStream’s reports add structure to your provision process, doing many of most demanding provision tasks automatically, so you can focus on legal changes and tax optimization.
The TaxStream solution is currently used to generate the income tax provision, workpapers, and tax footnotes for over 1000 organizations worldwide, including over 27% of the FORTUNE 500. Our software is flexible and scalable enough to accommodate the provision of any company, regardless of size, industry, or complexity. In addition, TaxStream is intuitive and easy to master, so you spend less time learning the software and more time optimizing your tax process.
Data Automation - Streamline your tax provision process. Bridge from your general ledger for account level analysis of tax-sensitive items and to support financial results. Enable local data collection from foreign or remote controllers or tax offices. You determine what levels of access and sign off are needed for each user and each remote location. Automate even further with electronic feeds from fixed asset systems and other third party software, allowing vendor choices appropriate for the level of complexity of your organization. Following the process through, TaxStream automatically generates journal entries.
Tax Filings - Export book-tax differences to your tax compliance software to populate Schedule A and Schedule M and other forms, then re-import your return into TaxStream once the tax compliance process is finalized to generate your true-up items. TaxStream has worked closely with Abacus, VantageTax, CCH and many other compliance software vendors to create even greater efficiencies for a smooth and easy process.
Process Controls - Whether your organization falls under SarbOx, Bill 198, La Loi sur la Sécurité Financière, or other tax and financial process regulations, TaxStream documentation provides the path to a tested controls-based tax provision. According to the SEC, a large percentage of all material weaknesses discovered during SOX Section 404 audits were linked to the income tax provision. TaxStream calculates a tax provision with proven SOX compliance.
Data Collection - An alarming number of financial restatements have involved bad data inputs. Taxstream helps you design a tax process to optimize your data flow, including bridging to and from general ledgers, consolidation packages, and web-based remote data entry, improving both accuracy and efficiency.
Deferred Balance Tracking - Track, manage, and analyze your deferred balances and roll them over from period to period. Automate your operating and tax losses, determine whether they’re recognized, and track them on a jurisdictional, entity, and filing group basis.
Automated Reporting - Generate self-reconciling tax provision reports in real time: consolidated, by entity, by jurisdiction, by managerial reporting or other sub-consolidated grouping.
Calculation Tie Out - All reports and calculations within TaxStream automatically tie out with one another, so you don’t have to worry about broken formulas or variance reports.
Global Compliance - TaxStream provides the flexibility to calculate the tax provision according to a variety of accounting standards, including IAS 12 of IFRS (iGAAP), and many local GAAPs. Whether you adhere to Boletín D-4 of the ISR, FRS19 under UK GAAP, AASB 12, or multiple sets of accounting rules, TaxStream was built with a balance sheet approach to income tax expense calculation, combining all permanent and temporary differences, credits, and other provision-relevant tax data. What’s more, with TaxStream you can easily translate between local and reporting GAAP if local books are kept according to local GAAP, then consolidated under iGAAP, US GAAP or other rules.
Superior Local Income Tax Functionality - Generate reports for a specific U.S. state, Swiss Canton, Canadian province, Brazilian state, or other local taxing municipality. Apportion out state and jurisdiction rates and account for special jurisdiction rules such as combined filings. Apportion taxable income to as many U.S. or foreign jurisdictions as necessary to properly allocate your activity. The results can be reported on a separate, combined or unitary filing basis. Choose whether local taxes are deductible or not for the country, to appropriate deal with state, provincial, cantonal and other taxes. For U.S. entities, the Federal benefit of state for the deferred items can be represented as a component of the either the Federal rate or the state rate.
Audit Trail - Track all changes, numeric and non-numeric, by user, time, and date, in our full audit trail.
Flexibility - TaxStream can accommodate your current tax process, regardless of size, industry, or structure.
Ease of Use - TaxStream is designed to be user-friendly, and is easily configurable by the user to reflect your specific tax provision needs. APIC Pool
Accounting for Share Based Stock Options under FAS 123R is easier said than done. The tax computations are especially challenging because they require each exercise to be tracked separately, overwhelming most spreadsheet solutions. The answer lies in a database product that provides control over this volume of data.
FAS 123R impacts many aspects of the tax provision and new requirements such as the APIC pool. TaxStream allows you to track all the components of FAS 123R from the amortized book compensation expense, the appropriate tax deductions for share based exercises, the tax benefits and detriments impact the deferred tax assets, the possible impact on the effective tax rate and the roll forward of the APIC pool.
Share-based Compensation Expense and Deferred Tax Assets - Automate the reversal of the book amortization of compensation expense from your general ledger via the bridge and TaxStream will automatically build the deferred tax assets for post-adoption FAS 123R grants.
Tax Deduction for Share-based Exercises - Compute the tax deduction for exercised options to account for the impact on the provision and offset the deferred tax asset from the addback of prior compensation expense. TaxStream will store all transactions and exercises to substantiate the tax deduction.
Tax Benefits and Tax Detriments - TaxStream will compute the tax benefits and detriments related to each exercise, updating the APIC pool and the deferred tax accounts. TaxStream allows for pre and post-adoption transactions to ensure that allocation issues are properly reflected in the tax accounts.
APIC Pool Roll-forward - All the components of the APIC pool can be viewed in TaxStream on a pretax, federal or state basis. Like all TaxStream reports, the data is shown at the unit, sub-consolidated and consolidated levels to clearly understand your company’s beginning and ending balances and the activity. The APIC pool automatically rolls over from period to period and clearly displays the impact of tax benefits and tax detriments, intercompany reclasses and other adjustments on the APIC pool. Compliance
The concept of compliance lies at the heart of the job of the corporate tax department. The TaxStream solution provides the flexibility to accommodate all your compliance needs, including review by tax authorities, securities boards, and auditors. TaxStream can be easily configured to fulfill a variety of reporting requirements.
FAS109 - TaxStream provision was originally built as a FAS 109 solution for the Big Four and multinationals who needed a powerful tool for their complex tax provision needs. It continues to be the industry standard.
IAS12 - TaxStream’s provision is now used by a number of clients who file under IFRS. As global convergence approaches, an increasingly large number of clients are calculating their income tax expense according to IAS 12. TaxStream allows tax provision calculations according to IFRS, US GAAP, and other local GAAPs.
ISR, FRS19, CICA 3465, AASB 112 - Because TaxStream provides a universal platform to calculate income tax expense, it can be used for a variety of different rules and statutory requirements.
FIN48 - TaxStream’s uncertain tax module documents, manages, and analyzes your uncertain tax positions, and does the necessary tax accounting to satisfy your reporting and planning needs.
Financial Reporting - Satisfy tax requirements for Financial Reporting. Generate your annual and interim tax notes and manage your deferred assets and liabilities, effective rate, and tax expense, all from one central tax data warehouse.
Estimates and Extensions - Compute your estimated payment and extension amounts by reusing the provision data and adding other components like minimum and franchise taxes.
Return System Integration - Has the capacity to send book-tax differences from the provision to populate the return information.
Tax Liability Tracking - Track, manage, and document your taxes payable roll forward, by transaction type, entity, and period.
Management Reporting - Generate detailed reports on tax expenses, unused tax losses, and other deferred tax attributes at the click of a button, formatted to the requirements of your own internal management needs. Audit
Just as important as generating reports for your financial filings is generating reports for your auditors and providing them with the supporting detail and documentation they require. TaxStream understands this, which is why our software has always been audit friendly as well as user friendly. TaxStream’s reporting capabilities provide the level of detail and drill down required by your auditors, and are accepted by the audit community as the industry standard for tax provision software. Easily satisfy your auditors with TaxStream, the audit community’s gold standard in provision software.
Standardization - TaxStream provides an industry standard for audit reporting and documentation. By using TaxStream, you’ll be generating the same audit reports as more than 27% of the FORTUNE 500.
Big 4 Endorsement - E&Y, Deloitte, KPMG, and PwC, as well as 25 other CPA firms all license TaxStream internally and routinely implement TaxStream for their clients. Chances are, your audit firm is already familiar with TaxStream’s reports.
Document Attachment - Attach any file type (.pdf, .doc, .xls, etc.) to support the position taken for each line item.
Report Flexibility - Configure reports and present numbers such as deferred balances, federal benefit of state, and CTA with the various levels of detail needed by a variety of stakeholders, such as auditors, the SEC, or upper management.
True Audit Trail - TaxStream tracks every change made inside the software, numeric and non-numeric, by date, time, and user.
Internal Audit - Satisfy all your internal audit requirements with TaxStream’s flexible reporting.
Workflow - Manage and automate your workflow with multi-level user controls, multi-level sign off, and data lockdown. Consolidation
Whether you are dealing with complex, multinational tax structures or simply a few different jurisdictions, tax data consolidation is critical. TaxStream functions as a consolidating data warehouse, gathering disparate tax rates and tax data seamlessly over the web from remote locations. It then stores provision, return, and forecast information, creating a data flow from your general ledger or consolidation package through to your return, and rolling forward your balances to future tax periods.
Single Tax Data Warehouse - Store all your tax information in one central location. Set up direct feeds to TaxStream from your general ledger, consolidation package, return software, fixed asset module, or transfer pricing software.
Remote Data Collection - Use iTaxStream to gather remote and foreign information, step-by-step, over the web, and feed it directly into the corporate data warehouse, making adjustments in real time. Use the same system to gather true-up data locally, and roll your tax data forward from period to period.
Detail from the Bottom up - Gather your information at the lowest level of complexity available and roll it together in real time, allowing you to go from a very low to a very high level in just a few clicks.
Oracle Hyperion - Through our partnership with Oracle Hyperion, import your consolidated financials, with the account-level detail you need, directly into TaxStream. Then automatically book back your journal entries with the Oracle Hyperion Tax Adaptor, built exclusively for TaxStream.