Accounting for Income Taxes: New System Focused on ASC 740 Compliance

Software maker Tax Prodigy has launched Tax Prodigy Provision, a web-based solution focused on helping companies comply with financial accounting standard ASC 740 accounting for income taxes.

Designed and built with middle market businesses in mind, Tax Prodigy Provision was created by tax professionals to give tax professionals the security and confidence they need to focus on critical tax items instead of being held back by over-engineered software or outdated and faulty spreadsheets.

“As a tax professional myself, I have spent countless, unnecessary hours dealing with the administrative issues and technical problems surrounding tax provisioning. As this is the most scrutinized aspect of corporate tax preparations, I have felt the stress that comes from this process,” said Nick Frank, CEO of Tax Prodigy. “When we started Tax Prodigy in 2010 we set out to create software that actually helps the tax professional by making their life easier and Tax Prodigy Provision does exactly that.”

Tax Prodigy Provision is an accurate, technically comprehensive solution that is simple to use and reduces the risk in the ASC 740 process by helping users comply with the income tax provision requirements under Generally Accepted Accounting Principles (GAAP). The solution can be implemented in days and allows users to keep their data organized in a way that makes sense to them. The simple, user-friendly solution provides access control, audit logs, the ability to make and track comments while removing the versioning problems and auditing issues that have gained increased scrutiny in the current regulatory environment.

“The move to Tax Prodigy Provision has allowed us to focus on value added items versus wasting time updating spreadsheets,” said Todd Suchevits, principal at VPTax, Inc. “Tax Prodigy Provision has a systematic approach, for how tax accountants work day to day.”

Purpose-built for tax professionals and designed to work the way tax professionals work, Tax Prodigy Provision enhances your tax provision process. Once data is entered or uploaded, it will be available throughout the application and in each part of the process.

For more information on Tax Prodigy Provision Visit: http://www.taxprodigy.com/products.aspx