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Calculating tax adjustments

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Traditionally many tax adjustments are only identified and calculated at year end. However, most of the information required to calculate these adjustments is actually available when it is entered into software and doesn’t need to wait until year end. 

Software will be designed to help businesses and their advisors choose the correct tax treatment for a transaction. For example an alert could trigger saying “please check with your advisor” or “last year you coded this as…”. A tax advisor might be able set up an alert whenever something is coded to a particular account to review the treatment chosen by a business. For example if a business traditionally needs to review its legal fees in close detail, then as soon as an invoice is coded to the legal fees account, a notification could be sent to the advisor to review the treatment.

We are interested in your thoughts on the tax adjustments made throughout the year. In the detailed policy section we discuss the most common tax adjustments.  We welcome your input and views on how you currently treat them and how you think they could practically be treated throughout the year. We would also like your feedback in relation to your software, how can these adjustments be included into your software?

For more detailed policy analysis and further feedback opportunities in relation to the treatment of tax adjustments throughout the year click here

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