Thomas Brown CPA P.C. a Leading Provider of FAS 109 Services, Reviews Tax Issues that Cause Material Weakness and Restatements

Thomas Brown CPA P.C. is a leading provider of cost effective FAS 109 services and consolidated tax return preparation. Mr. Brown discusses what efforts you can take to reduce the risk to your company and what issues continue to be the cause of material weaknesses and restatements.

Ronkonkoma, NY (PRWEB) January 28, 2010 -- Thomas Brown CPA P.C. is a leading provider of cost effective FAS 109 services and consolidated tax return preparation. Mr. Brown discusses what efforts you can take to reduce the risk to your company and what issues continue to be the cause of material weaknesses and restatements.

Tax Issues Continue to Cause Material Weakness and Restatements

“Thomas Brown CPA P.C. has been effectively preparing our FAS 109 Tax Provision and Consolidated Multi-national return for many years. He is one of our most trusted advisors and an important member of our team." - CFO MULTI-NATIONAL ELECTRONICS MFG

Leading Causes of Tax Material Weakness:
1.   Lack of Resources
2.   Insufficient or lack of provision review
3.   Compliance rather then provision driven mentality
4.   Spread sheets outdated and not integrated
5.   Lack of education

Steps to Correct:
1.   Increase staffing
2.   Bringing in outside experts
3.   Enhance training
4.   Improve review function
5.   Technology improvements
6.   Process improvement
7.   Create new positions such as the Director of Tax Accounting

Strategies for Success:

Accelerate the review of Tax Accounting Issues on an interim basis to reduce year end work being performed. Evaluate interim process to reduce quarterly work. Replace full quarterly provision with one that forecasts the effective rate. Review discrete items with external auditors and internal management to reduce year end surprises. Embrace technology to improve data collection and leverage resources to save time and reduce errors. Resolve return to provision true up issues as early as possible.

###

See Also:

• ERISA Pros Releases New Document Package to Meet Disclosure Compliance Requirements of ERISA
• Connetrix Announces New Partnership with SmarterTools
• BLACKHAT Solutions Urges Custom Information Security as Hackers Target Business Data
• HR.BLR.com Wins 2010 CODiE Award
• Andrews Kurth Adds Prominent White-Collar and Civil Litigators in its Washington, DC Office

[Via Legal / Law]

• online pharmacy without a prescription
• buy propecia australia