United States

Revenue Recognition & Tax: Tax Accounting Methods

 The clock is ticking to transition.*
It’s time for Tax to address these changes.


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PUBLIC COMPANY COUNTDOWN


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PRIVATE COMPANY COUNTDOWN


*Based on the FASB decision, public organizations should apply the new revenue standard to annual reporting periods beginning after December 15, 2017. Nonpublic organizations should apply the new revenue standard to annual reporting periods beginning after December 15, 2018.

Tax Accounting Methods

With the new revenue recognition standard comes new book/tax differences. As you start to adopt the changes, how will you determine your federal and state income tax returns remain compliant?

The tax professionals, including those with data and analytics and information technology (IT) backgrounds that make up KPMG’s Accounting Methods and Credits group help companies understand gaps in data, processes, systems, and controls that could lead to non-compliance, and can help companies make the necessary changes to accurately identify and track book/tax differences.

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Eric Lucas

Principal, Washington National Tax

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Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates.
The following information is not intended to be “written advice concerning one or more Federal tax matters” subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230.
The information contained herein is of a general nature and based on authorities that are subject to change. Applicability of the information to specific situations should be determined through consultation with your tax adviser.