Auditors have increasingly turned their focus to the tax provision, making it a crucial part of a company’s fiscal year. The provision is the first chronological step in the corporate tax cycle. TaxStream simplifies your tax process by reusing provision data to compute estimates and extension amounts and can be exported to tax compliance software to automate the year-round tax process.

The TaxStream solution is currently used to generate the income tax provision, workpapers, and tax footnotes for over 720 clients 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. With TaxStream, you can streamline your tax provision workflow and automatically generate reports specific to your needs. In addition, TaxStream is intuitive and easy to master, so you spend less time learning the software and more time optimizing your tax process.

Provision Features

• Automation - Streamline your tax provision process. Bridge with your general ledger for account level analysis of tax sensitive items and support for financial results. Automatically generate required Journal Entries. Export book-tax differences to your tax compliance software, then re-import your return into TaxStream once the tax compliance process is finalized to generate your true-up items.
  
  
• Process Controls - A large percentage of all material weaknesses discovered during SOX Section 404 audits were linked to the tax provision, according to the SEC. TaxStream's internal controls ensure SOX and Bill 198 process and technology compliance.
  
  
• Data Collection - 55% of recent public companies’ restatements were due to not having the correct data to begin with. 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.
  
  
• Automated Reporting - Generate self-reconciling tax provision reports in real time: consolidated, by entity, by jurisdiction, or by 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 IFRS (iGAAP), and many local GAAPs. With TaxStream, you can easily translate between local and reporting GAAP.
  
  
• Industry Specific Filings - Use TaxStream to generate the work-papers and reports needed for regulatory filings, such as SSAP10 and FERC.
  
  
• Superior Local State and Province Functionality - Generate reports for any U.S. state or municipality, Canadian province, or non-U.S. sub-national jurisdiction. 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. The results can be reported on a separate, combined or unitary filing basis. The federal benefit of the state for the deferred items can be represented as a component of the either the federal or the state rate.
  
  
• Deferred Balance Tracking - Track, manage, and analyze your deferred balances and roll them forward from period to period. Automate your NOL’s and Valuation Allowances on a jurisdictional, entity, and filing group basis.
  
  
• Audit Trail - Track all changes, numeric and non-numeric, by user, time, and date, in our detailed 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 specific tax provision needs.