Lynn Business & Tax Services, LLC

Applying Big Firm Experience to Large and Small Engagements

ASC 740

A crossover area between tax and financial accounting is FASB Accounting Standards Codification 740, Income Taxes (ASC 740).   Tammy L. Foskey, managing member of Lynn Business & Tax Services, LLC, (LB&T) has practiced in this specialty area for her entire career, even functioning as a National Resource at a prior firm.  She has in-depth knowledge of not only the U.S. accounting standard but the complimentary international standard, International Accounting Standards (IAS) 12 Income Taxes, as well. 

This area of practice is overly complex and wrought with subjectivity and errors often resulting in restatement of financial statements.  LB&T provides preparation of detailed calculations, review of client or third party prepared calculations and consultation regarding interpretation of the U.S. and international standards.  LB&T also provides calculation and review of ASC 740-10 an official interpreptation of tax risks and benefits for finanical statement purposes. 

LB&T prepares the calculations in Excel which includes advanced reporting in other analytical software such as Power BI.  Additionally, Tammy has vast experience with implementing and utilizing many of the common software tools for ASC 740.