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Accounting for Income Taxes
(Statement on Financial Accounting Standards No. 109)
The analysis and disclosures required by SFAS 109 are among the most complicated to perform in the preparation of a company's
financial statements. Current knowledge of taxation is required, as well as an understanding of generally accepted accounting
principles. Karen Hines, Ltd. has experience in applying SFAS 109 to a wide range of companies in several industries from
high-tech start up companies in Silicon Valley to Fortune 100 retailers in Minnesota.
Federal & Multistate Income Tax Compliance
The Federal tax laws are complicated and ever-changing. Also, with a myriad of state and local income tax laws with which
to contend, most companies whose business begins to expand across state borders are in need of specialized advice. Karen
Hines, Ltd. has extensive experience in completing C corporation, S Corporation, LLC and partnership Federal tax returns and
returns for all states that impose state income or franchise taxes.
System Implementations
Tax considerations in system implementations are often overlooked in the planning and design phases of the project. The result
can be inefficiencies in gathering information for tax return prepartion and difficulty in responding timely to requests from
tax authorities, such as the Internal Revenue Service. In the current environment of internal tax department personnel being
overburdened with their existing compliance, audit and planning responsibilities, in addition to the increased workload caused
by Sarbanes-Oxley Act compliance, tax department representation on the system implementation team is often lacking, to the
company's longer-term detriment. Karen Hines, Ltd. offers system implementation support to represent the tax department's
needs through all aspects of the project, including planning, design, testing and go-live.
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