Accounting for Income Taxes: ASC 740 | Marcum LLP

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src="/wp-content/uploads/2025-TaxPlanningGuide-nav.jpg" />  </a> </div> <div class="card__body"> <div class="card__overview"> <p>Practical insights and detailed strategies for businesses and individuals to maximize tax efficiency in 2025.</p> </div> <div class="mt4"> <a class="button tiny" href="/tax-guide">READ NOW</a> </div> </div> </article> </div> <div class="column"> <h3 class="mega-menu__title">Thoughts of the Week</h3> <article class="card card--has-button zoom-trigger"> <a href="https://www.marcumllp.com/thoughts-of-the-week/the-marcum-retrospective-part-6"> <div class="card__image"> <div class="card__image"> <img class="zoom-img" src="https://www.marcumllp.com/wp-content/uploads/totw-10182024-600x375.jpg" width="600" height="375" alt="The Marcum Retrospective – Part 6" title="The Marcum Retrospective – Part 6" /> </div> </div> <div class="card__body"> <div class="card__meta"> <span>October 18, 2024</span> </div> <h2 class="card__title">The Marcum Retrospective – Part 6</h2> <div class="card__overview"> <p>Thank you for allowing me to show up in your inbox every Friday morning and...</p> </div> </div> </a> </article> <a class="button tiny" href="/thoughts-of-the-week">View All</a> </div> </div> </div> </div> </div> </div>  </div> </div> </li> <li class="mega-drop"><a href="https://www.marcumllp.com/news-press-releases">News</a> <ul> <li><a href="https://www.marcumllp.com/news">As Seen In</a> </li> <li><a href="https://www.marcumllp.com/press-releases">Press Releases</a> </li> </ul> <div class="mega-menu"> <div class="row column">  <div class="mega-menu__row"> <div class="mega-menu__news"> <div class="mega-menu__news-left"> <h3 class="mega-menu__title">As Seen In</h3> <div class="news-grid"> <div class="news-grid__featured"> <article class="card card--no-box card--has-button zoom-trigger"> <a href="https://www.marcumllp.com/news/sean-saari-money-matters-tv-gift-tax"> <div class="card__image"> <div class="card__image"> <img class="zoom-img" src="https://www.marcumllp.com/wp-content/uploads/Sean-Saari-1-600x375.jpg" width="600" height="375" alt="" /> </div> </div> <div class="card__body"> <div class="card__meta"> <span>September 13, 2024</span> </div> <h2 class="card__title">Advisory Partner Sean Saari joins Marcum Wealth’s Jim Butler to discuss gift tax for Money Matters TV</h2> </div> <div class="card__action-container"> <div class="card__action"> <span class="card__action-center">Read More</span> <span class="card__action-icon icon-arrow-right-long"></span> </div> </div> </a> </article> </div> <div class="news-grid__addl"> <article class="card card--no-box card--has-button zoom-trigger"> <a href="https://www.marcumllp.com/news/louis-biscotti-forbes-deals-and-discounts-as-depriceflation-hits-retailers"> <div class="card__body"> <div class="card__meta"> <span>September 10, 2024</span> </div> <h2 class="card__title">Food & Beverage Leader Louis Biscotti details deals and discounts as depriceflation hits retailers for Forbes</h2> <div class="card__action"> <span class="card__action-center">Read More</span> <span class="card__action-icon icon-arrow-right-long"></span> </div> </div> </a> </article> <article class="card card--no-box card--has-button zoom-trigger"> <a href="https://www.marcumllp.com/news/heather-wilson-legal-intelligencer-expanded-irs-initiatives-and-investigations"> <div class="card__body"> <div class="card__meta"> <span>September 9, 2024</span> </div> <h2 class="card__title">Advisory Director Heather Wilson explores expanded IRS initiatives and investigations for The Legal Intelligencer</h2> <div class="card__action"> <span class="card__action-center">Read More</span> <span class="card__action-icon icon-arrow-right-long"></span> </div> </div> </a> </article> <a class="button tiny" href="/news">View All</a> </div> </div> </div> <div class="mega-menu__news-right"> <h3 class="mega-menu__title">Press Releases</h3> <article class="card card--no-box card--has-button zoom-trigger"> <a href="https://www.marcumllp.com/press-releases/marcums-latest-manufacturing-survey-reveals-resilience-amidst-challenges-and-highlights-strategic-shifts"> <div class="card__image"> <div class="card__image-labels"> <span class="card__image-label">Industrial Products</span> </div> <div class="card__image"> <img class="zoom-img" src="https://www.marcumllp.com/wp-content/uploads/pressrelease-2024-manufacturing-survey-600x375.jpg" width="600" height="375" alt="" /> </div> </div> <div class="card__body"> <div class="card__meta"> <span>October 18, 2024</span> </div> <h2 class="card__title">Marcum’s Latest Manufacturing Survey Reveals Resilience Amidst Challenges and Highlights Strategic Shifts</h2> </div> <div class="card__action-container"> <div class="card__action"> <span class="card__action-center">Read More</span> <span class="card__action-icon icon-arrow-right-long"></span> </div> </div> </a> </article> <div class="mt4"> <a class="button tiny" href="/press-releases">View All</a> </div> 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<section class="section"> <div class="row row-site column"> <div class="page-body"> <div class="page-body__left"> <aside class="sidebar" data-aos="fade-in">   <div class="sidebar__menu"> <h5>Tax Advisory</h5> <ul class="sidebar__menu-with-active"> <li><a href="https://www.marcumllp.com/services/advisory/tax-advisory-services/accounting-for-income-taxes-asc-740">Accounting for Income Taxes: ASC 740</a> </li> <li><a href="https://www.marcumllp.com/services/advisory/tax-advisory-services/compensation-benefits-consulting">Compensation & Benefits Consulting</a> </li> <li><a href="https://www.marcumllp.com/services/advisory/tax-advisory-services/corporate-tax">Corporate Tax</a> </li> <li><a href="https://www.marcumllp.com/services/advisory/tax-advisory-services/cost-recovery-accounting-methods">Cost Recovery & Accounting Methods</a> </li> <li><a href="https://www.marcumllp.com/services/advisory/tax-advisory-services/international-tax">International Tax</a> </li> <li><a 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</li> </ul> </div>   </aside> </div> <div class="page-body__right" data-aos="fade-in"> <h3 class="h1">Marcum’s Approach: Accounting for Income Taxes</h3> <p class="t3">Marcum provides a comprehensive package of ASC 740 services to simplify our clients’ tax reporting requirements. Accounting standards and complex tax legislation create difficulties for companies during the financial statement process. Together with our clients, Marcum provides a full spectrum of services.</p> <h3 class="h2 navy">THE MARCUM STRATEGY</h3> <h4 class="subheader">Building Efficiencies</h4> <p class="t3">Marcum will work efficiently to prepare quarterly tax provisions, allowing your company to free up resources.</p> <h4 class="subheader">Strategize & Transform</h4> <p class="t3">With your collaboration, Marcum can work to improve your tax process and create more reliable forecasts and estimates</p> <h4 class="subheader">Tax Planning</h4> <p class="t3">Marcum will analyze the business and work with your team on effective tax strategies, to mitigate risks to the financials and investors.</p> <h4 class="subheader">Optimize Controls</h4> <p class="t3">Marcum will work with your team to create proper controls for the tax provision, to enhance management oversight and mitigate risk.</p> <h4 class="subheader">Reliable Disclosures</h4> <p class="t3">Marcum will assist with tax reporting disclosure requirements and make sure the financial statements are properly supported.</p> <h4 class="subheader">Investors Trust</h4> <p class="t3">Marcum helps build trust around your business tax environment so you can reallocate resources to optimize investor satisfaction</p> <p><a class="button" href="/wp-content/uploads/Marcum-Accounting-for-Income-Taxes-ASC-740.pdf">Download Brochure</a></p> </div> </div> </section>  <section class="section section--off-white pt10 pb10"> <div class="row row-site column"> <div class="row"> <div class="medium-11 xlarge-10 xxlarge-9 medium-centered column" data-aos="fade-in" data-aos-delay="200"> <div class="row column"> <div class="small-12 medium-12 large-12 column"> <h3 class="h1">Tax Accounting Services</h3> </div> </div> <div class="row column"> <div class="medium-4 large-4 column"> <ul class="bullets"> <li class="t3">Annual and interim tax provision computations</li> <li class="t3">Deferred analysis</li> <li class="t3">Valuation analysis</li> <li class="t3">Uncertain tax position analysis</li> </ul> </div> <div class="medium-8 large-8 column"> <div class="row xsmall-up-1 small-up-1 medium-up-2 large-up-2"> <div class="column"> <ul class="bullets"> <li class="t3">Tax planning</li> <li class="t3">State & local tax</li> <li class="t3">Foreign tax</li> <li class="t3">Transaction analysis</li> </ul> </div> <div class="column"> <ul class="bullets"> <li class="t3">Disclosure requirements</li> <li class="t3">Specialty tax calculations (credits, basis differences, etc.)</li> <li class="t3">Technology implementation and optimization</li> </ul> </div> </div> </div> </div> </div> </div> </div> </section>  <section class="section section--bg pt10 pb10" style="background-image:url('https://www.marcumllp.com/wp-content/uploads/banner-fasb-assessment.jpg');"> <div class="heading-block mb4"> <div class="row row-site column"> <div class="row"> <div class="medium-11 xlarge-10 xxlarge-9 medium-centered column"> <h3 class="h1" data-aos="fade-up-xsmall" data-aos-delay="100">ASC/FASB Assessment</h3> <h4 class="h3 subheader" data-aos="fade-up-xsmall" data-aos-delay="200">Are You Ready for FASB's Income Tax Disclosure Changes?</h4> <div class="heading-block__cta"> <div data-aos="fade-up-xsmall" data-aos-delay="300"> <a class="button" href="/services/advisory/tax-advisory-services/accounting-for-income-taxes-asc-740/asc-fasb-assessment" >Are You Prepared? Learn More <span class="icon-arrow-right-long icon-left"></span></a> <a class="button secondary stroke" href="https://www.surveymonkey.com/r/MG37HR5" target="_blank">Start Your Assessment Now <span class="icon-arrow-right-long icon-left"></span></a> </div> </div> </div> </div> </div> </div> </section>   <section class="section section--white pt10 pb10"> <div class="heading-block mb8"> <div class="row row-site column"> <div class="row"> <div class="small-11 medium-10 large-9 xlarge-8 small-centered column"> <h2 class="h1">Insights & News</h2> </div> </div> </div> </div> <div class="row row-site column"> <div class="card-list row xsmall-up-1 medium-up-2 xlarge-up-3">  <div class="column column-block card-list__block ajax-item" data-aos="fade-up-xsmall"> <article class="card card--has-button zoom-trigger"> <a href="https://www.marcumllp.com/press-releases/marcum-llp-unveils-comprehensive-2023-year-end-tax-guide"> <div class="card__image"> <div class="card__image-labels"> <span class="card__image-label">Year-End Tax Guide</span> </div> <div class="card__image"> <img class="zoom-img" src="https://www.marcumllp.com/wp-content/uploads/press-release-2023-year-end-tax-guide-600x375.jpg" width="600" height="375" alt="Marcum LLP Unveils Comprehensive 2023 Year-End Tax Guide" title="Marcum LLP Unveils Comprehensive 2023 Year-End Tax Guide" /> </div> </div> <div class="card__body matchme"> <div class="card__meta"> <span>November 16, 2023</span> </div> <h2 class="card__title">Marcum LLP Unveils Comprehensive 2023 Year-End Tax Guide</h2> </div> <div class="card__action-container"> <div class="card__action"> <span class="card__action-center">Read More</span> <span class="card__action-icon icon-arrow-right-long"></span> </div> </div> </a> </article> </div>   <div class="column column-block card-list__block ajax-item" data-aos="fade-up-xsmall"> <article class="card card--has-button zoom-trigger"> <a 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