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TAX PROVISION WORKPAPER TEMPLATE

ASC 740 INCOME TAX PROVISION DOCUMENTATION

COMPANY INFORMATION

Company Name: [LEGAL NAME]

Federal EIN: [EIN]

Fiscal Year End: [DATE]

Reporting Period: [PERIOD]

Parent Company (if applicable): [NAME]

Consolidated/Standalone:
☐ Consolidated
☐ Standalone

Publicly Traded:
☐ Yes - SEC filer
☐ No - Private company

Prepared By: [NAME]

Reviewed By: [NAME]

Date Prepared: [DATE]

SECTION 1: PROVISION SUMMARY

1.1 Income Tax Provision Summary:

Component Current Deferred Total
Federal $[AMOUNT] $[AMOUNT] $[AMOUNT]
State $[AMOUNT] $[AMOUNT] $[AMOUNT]
Foreign $[AMOUNT] $[AMOUNT] $[AMOUNT]
Total $[AMOUNT] $[AMOUNT] $[AMOUNT]

1.2 Effective Tax Rate:

Item Amount
Pre-Tax Book Income $[AMOUNT]
Total Tax Provision $[AMOUNT]
Effective Tax Rate [%]
Statutory Federal Rate 21%
Difference [%]

SECTION 2: CURRENT TAX PROVISION

2.1 Federal Current Provision:

Line Description Amount
1 Pre-Tax Book Income $[AMOUNT]
2 Add: Permanent Differences
2a - Meals & Entertainment (50%) $[AMOUNT]
2b - Fines and Penalties $[AMOUNT]
2c - Officer Life Insurance $[AMOUNT]
2d - Other: [DESCRIBE] $[AMOUNT]
3 Less: Permanent Differences
3a - Tax-Exempt Interest ($[AMOUNT])
3b - Dividends Received Deduction ($[AMOUNT])
3c - Other: [DESCRIBE] ($[AMOUNT])
4 Add: Timing Differences (Reversals)
4a - Depreciation $[AMOUNT]
4b - Accrued Liabilities $[AMOUNT]
4c - Bad Debt $[AMOUNT]
4d - Other: [DESCRIBE] $[AMOUNT]
5 Less: Timing Differences (Originations)
5a - Prepaid Expenses ($[AMOUNT])
5b - Other: [DESCRIBE] ($[AMOUNT])
6 Federal Taxable Income $[AMOUNT]
7 Federal Tax Rate 21%
8 Federal Current Tax Before Credits $[AMOUNT]
9 Less: Tax Credits
9a - R&D Credit ($[AMOUNT])
9b - Foreign Tax Credit ($[AMOUNT])
9c - Other Credits ($[AMOUNT])
10 Federal Current Tax Provision $[AMOUNT]

2.2 State Current Provision:

State Apportioned Income Tax Rate Tax Before Credits Credits Net Tax
[STATE] $[AMOUNT] [%] $[AMOUNT] $[AMOUNT] $[AMOUNT]
[STATE] $[AMOUNT] [%] $[AMOUNT] $[AMOUNT] $[AMOUNT]
[STATE] $[AMOUNT] [%] $[AMOUNT] $[AMOUNT] $[AMOUNT]
Total State $[AMOUNT]

2.3 Foreign Current Provision (if applicable):

Country Income Tax Rate Tax Credits Net Tax
[COUNTRY] $[AMOUNT] [%] $[AMOUNT] $[AMOUNT] $[AMOUNT]
Total Foreign $[AMOUNT]

SECTION 3: DEFERRED TAX PROVISION

3.1 Deferred Tax Asset/(Liability) Roll-Forward:

Description Beginning Balance Current Year Change Other Adjustments Ending Balance
Deferred Tax Assets:
Accrued Liabilities $[AMOUNT] $[AMOUNT] $[AMOUNT] $[AMOUNT]
Bad Debt Reserve $[AMOUNT] $[AMOUNT] $[AMOUNT] $[AMOUNT]
Inventory Reserves $[AMOUNT] $[AMOUNT] $[AMOUNT] $[AMOUNT]
Deferred Revenue $[AMOUNT] $[AMOUNT] $[AMOUNT] $[AMOUNT]
Stock Compensation $[AMOUNT] $[AMOUNT] $[AMOUNT] $[AMOUNT]
NOL Carryforward $[AMOUNT] $[AMOUNT] $[AMOUNT] $[AMOUNT]
Credit Carryforward $[AMOUNT] $[AMOUNT] $[AMOUNT] $[AMOUNT]
Other: [DESCRIBE] $[AMOUNT] $[AMOUNT] $[AMOUNT] $[AMOUNT]
Total DTAs $[AMOUNT] $[AMOUNT] $[AMOUNT] $[AMOUNT]
Valuation Allowance ($[AMOUNT]) ($[AMOUNT]) ($[AMOUNT]) ($[AMOUNT])
Net DTAs $[AMOUNT] $[AMOUNT] $[AMOUNT] $[AMOUNT]
Deferred Tax Liabilities:
Depreciation ($[AMOUNT]) ($[AMOUNT]) ($[AMOUNT]) ($[AMOUNT])
Prepaid Expenses ($[AMOUNT]) ($[AMOUNT]) ($[AMOUNT]) ($[AMOUNT])
Intangibles ($[AMOUNT]) ($[AMOUNT]) ($[AMOUNT]) ($[AMOUNT])
Other: [DESCRIBE] ($[AMOUNT]) ($[AMOUNT]) ($[AMOUNT]) ($[AMOUNT])
Total DTLs ($[AMOUNT]) ($[AMOUNT]) ($[AMOUNT]) ($[AMOUNT])
Net DTA/(DTL) $[AMOUNT] $[AMOUNT] $[AMOUNT] $[AMOUNT]

3.2 Deferred Tax Provision Calculation:

Item Federal State Total
Change in Temporary Differences $[AMOUNT] $[AMOUNT] $[AMOUNT]
Change in NOL/Credit Carryforwards $[AMOUNT] $[AMOUNT] $[AMOUNT]
Change in Valuation Allowance $[AMOUNT] $[AMOUNT] $[AMOUNT]
Rate Change Impact $[AMOUNT] $[AMOUNT] $[AMOUNT]
Deferred Tax Provision $[AMOUNT] $[AMOUNT] $[AMOUNT]

SECTION 4: RATE RECONCILIATION

4.1 Effective Tax Rate Reconciliation (Amounts):

Item Amount Rate
Pre-Tax Book Income $[AMOUNT]
Tax at Statutory Rate (21%) $[AMOUNT] 21.0%
Permanent Differences:
State Taxes (net of federal benefit) $[AMOUNT] [%]
Meals & Entertainment $[AMOUNT] [%]
Tax-Exempt Interest ($[AMOUNT]) ([%])
Stock Compensation $[AMOUNT] [%]
R&D Credit ($[AMOUNT]) ([%])
Foreign Tax Rate Differential $[AMOUNT] [%]
GILTI Inclusion $[AMOUNT] [%]
Valuation Allowance $[AMOUNT] [%]
Return-to-Provision Adjustments $[AMOUNT] [%]
Other: [DESCRIBE] $[AMOUNT] [%]
Total Tax Provision $[AMOUNT] [%]

4.2 Rate Reconciliation by Category (ASU 2023-09):

Category Amount Rate
State and Local Income Tax $[AMOUNT] [%]
Foreign Tax Effects $[AMOUNT] [%]
Enactment of Tax Laws $[AMOUNT] [%]
Stock-Based Compensation $[AMOUNT] [%]
Research and Development Credits $[AMOUNT] [%]
Changes in Valuation Allowance $[AMOUNT] [%]
Other $[AMOUNT] [%]

SECTION 5: UNCERTAIN TAX POSITIONS (FIN 48 / ASC 740-10)

5.1 Unrecognized Tax Benefit (UTB) Roll-Forward:

Description Amount
Beginning Balance $[AMOUNT]
Increases - Current Year Positions $[AMOUNT]
Increases - Prior Year Positions $[AMOUNT]
Decreases - Prior Year Positions ($[AMOUNT])
Decreases - Settlements ($[AMOUNT])
Decreases - Statute Expirations ($[AMOUNT])
Ending Balance $[AMOUNT]

5.2 UTB Impact Analysis:

Item Amount
UTB that would affect ETR if recognized $[AMOUNT]
Interest and Penalties Accrued $[AMOUNT]
Reasonably possible change in UTB (12 months) $[AMOUNT]

5.3 Uncertain Tax Position Documentation:

Position Tax Year Jurisdiction Amount MLTN? Documentation
[DESCRIPTION] [YEAR] [FED/STATE] $[AMOUNT] ☐ Yes ☐ No [REF]
[DESCRIPTION] [YEAR] [FED/STATE] $[AMOUNT] ☐ Yes ☐ No [REF]

MLTN = More Likely Than Not (>50% probability of being sustained)

SECTION 6: VALUATION ALLOWANCE ANALYSIS

6.1 Valuation Allowance Assessment:

Positive Evidence:
☐ Cumulative profitability (3 years)
☐ Strong recent earnings
☐ Backlog or contracted revenue
☐ Appreciated assets
☐ Future taxable income projections
☐ Tax planning strategies

Negative Evidence:
☐ Cumulative losses (3 years)
☐ History of NOL/credit expirations
☐ Carryforward limitations
☐ Unsettled circumstances
☐ Brief carryforward period

6.2 Scheduling Analysis:

Year Projected Taxable Income DTA Utilization DTL Reversal Net
Year 1 $[AMOUNT] $[AMOUNT] $[AMOUNT] $[AMOUNT]
Year 2 $[AMOUNT] $[AMOUNT] $[AMOUNT] $[AMOUNT]
Year 3 $[AMOUNT] $[AMOUNT] $[AMOUNT] $[AMOUNT]
Year 4+ $[AMOUNT] $[AMOUNT] $[AMOUNT] $[AMOUNT]

6.3 Valuation Allowance Conclusion:

☐ No valuation allowance required
☐ Partial valuation allowance of $[AMOUNT]
☐ Full valuation allowance of $[AMOUNT]

Support for Conclusion:
[DOCUMENT THE BASIS FOR THE VALUATION ALLOWANCE CONCLUSION]

SECTION 7: CARRYFORWARDS

7.1 Net Operating Loss Carryforwards:

Jurisdiction Year Originated Amount Expiration Limitation
Federal (pre-2018) [YEAR] $[AMOUNT] [YEAR] None
Federal (post-2017) [YEAR] $[AMOUNT] Indefinite 80% of TI
[STATE] [YEAR] $[AMOUNT] [YEAR] [LIMITATION]

7.2 Tax Credit Carryforwards:

Credit Type Jurisdiction Amount Expiration
R&D Credit Federal $[AMOUNT] [YEAR]
Foreign Tax Credit Federal $[AMOUNT] [YEAR]
AMT Credit Federal $[AMOUNT] Indefinite
[OTHER] [JURISDICTION] $[AMOUNT] [YEAR]

SECTION 8: ASU 2023-09 DISCLOSURES (EFFECTIVE 2026 FOR NON-PBES)

8.1 Income Taxes Paid:

Jurisdiction Amount
Federal $[AMOUNT]
State $[AMOUNT]
Foreign $[AMOUNT]
Total $[AMOUNT]

8.2 Pre-Tax Income by Jurisdiction:

Jurisdiction Amount
Domestic $[AMOUNT]
Foreign $[AMOUNT]
Total $[AMOUNT]

8.3 Tax Expense by Jurisdiction:

Jurisdiction Current Deferred Total
Federal $[AMOUNT] $[AMOUNT] $[AMOUNT]
State $[AMOUNT] $[AMOUNT] $[AMOUNT]
Foreign $[AMOUNT] $[AMOUNT] $[AMOUNT]

SECTION 9: RETURN-TO-PROVISION (TRUE-UP)

9.1 Prior Year Return-to-Provision Adjustments:

Item Provision Estimate Actual Return Adjustment
Federal Tax $[AMOUNT] $[AMOUNT] $[AMOUNT]
State Tax $[AMOUNT] $[AMOUNT] $[AMOUNT]
Foreign Tax $[AMOUNT] $[AMOUNT] $[AMOUNT]
Total R-to-P $[AMOUNT]

9.2 Significant Adjustment Explanations:

[DOCUMENT ANY SIGNIFICANT RETURN-TO-PROVISION ADJUSTMENTS AND THEIR CAUSES]

SECTION 10: WORKPAPER CHECKLIST

Current Provision:
☐ Book-to-tax reconciliation
☐ Permanent difference schedules
☐ State apportionment calculations
☐ Tax credit calculations

Deferred Provision:
☐ Temporary difference schedules
☐ Deferred tax roll-forward
☐ Rate reconciliation
☐ Tax rate analysis

Other:
☐ Uncertain tax positions analysis
☐ Valuation allowance assessment
☐ Carryforward schedules
☐ Return-to-provision analysis
☐ Disclosure schedules

SECTION 11: SIGN-OFF

Prepared By:

Signature: ___________________________________

Name: [NAME]

Date: [DATE]

Reviewed By:

Signature: ___________________________________

Name: [NAME]

Date: [DATE]

Approved By:

Signature: ___________________________________

Name: [NAME]

Title: [TITLE]

Date: [DATE]

IMPORTANT NOTES

  1. ASU 2023-09: New disclosure requirements are effective for public business entities for fiscal years beginning after December 15, 2024, and for other entities beginning after December 15, 2025.

  2. Quarterly Provisions: For interim periods, use the estimated annual effective tax rate applied to year-to-date ordinary income.

  3. Audit Documentation: Maintain sufficient documentation to support all tax positions and estimates.

  4. Professional Judgment: Many ASC 740 determinations require significant judgment. Document the basis for all significant estimates.

This template is provided for informational purposes and should be reviewed by qualified tax and accounting professionals.

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TAX PROVISION WORKPAPER

GENERAL TEMPLATE

Effective Date: [DATE]
Party A: [PARTY A NAME]
Address: [PARTY A ADDRESS]
Party B: [PARTY B NAME]
Address: [PARTY B ADDRESS]
Governing Law: [GOVERNING STATE]
This document is entered into by and between [PARTY A NAME] and [PARTY B NAME], effective as of the date set forth above, subject to the terms and conditions outlined herein and the laws of [GOVERNING STATE].
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Last updated: February 2026