The Tax Provision GAAP – STAT report for the Provision and Interim datasets creates an overview of the provision calculations and the separation of the components between GAAP to STAT and STAT to TAX. Supporting detail for some calculations can be viewed in this report, while underlying support for other items is detailed on separate reports.

 

The Tax Provision GAAP – STAT report is available only when the following system parameters are activated.

•SHOW_GAAPTOSTAT with a paramvalue of 1.

•gstags# with a paramvalue of the designated tag letter.

 

To activate the parameters go to the Administration > System > Manage Configurations > Reporting > Tax Provision.

•Select Add GAAP-STAT Report.

•Select a GAAP-STAT Tag from the drop-down list.

 

PTBI policies Enter Local, USD and FX and Enter Local, USD, FX and Calc Rounding can cause amounts in the Effective Tax Rate and Foreign/Domestic reports to be out of sync by a minimal amount.

 

Provision Items

•Current Federal Tax Expense

•Deferred Federal Tax Expense

•State Tax Expense

•Equity Offset to Current Expense

•Total Tax Provision

•Effective Tax Rate

 

Report Views

•Defaults to a summarized view of report details with GAAP to STAT and STAT to TAX adjustments.

•View detail: Displays available underlying detail of GAAP to STAT and STAT to TAX adjustments.

•Unit breakout: On sub-consolidated and consolidated reports, details the unit-by-unit breakout. Displays on the screen or exports to an Excel file, depending on the version and parameter settings.

 

Note: Unit code columns are sorted alphabetically.

 

•Unit breakout comparison: Allows you to create a side-by-side comparison of two datasets. The result is a total and unit-by-unit variance report. It displays on the screen or exports to an Excel file, depending on the version and parameter settings.

 

Note: The view detail link no longer displays in the exported file.

 

Line by Line

•Pre-Tax Book Income: Data Entry > PTBI.

•Deductible State Tax: Current state tax provision (from State Summary - Provision Summary) after apply each unit/state's Current Federal Deductibility rates.

•Permanent Differences: Data Entry > Permanent Differences and InterCompany Transaction Entry with the designated GAAP to STAT tag letter.

•Financial Taxable Income - Sum of Pre-Tax Book Income, Deductible State Tax and Permanent Differences lines.

•Temporary Differences: Data Entry > Temporary Differences - Tax Basis and Temporary Differences - Book/Tax Basis with the designated GAAP to STAT tag letter. Only amounts entered as Activity. Deferred Only and Balance Sheet Only entries do not impact the current tax provision calculation.

•Federal Taxable Income (Pre-NOL): Sum of Financial Taxable Income and Temporary Differences lines.

•NOL Reclass: Data Entry > NOL Temporary Differences - Tax Basis. Only amounts entered as Activity. Deferred Only and Balance Sheet Only entries do not impact the current tax provision calculation.

•Federal Taxable Income (Post-NOL): Sum of Taxable Income (Pre-NOL) and NOL Reclass lines.

•Unit Tax Rate: My Datasets > Units > More > Rates. Only displays at the Unit reporting level.

•Federal Tax - Current: Taxable Income (Post-NOL) times the current unit tax rate(s).

•After Tax Temporary Differences: Data Entry > After Tax Temporary Differences - Tax Basis and After Tax Temporary Differences - Book/Tax Basis. Only amounts entered as Activity. Deferred Only and Balance Sheet Only entries do not impact the current tax provision calculation.

•Cash Tax Adjustments: Data Entry > Tax Adjustments. Only cash items with codes that do not start with NC_.

•Return Basis Provision: Sum of Federal Tax - Current, After Tax Temporary Differences and Cash Tax Adjustments.

•Non-Cash Tax Adjustments: Data Entry > Tax Adjustments. Only non-cash items with codes that start with NC_.

•Total Current Federal Provision: Sum of Cash Provision and Non-Cash Tax Adjustments.

•Begin Deferred Tax Per B/S: Deferred Balances report Total Beginning Balance column with the Fed view option

•Bal Sheet Only Adjustment: Data Entry > Temporary Differences - Tax Basis, Temporary Differences - Book/Tax Basis, NOL Temporary Differences - Tax Basis times the appropriate rates plus Tax Provision After Tax Temporary Differences - Tax Basis and After Tax Temporary Differences - Book/Tax Basis. Only amounts entered as Balance Sheet Only entries do not impact the current tax provision calculation.

•Ending Deferred Tax Per B/S: Deferred Balances report Total Ending Balance column with the Fed view option.

•CTA: Deferred Balances report Total CTA column with Fed or Fed+FBOS and Expanded (income statement) view options.

•Deferred Provision Only: My Datasets > Units > More > Rates.

•Deferred Tax Provision: Begin Deferred Tax Per B/S plus Bal Sheet Only Adjustment minus Ending Deferred Tax Per B/S plus CTA and Deferred Provision Only lines.

•Equity Adjustment: Data Entry > Permanent Differences. Reversal of the impact to the current provision for Equity Adjustment Permanent Differences.

•Total Federal Provision: Sum of the Total Current Provision, Deferred Tax Provision, and Equity Adjustment lines.

•Total State Provision: Total State Tax Provision (from State Summary - Provision Summary).

•Total Tax Provision: Sum of the Total Federal Provision and Total State Provision.

•Effective Tax Rate: Total Tax Provision divided by Pre-Tax Book Income.