Local Actual Tax Adjustments

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The Local Actual Tax Adjustments page allows you to enter each unit’s local tax adjustments. Examples include tax credits, withholding tax, and other adjustments. Because tax adjustments are tracked separately within jurisdictions, national tax adjustments do not flow down to the local calculation.

 

Enter a separate line item for each Local Tax Adjustment:

1.Select the appropriate code-description from the drop-down menu in the Tax Adjustments column.
2.Select the tag.
3.Select the type of adjustment. It will usually be a P&L adjustment. However, if you are entering an item that does not have any impact on the current tax expense (e.g.., stock option expense), select E - Equity Adjustment.
Note: Refer to the Where to Enter Items in ONESOURCE Tax Provision section for more information on the different types of adjustments.
 
4.Enter the amount of the current tax adjustment in local currency.
5.Click Add New to create the adjustment.

Note: If a new tax adjustment item is required, contact the Corporate Tax Department.

After a tax adjustment is created, you can edit or delete the item by clicking the appropriate icon. Click the pencil icon to edit the entry. Select Save Changes after making any changes. You can attach files to an individual temporary difference items on this page. If you have supporting documents, click the paper clip icon next to the item.

The impact of individual local tax adjustments on your tax provision can be viewed on the Local Interim Provision report and the Local Deferred Balances report.