This section of Global Access computes Return to Provision True-up Adjustments. The prior year's provision data is pre-populated in the first column. Once you verify that the data accurately represents the prior year's provision, edit the the second (Return) column to reflect the locally filed tax return. The system automatically calculates the Return to Provision true-up amount as you update the return column.
Pre-Tax Book Income can be modified on the Unit Data page. In addition, you can add as adjustment that was not present at the time of the provision calculation.
Instructions
| • | This section of Global Access computes the Return to the Provision True-Up adjustments. |
| • | The provision is pre-populated under the first column; verify that the pre-populated data represents the prior year's provision. |
| • | Edit the Return column to reflect the locally filed Tax Return. |
| • | Note that Pre-Tax Book income can be modified in the unit data step. |
| • | Once you populate the return column the system will automatically calculate the difference. |
|
|
Provision |
Return |
Difference |
|
Total Pre-Tax Book Income |
298,795,725 |
298,795,725 |
0 |
||
- Deductible State Tax: |
|||||
CA: California |
|
13,748,073 |
13,131,632 |
-616,441 |
|
NY: New York |
|
2,362,458 |
2,256,765 |
-105,693 |
|
- Total Deductible State Tax |
16,110,531 |
15,388,397 |
-722,134 |
||
+ Permanent Differences: |
|||||
P1000: Club Dues |
|
71 |
71 |
0 |
Edit |
P10000: Meals and Entertainment |
|
0 |
-7,854,157 |
-7,854,157 |
Edit |
P16000: Section 78 Gross-Up |
|
-67,832,250 |
-67,832,250 |
0 |
Edit |
P19000: Subpart F |
|
-64,817,500 |
-64,817,500 |
0 |
Edit |
P6000: Foreign Tax Credit Gross-up |
|
182 |
182 |
0 |
Edit |
|
0 |
|
|
|
|
+ Total Permanent Differences |
-132,649,497 |
-140,503,654 |
-7,854,157 |
||
Financial Taxable Income |
150,035,696 |
142,903,674 |
-7,132,022 |
||
+ Temporary Differences: |
|||||
T12000: Amortization of Fees |
|
368,340 |
368,340 |
0 |
Edit |
T16000: Deferred Compensation |
|
803,957 |
803,957 |
0 |
Edit |
T21000: Inventory Reserve |
|
260,000 |
260,000 |
0 |
Edit |
T27000: Stock Compensation (FAS 123R) |
|
7,977,478 |
7,977,478 |
0 |
Edit |
|
0 |
|
|
|
|
+ Total Temporary Differences |
9,409,775 |
9,409,775 |
0 |
||
Federal Taxable Income (Pre-NOL) |
159,445,471 |
152,313,449 |
-7,132,022 |
||
+ NOL Reclass: |
|||||
NOL_2001: Net Operating Loss- 2001 |
|
-122,156 |
-122,156 |
0 |
Edit |
NOL_2002: Net Operating Loss-2002 |
|
94,198 |
94,198 |
0 |
Edit |
NOL_2003: Capital Loss Carryforward-2003 |
|
5,849,955 |
5,849,955 |
0 |
Edit |
NOL_SYS: NOL_SYS |
|
-28,152,681 |
-28,152,681 |
0 |
Edit |
VA_SYS_NOLTD_NC: VA_SYS_NOLTD_NC |
|
0 |
0 |
0 |
Edit |
|
0 |
|
|
|
|
+ Total NOL Reclass |
-22,330,684 |
-22,330,684 |
0 |
||
Federal Taxable Income (Post-NOL) |
137,114,787 |
129,982,765 |
-7,132,022 |
||
* Unit Tax Rate |
35.0000% |
35.0000% |
|
||
= Federal Tax-Current |
47,990,175 |
45,493,968 |
-2,496,207 |
||
+ After Tax Temporary Differences: |
|||||
AMT_SYS: AMT_SYS |
|
0 |
0 |
0 |
Edit |
ATD1000: R&D Credit Carryforward |
|
-115,019 |
-115,019 |
0 |
Edit |
|
0 |
|
|
|
|
+ Total After Tax Temporary Differences |
-115,019 |
-115,019 |
0 |
||
+ Cash Tax Adjustments: |
|||||
TA1000: Tax Reserves |
|
-186,815 |
-186,815 |
0 |
Edit |
|
0 |
|
|
|
|
+ Total Cash Tax Adjustments |
-186,815 |
-186,815 |
0 |
||
Cash Provision |
47,688,341 |
45,192,134 |
-2,496,207 |
These adjustments are posted to the next dataset/current provision. Administrators can make the current, beginning deferred, and/or ending deferred tax rate read-only, or all thee fields can be hidden from view by local users. For more information, refer to the Administration section.