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At ONESOURCE TaxStream Provision, we understand the issues facing many Corporate Tax Departments: increased scrutiny from auditors and oversight committees, inefficient, manual processes, numerous systems and data sources that require reconciliation, and strained resources.

The solution? ONESOURCE TaxStream Provision's Year-Round Tax Process Optimization, providing tax data and user controls, an automated flow of information between general ledger, provision, and return systems, customizable self-reconciling reports and guaranteed calculations.

Calculate the amount of time you could save using ONESOURCE TaxStream Provision.

ONESOURCE TaxStream Provision Provides:

  • Automated Reporting - Generate self-reconciling tax provision reports in real time: consolidated, by entity, by jurisdiction, or by sub-consolidated grouping.
  • Global Compliance - ONESOURCE TaxStream Provision provides the flexibility to calculate the tax provision according to a variety of accounting standards, including U.S., Canadian, and IFRS (iGAAP) simultaneously. With ONESOURCE TaxStream Provision, you can easily translate between local and reporting GAAP.
  • Workflow Control - Manage and automate workflow with user controls by entity and account, multi-level sign off, and data lockdown.
  • Single Tax Data Warehouse - Store all your tax information in one central location. Set up direct feeds to ONESOURCE TaxStream Provision from your general ledger, consolidation package, return software, fixed asset module, or any accounting subsystem.
  • Deferred Balance Tracking - Track, manage, and analyze deferred balances and roll them forward from period to period. Automate NOL’s and Valuation Allowances on a jurisdictional, entity, and filing group basis. Planning - Create an unlimited number of what-if or planning scenarios without compromising the integrity of your actual data. Compare your forecast information side-by-side with your actual information and isolate the differences.
  • Interim Reporting - Track forecasted and actual information to generate a provision based on the interim rules in FIN18. Enter the annualized forecasted data to generate the forecasted tax rate. The forecasted tax rate is then applied to actual earnings. Statutory tax rates are applied to any discrete items and combined with the actual earnings. Available reports include forecast reports, actual interim reports that separate forecast rate impacted Pre-Tax Book Income and any statutory rate impacted discrete items.
  • Superior Local State, Province, and Jurisdiction Functionality - Generate reports for any U.S. state or municipality, Canadian province, or non-U.S. sub-national jurisdiction. Apportion out state and jurisdiction rates and account for special jurisdiction rules such as combined filings. Apportion taxable income to as many U.S. or foreign jurisdictions as necessary. Apportionment factors and state rates can be imported directly from the company’s compliance system. The results can be reported on a separate, combined or unitary filing basis. The federal benefit of the state for the deferred items can be represented as a component of the either the federal or the state rate. Estimates and Extensions - Compute estimated payment and extension amounts by reusing the provision data and adding other components like minimum and franchise taxes.
  • FERC, SSAP 10, and regulatory STAT - Generate reports for the statutory requirements specific to insurance companies, energy companies, and other industry specific filings. Start with STAT and layer on your GAAP adjustments, or vice versa, depending on how you keep your books. ONESOURCE TaxStream Provision industry groups provide access to industry-specific reports and industry peers to discuss specific needs. Tax Liability Tracking - Track, manage, and document your taxes payable roll forward, by transaction type, entity, and period.