Sarbanes-Oxley and State Income Tax

To comply with the federal Sarbanes-Oxley Act’s requirement that companies do a better job of producing and reporting financials, many organizations have responded by documenting every aspect of compliance with state income and franchise and other taxes.

But just how much detail is enough to satisfy the federal government’s exacting demands, and when do your documentation and updates spill over into costly overkill?

Listen as our panel of corporate tax professionals and advisors describe what has and hasn’t worked in SOX compliance regarding state income and franchise taxes and recommend best practices.

Jim Kelly, Tax Manager, United Parcel Service, Atlanta, has addressed sophisticated Sarbanes-Oxley compliance across all types of corporate tax.

John W. "Jack" Sullivan III, Manager of State and Local Taxes, RSM McGladrey, New York, has special expertise in state income tax, consulting with corporate clients on all aspects of Sarbanes-Oxley compliance pertaining to corporate tax.

Greg Prow, President/CEO, Planitax, Emeryville, CA. Providing leadership for this producer of state tax compliance software, his experience spans corporate tax, operations, and public accounting. He previously worked for Mobius and PricewaterhouseCoopers.

Debbie Schleicher, Partner, Stout Causey & Horning, Hunt Valley, MD. With more than 17 years experience working for international accounting firms, she leads tax compliance, FAS 109 and tax planning engagements. She serves as the firm's national and local market tax lead to assist audit teams.

Our panelists offer valuable insights on:

• Which processes and procedures from your everyday tax compliance, from recording changes in tax rates to loading software updates to filing returns, need to be explained in writing.
• How to create flow charts and process matrices that make your tax compliance understandable to outsiders.
• How to respond when you discover deficiencies in tax controls such as inadequate reserves or unregulated access to spreadsheets.
• When it makes sense to spend the money on letting an outside consultant handle your SOX compliance on tax.

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