Navigating the complex terrain of financial statement reporting and income tax disclosures is a major challenge for companies as they face heightened regulatory scrutiny and evolving standards. The Financial Accounting Standards Board (FASB) continues to introduce significant updates, including ASU 2023-09, which requires greater transparency and more detailed reporting of tax provisions. These changes reshape how companies present their tax positions within financial statements, emphasizing the need for robust systems and strategies to manage increased disclosure requirements.

As organizations continue adapting to these standards in 2025, understanding tax provisions and their implications remains essential for maintaining compliance and demonstrating financial integrity.

In this episode, Brooks Nelson, Partner and Strategic Tax Leader and Sarah McGregor, Tax Director, are joined by William Billips, Tax Partner, and Lisa Macri, Tax Director. Together, they explore key tax legislation updates from 2024 and strategies for navigating the road ahead.  This discussion is crucial for finance professionals seeking to build on last year’s adjustments and ensure their organizations remain prepared for the evolving landscape of tax reporting.

Listen to learn more about: 

• 03:30 – Understanding ASC 740
• 04:25 – Common challenges with ASC 740
• 05:44 – Upcoming changes with ASU 2023-09
• 07:21 – Rate reconciliation and disaggregation requirements
• 08:33 – Preparing for ASU 2023-09 implementation
• 09:32 – Transferability of energy credits
• 10:45 – Acquisitions and dispositions key considerations
• 11:50 – Pass-through entities and tax reporting
• 14:20 – Anticipating future tax law changes
• 16:37 – Planning for legislative changes

Related Guidance 

• Newsletter: The Rundown: Fourth Quarter 2024 Guide
• Article: Unlocking Opportunities: The Evolving Market for Clean Energy Tax Credits