Income Tax Process Flow

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Screenshot of the first page of Income Tax Process Flow

This flowchart defines the steps used for the income tax, sales tax, use tax, insurance renewal, insurance maintenance and contract processes. Steps in the income tax process includes preparing the: estimated effective tax rate workbook, income tax forecast, tax accrual template, and period-end income tax journal entry (JE) based on the tax accrual template. This document should be used as a general guide to understand and review this business process. Organizations should customize this tool to ensure that it reflects their business operations and continuously monitor the process to ensure that the steps described are accurate.

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