Overview:
ASC 740 (FIN 48) takes the challenges of recording income taxes in the financial statements to a new level. This standard requires significant documentation and workpaper maintenance. This comprehensive, case study based seminar will help you navigate FIN 48 compliance and enable you to:
- Analyze, document and track income tax positions taken on federal, state, local and international tax returns utilizing a balance sheet analysis
- Differentiate between requirements of quarterly and annual close cycles for both public and nonpublic entities
- Apply FIN 48 to noncorporate entities
- Review and prepare Federal Form UTP
Objective:
To give public and corporate accountants the tools they need to comply with the accounting rules for uncertain tax positions. This seminar will provide you with a solid understanding of these rules. You’ll discover how to develop and maintain a work plan that captures all the information you’ll need to disclose in your quarterly and annual filings.
Emphasis:
- Identify tax positions applicable to pass-through and noncorporate entities
- Preparation of Federal Form UTP
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Defining and documenting tax positions
– Extent of documentation
– Tax position maintenance
– Work paper support
– Responsibilities related to compliance - Who owns the workpapers
- Identify effective tax rate components
- Tracking: adoption and subsequent reporting
- Conducting a probability analysis
- Calculating interest and penalties
- Required adjustments
- Quarterly vs. annual tax disclosures
- Public vs. nonpublic tax disclosures
- Building interdepartmental “tax” networks
- Dealing with internal and external auditors
- Continual maintenance, upkeep
