FIN 48: A Practical Approach Webinar

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 webinar 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 webinar 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
  • 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
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Prerequisite: 

Basic knowledge of income tax and accounting. Please bring a calculator.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Basic/intermediate.

CPE Credit: 
8.00
NASBA Field of Study: 
Accounting