Uncertainty In Income Taxes: A Must Know For Tax Cpas And Accountants/Auditors! (FIN 48)

FASB prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Guidance is provided on derecognition, classification, interest and penalties, accounting in interim periods, disclosure transition pass-through and not-for-profit entities. These concepts are reinforced with real-world case studies and examples throughout the course.

Due to an outpouring of requests for an extension, the FASB deferred the effective date for nonpublic entities that had not previously implemented the guidance to fiscal years beginning after December 15, 2008.

Objectives

• Define what constitutes a tax position
• Determine the appropriate unit of account for individual tax positions
• Apply the more-likely-than-not recognition threshold
• Measure the largest amount of tax benefit available under FIN 48
• Decide what constitutes an ultimate settlement with tax authorities
• Apply tax-planning strategies
• Apply the guidance for nonpublic entities
• Apply the provisions of the Schedule for Unertain Tax Positions (UTP)

Prerequisite: Knowledge of FASB ASC 740, formerlyFAS 109, Accounting for Income Taxes

Advanced Preparation: None

In this video, Bobby J. Carmichael, Ed.D., CPA, Professor Emeritus of Accounting at Texas A&M University – Commerce discusses FIN 48 with Scott F. Guertin, CPA, Tax Partner and National Leader, Income Tax Accounting Services, at BDO Seidman LLP, and SFAS No. 109 with William I. Eskin, CPA, President of WIE, Inc.and an instructor for this course; Scott F. Guertin, CPA; and Linda A. Paradis, CPA, Manager in the Tax Department of RubinBrown LLP.

Note: Accounting for Income Taxes – Applying Temporary and Uncertain Tax Positions includes the text and video content of this course

*(65-min. video) The DVD course contains the video presentation and access to a viewable copy of the Manual.