Fin 48 and tax risk management

more+
less-

"We experienced what might be characterised as FIN 48-lite in its first year of operation but the full impact is being felt now and it is a major problem for US companies and foreign multinationals listed in the States," says one Washington, DC tax lawyer.

...The FASB has said the interpretation should result in increased relevance and comparability in financial reporting of income taxes because uncertain tax positions accounted for in accordance with statement 109 will be evaluated for recognition, derecognition, and measurement using consistent criteria.

...In the first step, recognition, an enterprise determines whether it is more-likely-than-not (MLTN) that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position.

Posted by Daniel N Erasmus www.dnerasmus.com daniel@dnerasmus.com

LOADING PDF: If there are any problems, click here to download the file.

Published In: Administrative Agency Updates, Alternative Dispute Resolution (ADR) Updates, Constitutional Law Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© DE Professional Consultants | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »