Deferred Income Taxes

Post-Implementation Review of FIN 48

The Financial Accounting Foundation issued its Post-Implementation Review (PIR) Report on FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes.

LB&I Directive on Success-Based Fees Has Tax Accounting Implications

A recent directive instructs LB&I examiners not to challenge the treatment of success-based fees incurred or paid in tax years ending before April 8, 2011, if the taxpayer capitalized at least 30% of the total success-based fees incurred on the transaction on its originally filed return.

Reporting Uncertain Tax Positions

This item explores the differences between financial statement reporting and federal income tax return disclosure in preparing for disclosure of uncertain tax positions on the Schedule UTP,

FIN 48 and Tax Return Disclosure

This item provides a brief overview of the FIN 48 requirements, an update on the IRS plans, and some observations on the dynamics created among an engagement’s auditors, tax preparers, and client personnel resulting from these new rules.

Private Companies and FIN 48

On October 15, 2008, the Financial Accounting Standards Board (FASB) deferred the effective date of FIN 48 (FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes ) for all nonpublic companies for one year.

Hot Topics in FAS 109

As the financial statement year-end tax provision planning process begins, it is a good time to review some areas of Statement of Financial Accounting Standards No. 109 (FAS 109), Accounting for Income Taxes, that could require more analysis in preparing year-end tax provisions for companies.

Practical Considerations for the New Paid Preparer Penalty Rules and FIN 48

Editor: Michael D. Koppel, CPA, PFS Return preparers have recently become subject to new, higher standards from two sources: Congress and the Financial Accounting Standards Board (FASB). This item compares the new “more likely than not” standard and explores the pitfalls that CPAs may encounter under FIN 48 and the

Guidance on FIN 48 and Independence

The AICPA’s Professional Ethics Executive Committee (PEEC) recently issued nonauthoritative guidance on whether under AICPA Interpretation 101-3, Performance of Nonattest Services, members could assist an attest client in applying FASB Interpretation No. 48 (FIN 48), Accounting for Uncertainty in Income Taxes, without impairing independence, given the potential complexity of the

Fin 48 and State and Local Income Taxes

Scott Salmon, CPA, M.Acc. The required adoption of Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes (FIN 48), for enterprises with fiscal years beginning after December 15, 2006, has placed increased scrutiny on state and local income taxes. Given that in the past, state and

FIN 48 and R&D Tax Credits

Editor: Terence E. Kelly, CPA Under Financial Accounting Standards Board Interpretation No. (FIN) 48, Accounting for Uncertainty in Income Taxes, claims for research and development (R&D) credits are tax positions that companies following GAAP must evaluate to determine whether (and the extent to which) they may be recorded as a

Must a Valuation Allowance Be Recorded against a Deferred Tax Asset?

Editor: Terence E. Kelly, CPA Companies are facing more scrutiny than ever about whether a valuation allowance should be recorded against their deferred tax assets and, if so, when. Auditors face challenges when evaluating the appropriateness of a company’s position on these allowances. A valuation allowance should be recorded against

Tax Insider Articles

DEDUCTIONS

Business meal deductions after the TCJA

This article discusses the history of the deduction of business meal expenses and the new rules under the TCJA and the regulations and provides a framework for documenting and substantiating the deduction.

TAX RELIEF

Quirks spurred by COVID-19 tax relief

This article discusses some procedural and administrative quirks that have emerged with the new tax legislative, regulatory, and procedural guidance related to COVID-19.