With Sarbanes-Oxley tamed and states hungry for new revenue, tax professionals say 2008 will be a year of reckoning for corporate finance staffs booking tax benefits and liabilities in accordance with Financial Interpretation No. 48, Accounting for Uncertainty in Income Tax.
FIN 48 is the requirement that preparers disclose in financial statements where they may have holes in their corporate tax strategies, such as a tax bill the company might still have to pay if a particular tax position doesn’t hold up under audit or legal challenge.
While preparers and auditors have been strapped to Sarbanes-Oxley compliance concerns, “auditors have been very reasonable” on FIN 48 assertions, says Jacqueline O’Neil, managing director at Huron Consulting Group. “Companies and practitioners were so beaten up over Sarbanes-Oxley, we expected the same thing from FIN 48, but it just hasn’t been as painful for most companies as they... To get the full story, subscribe now.
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