FIN 48

Sometimes, looking back is the most important step towards moving forward.
 

FASB’s Interpretation No. 48 (FIN 48) set new standards for the accounting for uncertainty in income taxes, effective for fiscal years beginning after December 15, 2006. Accordingly, most organizations adopted FIN 48 on January 1, 2007, and released their first FIN 48 footnotes in the early spring of 2007.

Maintaining the FIN 48 schedules has proven to be as challenging and time consuming as the initial adoption. Since many tax departments are short-handed, increased focus on uncertain tax positions may compound the problem of too few resources to tackle yet another complicated tax issue.

Jefferson Wells is offering informative training courses on best practices in managing FIN-48 challenges, including:

• Development of FIN 48 work programs to track progress and ensure compliance with the standard and its disclosure requirements
• Documentation of highly certain and uncertain tax positions
• Computation of FIN 48 liabilities and related interest and penalties
• Preparation of journal entries and required footnote disclosures
• Ongoing monitoring and planning services
• Technology services (FIN 48 automation)