FIN 48 Disclosures: The Questions Keep Coming!

Many questions have arisen regarding the situation when an entity has evaluated all of their income tax positions and concluded that no uncertain income tax positions exist. Although there is no requirement within FASB ASC 740, Income Taxes, (or any other part of U.S. GAAP) to disclose the fact that no uncertain income tax positions exist, many entities prefer to disclose this fact at least in the year of initial adoption of this guidance.

Note that FASB Interpretation (FIN) 48, Accounting for Uncertainty in Income Taxes, was issued in July 2006 and was effective for fiscal years beginning after December 15, 2006, but its application was delayed for nonpublic companies until fiscal years beginning after December 15, 2008. FIN 48 is now codified in FASB ASC 740, Income Taxes. The guidance from FIN 48 applies to all tax positions accounted for under FASB ASC 740.

With all of the quesitons that are out there, we have written a new whitepaper that addresses what needs to be done with respect to FIN 48 disclsoures. This whitepaper specifically addresses the sistuation where an entity does not have any uncertain tax positions and also provides examples for pass-through entities and tax exempt entities. It's available FREE of charge! Just contact us at russ@madray.com and we'll send you a FREE copy.