Tax accounting and risk advisory services
Your organization strives to achieve a high-quality, effective and efficient tax function; however, you work against a backdrop of legislative and regulatory environment complexity and with limited resources. Grant Thornton’s tax function optimization services can assist you in enhancing the performance and productivity of a single tax function or all functions in your tax organization.
IRS announces intention to require disclosure of uncertain tax positions on tax returns
The IRS announced that it is developing a new tax return schedule to require many business taxpayers to report “uncertain tax positions” on their returns. An uncertain tax position is defined as a position for which a tax “reserve” must be established under Topic 740 of the Accounting Standards Codification (ASC 740), formerly FIN 48. The new requirements would apply to business taxpayers who have over $10 million in assets and are required to identify and quantify uncertain tax positions under ASC 740 “or other accounting standards relating to uncertain tax positions involving United States federal income tax.”
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FIN 48 now effective for private investment funds
As a result of Accounting Standards Update 2009-6, Implementation Guidance on Accounting for Uncertainty in Income Taxes and Disclosure Amendments for Nonpublic Entities, FIN 48 is effective for private investment funds that have not yet adopted it for years beginning after Dec. 15, 2008. For nonpublic funds with Dec. 31 year-ends, FIN 48 should be adopted for the year ended Dec. 31, 2009, with any impact reflected in the first net asset value calculation of the year. Financial Bulletin explores FIN 48, evaluating tax positions, pass-through entities, investment partnership application and developing a work plan.
SEC Roadmap targets 2014 as deadline for U.S. registrants to switch to IFRS
If the SEC sought to get a healthy debate going with its proposed “Roadmap for the Potential Use of Financial Statements Prepared in Accordance With International Financial Reporting Standards by U.S. Issuers,” then consider the Roadmap a wild success. Debate rages concerning the proposed Roadmap’s requirement that U.S. registrants report to the SEC using IFRS as early as 2014.
Lesson for private companies: Begin FIN 48 compliance sooner rather than later
Many private enterprises, including partnerships, subcapter S corporations and other pass-through entities, are just now beginning to understand the changes necessitated by FIN 48 rules. Two important lessons learned from public companies: 1) start the compliance process early and 2) coordinate tax issues related to international affiliates carefully. For more details, read this series of articles by Fred F. Murray from BNA's Daily Tax Report.
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Current issues affecting corporate tax departments
Renewed attention on tax planning has forced tax departments to do even more with less. Find out how in-house tax executives are dealing with often competing issues.
CFO's guide to avoiding deferred tax pitfalls under IFRS
Deferred tax rules under IFRS can require significant judgment. Find out how to approach deferred tax positions and how to identify and prioritize problem areas.
