| Individual Title Descriptions
Corporate Income Tax Provision Checklists provides users with a comprehensive process for preparing income tax provisions. In addition to the traditional pronouncement-based requirements, the checklists provide an overall structure for establishing and maintaining an accurate and timely information flow.
Prepared and annotated by Rick Olson, CPA, of LarsonAllen LLP, CPAs, Consultants & Advisors, this checklist presents the basic steps that comprise the income tax provision process and the workflow tools for documenting those steps:
Management Interview Form – for use in quarterly tax update meetings to identify changes in facts and circumstances that may impact the income tax provision or its reporting and disclosure.
Standard Tax Information Reporting – ensures that the user has the recurring information necessary to prepare a complete income tax provision.
Tax Contingency Reserve Analysis – ensures compliance with FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”) with respect to the identification of uncertain tax positions and the proper measurement and reporting of resulting unrecognized tax benefits.
Current Income Tax Procedure – provides for the accurate determination of current income tax expense and related balance sheet accounts in compliance with Statement of Financial Accounting Standards No. 109, Accounting for Income Taxes (“FAS 109”).
Deferred Income Tax Procedure – provides for the accurate determination of deferred income tax expense and related balance sheet accounts in compliance with FAS 109.
Valuation Allowance Analysis – provides an approach to the consideration of relevant information with respect to determining if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized.
Special Areas for Deferred Income Taxes – deals with areas that provide exceptions to the normal rules of FAS 109 with respect to 1) items that normally result in deferred tax assets and liabilities and 2) transactions for which changes in deferred tax assets and liabilities impact goodwill or equity accounts rather than income tax expense.
Financial Statement Reporting – is directed at the proper reporting in the Financial Statements: Statement of Operations (alternatively referred to as the Statement of Operations), the Balance Sheet, the Statement of Cash Flows and the Statement of Changes in Stockholders' Equity and Other Comprehensive Income.
Income Tax Footnote Disclosure – is directed at the detailed disclosure of amounts and items in the income tax footnote to the financial statements.
Corporate Income Tax Provision Checklists also contains documentation memos, sample SEC filings from Forms 10-K and 10-Q and sample SEC comment letters redacted to focus solely on income tax provision issues.
Corporate Income Tax Accounting articulates the reality of financial accounting and tax compliance in light of the new landscape faced by companies and sets out a means by which companies can structure their tax planning and financial reporting in a manner to efficiently meet all applicable requirements.
Written by experienced tax lawyers, Corporate Income Tax Accounting brings together the disciplines of financial accounting and taxation. No chapter illustrates this goal more clearly than the chapter on Specific Situations. The analysis in this chapter provides a catalogue of specific substantive tax matters that commonly arise. For each issue there is an illustration, a checklist of potential tax issues and positions, the pertinent technical tax issues that apply, and the financial accounting issues that will need to be addressed. Corporate Income Tax Accounting includes discussion of the following topics:
- FASB Statement 109, Accounting for Income Taxes
- FIN 48 – Uncertain Tax Positions
- Relationship to Other Financial Accounting Matters
- Sarbanes-Oxley – Auditor Independence: Impact on Tax Services
- Management Assessment and Auditor Attestation of Internal Controls
- Documentation
- Specific Situations
- Attorney-Client and Related Privileges
- Tax Opinion Preparation
- Negotiating with the Auditor
- Preparing for IRS Examination
This practical guide also includes forms such as sample FIN 48 tax opinions, sample internal control procedures for the tax department function, and a sample records retention policy.
FIN 48 – Accounting for Uncertain Income Tax Positions was created specifically to help you comply with FIN 48 and its complex rules. Many experts suggest that FIN 48 represents the most significant change to accounting for income taxes in recent memory – some estimate a five-fold increase in the compliance burden.
This product is designed to help practitioners understand the FIN 48 rules and comply with them in a very practical way. It includes expert analysis from RIA, WG&L and PPC as well as viewpoints from expert practitioners and commentators such as: David Hardesty, Allan Afterman, John Gamino, Moshe Levitin. Also included in the product are: the workflow analysis that your company needs to structure and complete its FIN 48 compliance; workflow templates that walk you through the FIN 48 processes; and interoffice memos that make your inter-company communication more efficient and easier. The workflow template and workflow analysis walk practitioners through the compliance process -- the complex two-step analysis that is applicable to all uncertain tax positions. Additional guidance is provided to help practitioners navigate the Sarbanes-Oxley compliance problems created by FIN 48. |
