FIN 48 Compliance: Are You Ready?

Assigning a dollar figure to the uncertain tax positions your company takes on federal and state income tax returns -- and setting reserves accordingly -- is challenging.

FASB’s Interpretation 48 is intended to help clarify ambiguities that lingered since its 2005 Statement 109. Although it does provides a clearer mandate than the previous “probable” standard, it involves an entirely new evaluation practice from corporate taxpayers—and its own complex provisions.

Is your company ready for the 2007 first annual and quarterly financial statements meeting the Interpretation 48 process?

Order the CD today for this teleconference to get armed with the knowledge you need to produce acceptable federal and local income tax returns and financial statements in the new era.

Listen as our panel of experienced tax advisors and veteran FASB-watchers help you unscramble the latest guidance. Our panel includes:

Richard Paul, Practice Fellow, Financial Accounting Standards Board. He is a member of the implementation team for FIN 48 and a project manager for FASB’s income tax convergence project. Before coming to FASB, Rich was a senior manager in the national office of Deloitte & Touche.

Barbara Flom, Jenner & Block, Chicago. She is the firm’s senior tax partner and has extensive experience advising clients on a wide variety of transactions, including business formation and capitalization, equity and other compensation planning, among others.

Neil Kimmelfield, Shareholder, Lane Powell, Portland. He has more than 25 years of experience as a tax attorney, litigating tax cases and handling administrative controversies before the IRS. He previously worked in the U.S. Treasury Department's Office of Tax Policy.

Walter Pickhardt, Partner, Faegre & Benson, Minneapolis. He is the head of the firm’s tax group and represents clients in connection with tax examinations and administrative appeals before the IRS and other tax agencies and in litigation in state and federal courts.

Tom Windram is managing director in the national tax office of RSM McGladrey, where he has primary leadership for FIN 48 among other income tax accounting measures. Before joining RSM, Tom spent eight years in the Deloitte & Touche federal tax practice and three years at KPMG, and also worked in the tax departments for two Fortune 500 companies.

The panel will provide its best guidance on these and other key questions:

• Will the new “likelier than not” threshold increase or decrease your company’s taxes?
• Which existing memos and opinions supporting previously taken tax opinions will need updating -- and what else will need to be revised?
• Where can you get support if an auditor decides your newly evaluated tax position was insufficiently documented?
• How can you deal with head-scratchers, like measuring deferred tax assets and liabilities, and accounting for interest and penalties?
• How do you produce FASB’s detailed table mandate – disclosing the beginning and ending balances of unrecognized tax benefits?

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TELECONFERENCE CD
Purchase a CD of the full conference proceedings (available three weeks after the program).
CPE is not available for CD purchases.

**CONTINUING LEGAL EDUCATION
CLE credit is available for an additional $65 each for attorneys seeking CLE credits for NY or CT.
Other states may grant CLE credits for listening to this CD - check with your state about applying for self-study credit on CD-listening.

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