Setting Reserves Under Heightened
Government and Audit Scrutiny
CD of Teleconference with Q&A
Conducted on Tuesday, July 22, 2008
Now available on CD
Sponsored by State Income Tax Monitor,
Tax Incentives Alert and Sales & Use Tax Monitor
Tax Teleconference Advisory Board
With budget pressures driving state and local governments to audit more aggressively and Sarbanes–Oxley having raised the bar for corporate accounting, U.S. companies are under intense scrutiny over the adequacy of reserves set aside for the positions they take on tax returns.
While the relatively recent FASB's Interpretation No. 48 (FIN 48) governs reserving for federal and state income taxes, sales and use tax pros still rely on FASB Statement No. 5 Accounting for Contingencies for guidance — and that was passed back in 1975.
Whether sales and use tax reserving practices created by companies years ago will still be acceptable to the SEC and investors should be a very real concern.
Listen as corporate sales tax pros and experienced tax advisors share their current best practices for creating prudent reserves against uncertain sales or use tax positions.
The panel included:
Mark Nachbar, National Director of SALT Advisory Practice, UHY Advisors, Chicago. He joined UHY in 2006 to form and lead a national SALT practice. He previously held national and regional leadership positions with three national accounting firms.
Myron Vansickel, Director of Tax Operations, Jefferson Wells, Washington, D.C. He is the internal audit and tax firm's SALT Subject Matter Leader and Tax Practice Director for its Mid-Atlantic region. He previously was VP of Tax at a communications and marketing corporation.
Vytenis Kirvelaitis, Director, Grant Thornton, Chicago, Ill. Before coming to Grant Thornton, he was State and Local Tax Director at Chicago-based R.R. Donnelley, the world's largest commercial printer.
The panel bottom-lined these and other crucial issues for you and your client or company:
- Screening criteria for your company's sales tax reserve amounts for any red flags that would draw an auditor's attention.
- Deciding which terms of FAS 5 remain most relevant in today's business and regulatory environments.
- Evaluating whether it makes sense to track parts of FIN 48 for sales tax reserves.
- Calculating reserves in M&A in order to avoid exposure.
- Making decisions on which interest rate to use.
TELECONFERENCE CD
Purchase a CD-ROM of the full conference proceedings, including Q&A and PDF files of all handouts (available 10 days after the program).
- Regular Price - $247 (plus $9.45 S&H)
- With Teleconference Registration – an additional $75 (plus $9.45 S&H)
Self-study CPE is not offered on CD purchases.