FIN 48: Mastering the Practical Changes

Implement Efficient Processes and Procedures for More Effective Compliance

Recording of a 100-minute CPE/CLE webinar with Q&A


Conducted on Thursday, February 12, 2009

Program Materials

This seminar will include experienced corporate tax, finance, and accounting firm professionals sharing hard-won insights and perspectives to help tax executives create smoother processes and procedures for FIN 48 compliance.

Description

While FASB keeps pushing back compliance or disclosure deadlines for private companies and pass-throughs for its Interpretation 48, better known as FIN 48, it effectively remains the law of the land for much of corporate American when it comes to income tax accounting and compliance.

FIN 48 compels assigning a dollar figure to uncertain tax positions taken on federal and state income tax returns, if the preparer thinks those positions “more likely than not” will be upheld. Many paths can reach that conclusion, which only adds to the complexity and lengthens the learning curve.

Familiarity with the terms of FIN 48 is not the same as mastering the practical changes forced on corporate taxpayers. Developing a terse but on-point FIN 48 paragraph for a financial statement is only one of many examples of requirements that continue to baffle many taxpayers.

Listen as our panel of experienced corporate tax, finance, and accounting firm professionals share their hard-won insights and perspectives on effective FIN 48 compliance.

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Outline

  1. Each speaker will explain in detail how his company tax department or tax clients is handling the following issues:
    1. Current tax structure
    2. Current FIN 48 management
      1. How/whether federal and state audit activities are consolidated
    3. How any transitions from FAS 5 to FIN 48 have been handled
    4. How and where FIN 48 activities are identified for:
      1. Tax planning
      2. Audits
      3. Reporting
      4. Foreign affiliates
    5. Where FIN 48 issues are maintained and updated
    6. How FIN 48 issues are tracked and documented
      1. What checklists are used
    7. How FIN 48-related issues are communicated in-house
    8. Handling of FIN 48 disclosures
    9. Special risks experienced by the company during the FIN 48 implementation process
    10. Protecting associated tax accrual workpapers

Benefits

The panel will help you create smoother processes and procedures in areas such as:

  • Determining a realistic time commitment of tax staff and management to FIN 48 compliance.
  • Establishing an internal system to gather data that supports the FIN 48 definition of “tax position.”
  • Dealing with IRS access to tax work papers, including accrual papers.
  • Setting tax reserves — how much is too much or too little?
  • Understanding the special challenges in reporting, control, recognition and measurement of tax positions for a company’s foreign investments.

Faculty

Kerry Gaynor
Kerry Gaynor
Senior Tax Director
Schering-Plough

She has worked with Schering-Plough for three years on global tax compliance and external reporting issues. Previously,...  |  Read More

Joe Moore
Joe Moore
Income Tax Director
Costco Wholesale

He supervises a staff of 10 responsible for federal, state and international income tax compliance. He joined the...  |  Read More

Robert LoRay
Robert LoRay
Director of Tax Controversy Research and Planning
United Parcel Service of America

He has spent about nine years with UPS, after working for KPMG for two years as a senior manager for tax controversy...  |  Read More

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