Accounting for uncertain income tax positions has become a critically important issue for financial accounting and income taxation purposes in recent years. Accounting for Uncertain Income Tax Positions articulates the rigorous requirements of FASB ASC 740-10 and through explanations, illustrations, observations and viewpoints looks at:
- Inventorying and identifying tax positions
- Recognition and measurement of tax benefits
- Changes in subsequent periods
- Preparing financial statements
- Recognizing interest and penalties
- Classification and disclosure.
Accounting for Uncertain Income Tax Positions features:
- Step-by-step review of Schedule UTP (Form 1120), Uncertain Tax Position Statement
- State-by-state charts--income tax rates on corporations, apportionments, statutes of limitation for refunds, statutes of limitation on assessment, rates of interest paid on underpayments, and penalties imposed on underpayments of estimated tax
- Frequently Asked Questions--information in a question-and-answer format provides a new route for approaching many of the central issues presented by the UTP rules
- Sample SEC filings and
- Sample SEC Comment Letters and company responses.
