Accounting for Uncertain Income Tax Positions

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.