FIN 48 - Uncertainty in Income Taxes: A Must Know for Tax CPAs and Accountants/Auditors (CL4FIN48)

Date: 6/16/2008
Mandan Seven Seas
Time: 12:30 PM - 4:00 PM (Please verify this time on your confirmation.)
4 CPE Hours
$125 Member
$155 Nonmember
Add $25 after 6/2/2008
Instructor: Terrie Thamer

FIN 48 adds major new tax documentation and disclosure requirements on a scale unseen since passage of the Sarbanes-Oxley Act in 2002. Despite an outpouring of requests for an extension, the Financial Accounting Standards Board declined to extend the effective date. Thus, starting in early 2007, FIN 48 significantly modifies the accounting and disclosures relating to uncertainties in income taxes covered by FAS 109, Accounting for Income Taxes. Unlike previous FASB requirements, this Interpretation likely will now require an unprecedented involvement of tax professionals in calculating, recording, and/or reviewing tax provisions. FASB prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Guidance also is provided on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. These concepts are reinforced with real world case studies and examples throughout the course.

Upon completion of this course, participants will be able to:

• Define what constitutes a tax position
• Determine the appropriate unit of account for individual tax positions
• Apply the more-likely-than-not recognition threshold
• Measure the largest amount of tax benefit available under FIN 48
• Decide what constitutes an ultimate settlement with tax authorities
• Apply tax-planning strategies

Major Topics:

• Interim period recognition, derecognition, and measurement
• Applying the cumulative probability table in FIN 48
• Practical calculation worksheets
• The tabular reconciliation of unrecognized tax benefits
• Communication with financial statement auditors and the company's attorneys on income tax matters

Designed For: Accountants in audit, tax, and business and industry responsible for preparation, review, or audit of financial statement tax provisions/disclosures and the related tax returns
Level: Intermediate
Developer: AICPA
Prerequisite: Knowledge of FAS 109, Accounting for Income Taxes

About the Speaker:
Teresa D. Thamer, CPA, CFE
Teresa D. Thamer (Terrie) is an Associate Professor at Brenau University and has been a faculty member at several other universities, teaching undergraduate and graduate financial and managerial accounting classes. In addition, Terrie has worked in both public accounting and industry for more than twenty-five years, specializing in small business accounting issues, budgeting, costing, management reporting and personnel training. Her industry specialties are construction, and manufacturing. She continues to consult with companies and is a technical reviewer for the Georgia Society of CPAs’ Peer Review Committee. Terrie is a Past National President of American Woman’s Society of CPAs, and Past Present of the Florida Association of Accounting Educators and the President of the Georgia Association of Accounting Educators. She is a past president of the Northeast Georgia Chapter of the Georgia Society of CPAs and serves on several committees with the Society. She holds an active CPA license in both Florida and Georgia as well as the Certified Fraud Examiner designation.