The 4-1-1 on FIN 48 – New accounting rules can be taxing

Description

Abstract: Under the new FIN 48 accounting rules, some organizations must disclose uncertain tax positions on their financial statements. If you’re like many business owners, you may be concerned that these new requirements will not only increase your costs and affect your company’s earnings, but also provide the IRS and state taxing authorities with ammunition they can use during an audit. This article delves into the topic and attempts to answer these questions: Do the new rules apply to you? What does FIN 48 require? What about state taxes?