FIN 48 (ASC 740-10) Consulting
ASC 740-10, formerly "FIN 48" or "Interpretation No. 48", provides the rules for accounting for uncertain tax positions. It requires recognition of tax balances on financial statements that are not recorded on tax returns if those returns include "uncertain" tax positions.
Although ZHF is a law firm and does not provide accounting advice, our professionals have experience in dealing with these rules and can assist in determining and analyzing a business's legal tax positions that may be less than certain. Our analysis includes all aspects of income tax analysis, including state income tax. In many instances, state nexus issues arise out of this analysis, which may require additional interest and sometimes penalties to be accrued.
We can help you in evaluating the impact of the tax law for purposes of ASC 740-10, from initial identification of uncertain positions to financial statement disclosure.