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FIN 48: Accounting for Uncertain Income Tax Positions
In an effort to increase comparability and consistency in how companies report income tax positions on financial statements, the Financial Accounting Standards Board ('FASB') issued FASB Interpretation Number 48 ('FIN 48'), Accounting for Uncertainty in Income Taxes, on July 13, 2006. FIN 48 changes the way companies must account for uncertain tax positions taken on federal, state and local, and international income tax returns for financial reporting purposes.
(Although FIN 48 was originally scheduled to become effective for all companies for fiscal years beginning on or after Dec. 15, 2006, the FASB later deferred the effective date for nonpublic entities that have not already implemented FIN 48 for fiscal years beginning on or after Dec. 15, 2007.)
The provisions of FIN 48 apply broadly to all companies that issue financial statements in accordance with generally accepted accounting principles ('GAAP') and that are potentially subject to federal, state and local, or foreign income taxes. This includes both public and nonpublic corporations, pass-through entities such as S Corporations or partnerships, real estate investment trusts, and not-for-profit organizations. Thus, law firms should consider how FIN 48 might affect the financial reporting obligations of any firm-related business entities (including the firm itself) that prepare financial statements in accordance with GAAP.
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