IRS Proposes That Companies Disclose Uncertain Tax Positions In Annual Tax Return Filings - FIN 48 Issues Being Discussed

January 28, 2010

Cynthia S. Lund
Vice President - State Society Affairs
AICPA
clund@aicpa.org

 

The IRS Commissioner announced a proposal on Tuesday that you may hear referred to as ‘disclosing uncertain tax positions’ or ‘FIN 48’, and we wanted to help you know more.

The proposal would apply only to companies with total assets over $10 million, and which have a financial statement prepared under FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes.  It would not apply to individuals.

The IRS comment period is open until March 29, 2010, and the proposal is not yet effective. 

You can find a copy of the IRS announcement at:

http://www.irs.gov/newsroom/article/0,,id=218705,00.html

You can also find a copy of the proposal at:

http://www.irs.gov/pub/irs-drop/a-10-09.pdf

The AICPA’s Tax Team creating a task force to review the issue and its effects on members as it’s currently proposed, and is working to craft an appropriate response to the IRS.

If you have additional questions, Benson Goldstein (bgoldstein@aicpa.org, 202-434-9279) and Michelle Koroghlanian (mkoroghlanian@aicpa.org, 202-434-9268) are working on this issue, and you can reach out to them or me. 

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