IRS Issues FIN 48 Field Guide

The IRS Large and Mid-Size Business Division analyzed implications of FASB Interpretation no. 48, Accounting for Uncertainty in Income Taxes, in an industry directive and field examination guide. The summary and 10 questions and answers of LMSB-04-0507-045 cover some questions extensively discussed elsewhere, such as FIN 48 workpapers falling within the Service’s policy of restraint in requesting workpapers generally. Other questions treat more obscure points, such as whether a restricted consent agreement can be used to extend the statute of limitations for uncertain tax positions. (The guide says it depends on the facts and circumstances and lists five possible determining factors.) The guide also covers closing agreements, methods for expediting a taxpayer desire for resolution of uncertain items and whether a FIN 48-related public disclosure might prompt the Service to reopen a closed examination cycle.


Year-end tax planning and what’s new for 2016

Practitioners need to consider several tax planning opportunities to review with their clients before the end of the year. This report offers strategies for individuals and businesses, as well as recent federal tax law changes affecting this year’s tax returns.


News quiz: Retirement planning, tax practice, and fraud risk

Recent reports focused on a survey that gauges the worries about retirement among CPA financial planners’ clients, a suit that affects tax practitioners, and a guide that offers advice on fraud risk. See how much you know with this short quiz.


Bolster your data defenses

As you weather the dog days of summer, it’s a good time to make sure your cybersecurity structure can stand up to the heat of external and internal threats. Here are six steps to help shore up your systems.