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BNA Portfolio Examines Uncertain Tax Positions – Selected Topics

NEWS RELEASE

Contacts:
Mark Carrington
(703) 341-5880

Arlington, Va. (July 16, 2008) –BNA has released Accounting for Income Taxes: Uncertain Tax Positions – Selected Topics, the latest Portfolio guidance issued from its growing Accounting Policy & Practice series. This Portfolio analyzes issues that arise from the implementation of FASB Interpretation No. 48 (FIN 48), a standard that has both caused many companies to reevaluate their internal control procedures and has also placed great pressure on companies to resolve uncertain tax positions quickly.

The publication of Accounting for Income Taxes comes at a time when internal accountants and outside auditors who must create or audit provisions for income taxes need additional guidance.  It is a useful research tool for both tax accountants and accountants working in the financial reporting arena, and to corporate officers and internal accountants who have corporate governance responsibilities. The Portfolio can also help these individuals understand how their companies can take advantage of numerous alternative dispute resolution programs developed by the IRS to resolve tax issues expeditiously.

This Portfolio examines strategies for resolving uncertain tax positions with the IRS. It discusses the IRS's ability to obtain FIN 48 audit work papers, and a company's potential defenses to an IRS request for such work papers. This Portfolio further explains many best practices in preparing for a financial statement audit of uncertain tax positions and the rules and best practices in developing effective internal controls over the FIN 48 compliance process.

A companion Portfolio, BNA Tax and Accounting Portfolio 5002, Accounting for Income Taxes: Uncertain Tax Positions (FIN 48), explains and illustrates the provisions of FIN 48. This Portfolio explains the U.S. federal rules regarding interest and penalties for income tax deficiencies.

Portfolio Authors:

Amy Dunbar is an Accounting Professor at the University of Connecticut. She has received a number of teaching awards and is a past vice-president of the American Taxation Association. She is on the editorial board of Accounting Horizons and the Journal of the American Taxation Association. Ms. Dunbar has written articles for numerous publications, including The Encyclopedia of Taxation and Tax Policy; Journal of Public Economics; National Tax Journal; Public Finance Review; Tax Adviser; Journal of the American Taxation Association; and Taxation for Accountants. She earned a Ph.D. (Accounting), University of Texas at Austin; B.A. (Economics), Macalester College.

Kathleen McEligot is a tax partner at Deloitte Tax LLP, with over 29 years of professional experience. She specializes in corporate taxation with extensive experience in the financial services, distribution, and retail industries. As a firm designated specialist in Accounting for Income Taxes (FAS 109), she consults on income tax accounting issues for all types of companies. She is a frequent lecturer, speaking before groups such as the Tax Executives Institute (TEI) and is a member of the American Institute of Certified Public Accountants and the California Society of Certified Public Accountants; and a Finance Committee Member, Metropolitan Club. She is a CPA and earned a  B.S., University of California, Berkeley.

Rich Walton is office counsel to Buchalter Nemer PC. He has previously served at the Criminal Division, U.S. Department of Justice; and was an attorney-advisor to the U.S. Tax Court, Washington, D.C. A frequent speaker and author on tax controversy and Federal white collar criminal defense issues, Mr. Walton is Chair of the Planning Committee for Tax Controversies: A Day With the Government, held at U.C. Berkeley.  He has earned a J.D., LL.M., C.P.A.; J.D. (cum laude) and LL.M. (Taxation), from Georgetown University, and a B.B.A. (Finance), Pacific Union College (summa cum laude).

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About BNA

BNA is the foremost publisher of print and electronic news, analysis, and reference products, including the recently launched Accounting Policy & Practice Series.  BNA publications intensely cover legal and regulatory developments for professionals in business and government. BNA is the oldest wholly employee-owned company in the United States, and produces more than 350 news and information services — including Daily Labor Report and Daily Tax Report — widely respected for comprehensive and objective reporting and analysis.

For more information about the BNA Tax Management Portfolios, call (800) 372.1033 or visit www.bnatax.com.