FIN 48
Overview:
FIN 48 for Exempt (Non-Profit) Companies has been issued in compliance with FASB Statement 109 for the purpose of simplifying uncertainties that may appear in a company’s financial statements. This Interpretation is designed to identify significant data in an income tax return at the time it is adopted. It also serves as an effective measure in the classification, penalties, disclosure and transition of tax returns and financial statements. Exempt organizations should strongly familiarize themselves with FIN 48 as the consequences of not doing so can lead to huge penalties.The Knowledge Congress is producing a two-hour webinar that will feature a panel of experts and key regulators to discuss the important aspects of this Interpretation.
Agenda:
SEGMENT 1:
<strong id="ep-name-of-speaker">Nancy Z. Evetts, Director,</strong>
<em id="ep-speaker-firm">Deloitte Tax LLP </em>
- What is FIN 48 and why did FASB issue FIN 48?
- Who must adopt FIN 48?
- FIN 48 Overview - 5 key concepts
1. Applied to all tax positions
What constitutes a tax position
Types of taxes (i.e. does not include taxes such as property or sales tax)
2. Benefit recognition approach
3. MLTN concept
4. Report tax positions at the largest amount of tax benefit that is > 50%
5. Generally record tax positions not eligible for benefit recognition as a liability
- Effective Date
- Focus for Exempt Organizations:
» Implementation Steps
» Financial Analysis
» Elements of Exemption
SEGMENT 2:
<strong id="ep-name-of-speaker">James P. Sweeney, National Lead, Exempt Organization Technical Tax Services;Managing Director/Partner,</strong>
<em id="ep-speaker-firm">RSM McGladrey, Inc./McGladrey & Pullen LLP</em>
- Issues related to the “open years” issue related to tax positions analyzed under FIN 48
- The two universal tax issues related to exempts
- The 28 overarching principles that should at least be examined and reviewed collectively under
each universal tax position
- Case study, FIN 48 analysis
SEGMENT 3:
<strong id="ep-name-of-speaker">Jerry O. Allen, Partner; Chair, Nonprofit Organizations Group, </strong>
<em id="ep-speaker-firm">Bricker & Eckler LLP</em>
- FIN 48 applies only to income tax matters - not employment tax, excise tax, etc.
- FIN 48 will have the most significant impact on tax-exempt organizations that are required by law or
otherwise compelled to provide audited, GAAP-compliant financial statements - hospitals,
universities, bond-issuers.
- FIN 48’s largest area of impact on tax-exempt organizations will be in the area of UBIT - at the
Federal, state and local levels.
- Organizations will have to more carefully scrutinize any position that could be construed as an
uncertain tax position.
- Impact of tax positions or financial statements and potential for IRS audit must be evaluated.
- Tax counsel can assist affected organizations with the reporting, disclosure, and continuous
monitoring required by FIN 48. Tax opinions will likely be more common regarding whether an
issue is an uncertain tax position and the likelihood of success if challenged.
- Exempt organizations should review any political or lobbying activities they have engaged in with
their tax advisors and determine if they have been properly accounted for.
- Exempt organizations should review all revenue streams they receive with their tax advisors and
determine if they have been properly accounted for. Special attention should be paid to joint
ventures with for-profits, royalty agreements and sponsorship agreements.
SEGMENT 4:
<strong id="ep-name-of-speaker">Jode L. Shaw, National Director - Tax Accounting and Risk Services Practice,</strong>
<em id="ep-speaker-firm">RSM McGladrey, Inc.</em>
** Speaker Talking Points not available.. **
Who Should Attend:
- Executive Directors
- CFOs
- Trustees
- Controllers
- Tax Managers
- Enrolled Agents
- Financial Planners
- Non-Profit Organization Senior Officers
Nancy Z. Evetts, CPA, is a director in the Houston office of Deloitte Tax, LLP, where she leads the Not-for-Profit …
Jim is the National Exempt Organizations Technical Tax Leader for McGladrey, the fifth largest firm in the United States. Jim …
Jerry Allen is a partner in Bricker & Eckler’s Tax, Trusts & Estates group and is chair of the Nonprofit …
Jode Shaw, is a Managing Director and the National Leader of the Tax Accounting and Risk Services practice. Jode is …
Course Level:
Intermediate
Advance Preparation:
Print and review course materials
Method of Presentation:
On-demand Webcast (CLE)
Prerequisite:
NONE
Course Code:
2147483647
Total Credits:
2.0 CLE
Login Instructions:
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SPEAKERS' FIRMS:
About Deloitte Tax LLP
Website: https://www.deloitte.com/
About RSM McGladrey, Inc./McGladrey & Pullen LLP
Website: https://www.rsmmcgladrey.com/
About Bricker & Eckler LLP
Website: https://www.bricker.com/