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.
<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
<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
<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,
- 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.
<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
- 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 and Health Care Provider Sector Tax Practices for the firm’s Mid-America region. Ms. Evetts has served a variety of clients with a focus on the health sciences and government industries for more than 28 years, and brings particular expertise in tax exempt organization compliance and consulting, joint-venture structuring and business succession planning and exit strategies. She has worked with large, integrated for-profit and not-for-profit health systems, as well as universities and related research facilities, other exempt organizations and joint ventures. Her work with exempt organizations has included issues on governance, private inurement, tax compliance reporting, unrelated business income, alternative investments, and FIN 48. She is a frequent speaker on not-for-profit issues both internally and externally.
Nancy earned both her Bachelor’s and Master’s degrees from the University of Houston. She is a member of the TE/GE Gulf Coast Council, HFMA, AICPA and Texas Society of Certified Public Accountants. Over the years she has volunteered and served on several not-for-profit boards.
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 has practiced in the exempt organization complex structure arena for his entire career and centers his practice in this arena, which lends itself to current FIN 48 issues. He has a Bachelors degree in accounting from Iowa State University, a MBA in Finance from the University of South Dakota, Patterson School of Business, a Master of Taxation degree from Drake University and has recently has completed his doctoral course work for the degree Doctor of Business Administration in Accounting. Over the last 12 years, Jim frequently has addressed practitioner conferences nationally and internationally on matters of taxation that impact the exempt organizations community in the United States in the Pacific, the Caribbean and Europe.
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 Organizations group. He practices in the area of taxation, with an emphasis on nonprofit organizations, corporate governance and structuring, and international and ad valorem tax matters. He has been listed in the Best Lawyers in America (tax law) since 2005.
Known for his avid involvement in philanthropy work, Jerry was the recipient of the Columbus Bar Association Community Service award in 1996. Jerry is still active in many organizations today including the board of trustees of the Jeanne B. McCoy Community Center for the Arts.
Jerry received his J.D., cum laude, from Capital University School of Law, and his LLM in taxation from New York University.
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 one of the nation’s leading authorities on accounting for income taxes ( FAS 109), is a nationally recognized lecturer on both tax and accounting issues, and has co-authored a comprehensive treatise on income tax accounting issues for multinational companies. Jode has over 20 years of experience in advising clients and leads the Mid-Atlantic’s FAS 109 practice.
Prior to joining the firm, Jode spent more than 10 years at the national office of two “Big Four” accounting firms serving in leadership roles in International Tax, FAS 109 and Tax Quality & Standards where she addressed regulatory and risk management issues, resolved difficult FAS 109 issues, developed solutions for tax-rate and tax-risk minimization, and participated in the writing of basic, intermediate and advanced courses in tax accrual, the FRD on Accounting for Income Taxes, and the Audit Procedures for Income Tax Accounts used as guidance by “Big Four” accountants nationwide. In addition to her years with the “Big Four,” Jode partnered her own consulting firm concentrating on FAS 109 issues. Jode’s clients have ranged from emerging businesses, to middle market organizations and Fortune 50 companies.
Jode received her undergraduate degree in accounting from Florida State University and her Juris Doctorate from Villanova University School of Law.
Jode Shaw, is a Managing Director and the National Leader of the Tax Accounting and Risk Services practice. Jode is …
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