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With the FASB’s release of FIN48, the rules surrounding uncertain tax reporting have changed dramatically. With the increasing scrutiny placed on FIN48, the standards that tax benefits have to meet in order to be recognized on a company’s financial statement have been raised significantly. As a result, corporate tax departments are finding a need for a more sophisticated way to track, manage, and document their FIN48 items.
TaxStream provides a comprehensive tool to help manage risk, save time, and satisfy financial reporting and audit requirements. The TaxStream FIN48 module is fully integrated with the tax provision module, to seamlessly present the FIN48 effect on your current and deferred tax provision.
A number of different departments are involved with FIN48, including tax, financial reporting, legal, and accounting. The TaxStream FIN48 solution allows these stakeholders to access the system concurrently and provides the support to satisfy their various requirements.
TaxStream FIN 48 Features
- Manage Risk - Track and manage your FIN48 process and attach multiple levels of documentation to satisfy the requirements of your auditors and governmental agencies.
- Save Time - Save time with our seamlessly integrated FAS109 and FIN48 modules.
- Track - Sort your FIN48 uncertain tax positions by issue type, entity, jurisdiction, period, or any other desired grouping, such as transfer pricing or state nexus issues. Roll your positions forward from period to period.
- Global - Track domestic, state, foreign and foreign sub-national uncertain positions. Calculate and track the effects of rate changes and currency translation adjustments across all FIN48 components.
- Document - Attach supporting documentation in any format (.doc, .pdf, .xls, etc.) as well as preparer-reviewer correspondences directly to uncertain positions. Easily drill down into the underlying calculations, probability matrix, and any interest or penalties surrounding the uncertain position.
- Manage - Identify uncertain positions by type of issue, jurisdiction, expected date of resolution and statute of limitations. Manage and track changes in positions due to expiry of statues, settlements, or changes in judgment.
- Integrate - Provide tax accounting support and generate reports analyzing the FIN48 effect on FAS109. Seamlessly integrate with your FAS109 process.
- Report and Analyze - Automatically generate your uncertain journal entry, payable roll-forward, deferred roll-forward, and tabular roll-forward reports. View reports by entity, jurisdiction, and in reporting or local currency.
- Interest and Penalties - Generate interest and penalty calculations on all U.S. uncertain tax positions: Federal, State, and Local. Breakout tax, interest, and penalties separately on reports.
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