FIN 48
FASB issued FIN 48 to bring conformity to the accounting practices related to uncertainty in income tax positions recognized on financial statements. FIN 48 provisions were first effective for SEC registrants for fiscal years beginning after December 15, 2006. To make financial reporting more comparable, FIN 48 rules address the identification, recognition, and measurement of such positions, and expand the disclosures necessary for inclusion in the company’s financial statements. GBQ can assist and advise clients with regard to FIN 48 matters by establishing processes for implementation of the standards; identifying uncertain positions in federal, state and local jurisdictions; preparing or evaluating recognition and measurement criteria; and drafting or reviewing footnote disclosures.
“GBQ has provided strategic tax planning to Sterling Paper and me personally for over 5 years. The combination of an experienced team and close Partner attention has helped keep us abreast of new tax planning opportunities. The GBQ team is always there when we need to ask a question or get advice. I value GBQ’s knowledge of accounting and tax regulations, and their dedication to getting it right for my company and me.”
Bob Rosenfeld,
President,
Sterling Paper Company