DC currents: private companies and FIN 48.
The Tax Adviser › Vol. 40 Nbr. 2, February 2009
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Extract
DC currents: private companies and FIN 48.
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THE GOOD NEWS IS THAT ON OCTOBER 15, 2008, the Financial Accounting Standards Board (FASB) deferred the effective date of FIN 48 (FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes) for all nonpublic companies for one year. The bad news is that the year is up already. Company and outside tax and financial accountants should already be heavily involved in their FIN 48 analysis. The effective date was deferred until fiscal years beginning after December 15, 2008 (i.e., u...See the full content of this document
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