Saturday, November 10, 2007

FIN 48: A Reprieve for Nonpublicly Traded Businesses

Many smaller, nonpublicly-traded businesses have recently recieved a one-year deferral on Accounting for Uncertainty in Income Taxes (FIN 48), allowing companies with third and early fourth quarter year-ends an extra year to figure out the new provisions. One reason given for the deferral: many pass-through entities were unaware that the new standard applied to them.

Two things to be aware of: companies with 2007 calendar year-ends do NOT get additional deferral and those who started implementing FIN 48 must continue.


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