Compliance with FASB Interpretation (FIN) Number 48, Accounting for Uncertainty in Income Taxes, has caused much financial reporting confusion over the past couple years. The law, which deals with the proper recording of tax positions, first applied to public companies, so they seem to have a relatively firm grip on the adoption process. However, private companies have had to ease their ways into adopting the new rules.
As an entrepreneur or private company owner, the adoption process of FIN 48 may seem a burden, but it is required and therefore must be implemented as soon as possible. Let our experienced professionals offload your compliance burdens so that you can focus on the bigger issues.