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New Resource From CCH Manages FIN 48 Compliance
(RIVERWOODS, ILL., May 17, 2007) – Professionals coping with the complexities of FASB Interpretation No. 48 now have an online resource from CCH, a Wolters Kluwer business and a leading supplier of tax, audit and accounting information, software and services (CCHGroup.com). The FIN 48 Manager, available on the CCH Tax Research NetWork, is an integrated collection of all the FIN 48 support materials needed to remain in compliance with all requirements, including specific answers to commonly faced questions, official documents, practice aids and tools that follow your workflow in implementing FIN 48.
At the heart of the FIN 48 Manager are more than 80 questions and answers that walk users through the most common and complex issues relating to FIN 48 requirements, along with quick links to practice aids.
The product is written by Mark L. Friedlich, Esq., a tax attorney with approximately 30 years of experience in working with and advising corporate tax departments and tax advisors on domestic and international tax compliance and accounting matters. He has written extensively on many tax and accounting issues and often speaks on FIN 48. Friedlich spent eight years as Director of Global Thought Leadership and Publishing for PricewaterhouseCoopers that included the period during the passage and the aftermath of Sarbanes-Oxley. He is currently working at CCH.
“FIN 48 will have enormous impact on business enterprises of all sizes, whether public, private or not-for-profit,” said Friedlich. “Especially hit hard will be enterprises that have conducted business or have a nexus in more than one state or country.”
“The FIN 48 Manager is designed for the tax professional who needs more than a theoretical understanding of these complex new requirements,” said Angela Darrow, CCH product manager. “We’ve broken things down into practical questions and on-point answers, with research and practice tools to handle all the nitty-gritty of implementation and compliance.”
Smart Charts, Practice Aids
Nearly 30 CCH State Smart Charts™ streamline research by quickly charting state tax issues in one jurisdiction or comparing tax treatments across multiple jurisdictions. Then, users can drill down to in-depth FIN 48 coverage without key word searches and menu walking. Topics include apportionment rules going back 10 years, tax rates going back 10 years, limitation periods and, coming soon, state nexus rules and voluntary disclosure programs. Links are also provided to explanations in the CCH Multistate Income Tax Guide. (A separate subscription to the Guide is required to make use of the links.)
The FIN 48 Manager includes a range of practice aids that give important information, guidance and tools that simplify FIN 48 issues, such as Compliance and Tax Position Checklists, Sample Memos and Forms, Client Evaluation Forms, Implementation Action Plans, Decision Trees, Workflow Plans and Inventory Tracker Templates.
The underlying FIN 48 document is also available in two forms in the FIN 48 Manager – divided into a series of easy-to-access topics and an archive containing FASB Interpretation No. 48 Accounting for Uncertainty in Income Taxes — an interpretation of FASB Statement No. 109 (as originally issued), FASB Staff Position FIN 48-1 Definition of Settlement in FASB Interpretation No. 48 (released May 2, 2007) and FIN 48 a (the appendix).
As companies develop approaches to FIN 48 implementation and compliance, FIN 48 Manager subscribers will benefit further as a library of best practices and other practical aids and additional questions and answers are added.
For More Information
For more information or to subscribe to the FIN 48 Manager, call 800-449-8114 or visit CCHGroup.com. A single-user one-year subscription is $595.
About CCH, a Wolters Kluwer business
CCH, a Wolters Kluwer business (CCHGroup.com) is a leading provider of tax, audit and accounting information, software and services. It has served tax, accounting and business professionals and their clients since 1913. Among its market-leading products are The ProSystem fx® Office, CCH® Tax Research NetWork™, Accounting Research Manager® and the U.S. Master Tax Guide®. CCH is based in Riverwoods, Ill.
Wolters Kluwer is a leading global information services and publishing company. The company provides products and services for professionals in the health, tax, accounting, corporate, financial services, legal and regulatory, and education sectors. Wolters Kluwer has annual revenues (2006) of €3.7 billion, employs approximately 19,900 people worldwide and maintains operations across Europe, North America, and Asia Pacific. Wolters Kluwer is headquartered in Amsterdam, the Netherlands. Its shares are quoted on the Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. For more information, visit www.wolterskluwer.com.