FIN48 Solutions Group, LLC

FIN48 Solutions Group, LLC, a Texas based company, today announced the general release of its software compliance product, "FIN48 TaxTrac®".   FIN48 TaxTrac® is designed to help Fortune and mid class companies with compliance responsibilities under FASB Interpretation No. 48 (FIN 48), Accounting for Uncertainty in Income Taxes.  In so doing, FIN48 TaxTrac® addresses what may be one of the most dramatic changes to corporate taxation in many years. 

FIN48 TaxTrac® helps companies with their FIN48 compliance responsbilities to:

• Inventory income tax positions taken (or positions expected to be taken)

• Disaggregate applicable tax positions into their corresponding Units of Account

• Identify which positions may be sustained upon examination

• Perform the Cumulative Probability Assessment on applicable tax positions

• Measure the financial statement effect of uncertain tax positions

• Provide assistance with managing the inventory of collateral material needed to
support tax positions taken

• Integrate amounts for the appropriate recognition in the income tax provision

 

In June,2006, the Financial Accounting Standards Board (FASB) issued interpretation No. 48 - Accounting for Uncertainty in Income Taxes. FIN 48 calls for the recognition and measurement of all tax positions taken or expected to be taken by all U.S. companies. It is effective for fiscal years beginning after December 15, 2006. FIN48 Solutions Group recognizes that complying with FIN 48 will be a challenging and time-consuming event.

FIN 48 requires companies to determine whether or not a tax position will be sustained upon examination by the taxing authority. Upon completing this "more likely than not" assessment on each position taken, companies are required to determine the amount of benefit to recognize in the financial statements. Any differences between tax positions taken in a tax return and amounts recognized in the financial statements will result in an increase in liability for income taxes payable (or reduce income tax refunds receivable) and/or reduce the company's deferred tax assets or increase their deferred tax liabilities. TaxTrac® has been specifically designed to help companies calculate the actual effect on the financial statements as prescribed by the interpretation.

FIN48 TaxTrac® can be used as a stand-alone solution and maintained by in-house staff for fast and efficient tax compliance.

For more information, please contact: