Uncertain Tax Position Accounting

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Events

  • Training
    • 3/22/2010
    • A step-by-step presentation of how to calculate estimated payments while using existing provision data.
    • Estimates Module
    More Training Events

With the FASB's release of uncertain tax accounting, the guidance surrounding uncertain tax positions has changed dramatically. New rules determine the recognition and release of tax reserves, bringing higher levels of transparency and standardization to this area. As a result, corporate tax departments are finding a need for more sophisticated ways to track, manage, and document their uncertain tax accounting items.

ONESOURCE Tax Provision (formerly TaxStream) provides a comprehensive tool to help manage risk, save time, and satisfy financial reporting and audit requirements. ONESOURCE Tax Provision generates all five required uncertain tax accounting disclosures as well as the uncertain tax accounting impact on your SEC footnote, and allows you to track your uncertain tax accounting effect back to an in depth analysis of each individual uncertain position

Learn More about our ASC 740-10-50 (FIN 48) Services

With the uncertain tax accounting solution from ONESOURCE Tax Provision, you will:

  • Manage Risk - Track and manage your uncertain tax accounting process and attach multiple levels of documentation to satisfy the requirements of your auditors and governmental agencies.
  • Save Time - Our seamlessly integrated provisions calculations and uncertain tax accounting modules with automatically generated uncertain tax accounting disclosures allow for time savings of up to 50%.
  • Automate - Close the tax cycle with journal entries generated for each uncertain position. Generate the impact on provisions calculations without double counting.
  • Manage Uncertainty - Identify uncertain positions by type of issue, jurisdiction, expected date of resolution and statute of limitations. Manage and track changes in positions due to expiry of statues, settlements, or changes in judgment.
  • Maintain Control - The ONESOURCE Tax Provision uncertain tax accounting solution provides one place to identify and track all uncertain positions and uncertain tax accounting disclosures in one central location with a built in documentation database.
  • Track - Sort your uncertain tax positions by issue type, entity, jurisdiction, or period. Roll your positions forward from period to period.
  • Integrate - Provide tax accounting support and generate reports analyzing the uncertain tax accounting effect on provisions calculations. Seamlessly integrate with your provisions calculations process. Save time with built in Time Value integration, for out of the box best-in-class interest and penalties reporting.
  • Document - Attach supporting documentation in any format (.doc, .pdf, .xls, etc.) as well as preparer-reviewer correspondences directly to uncertain positions. Easily drill down into the underlying calculations, probability matrix, interest, and penalties surrounding the uncertain position.