Study Group: Corporate Income Tax Specialists (US)(?)

Depending upon management's classification of a security (i.e., either "trading" or "available for sale"), a charge may or may not appear on the income statement in the same period as the write-down on the balance sheet. If the security is classified as a trading security, the charge on the income...

Investors fled General Motors following the release of its Q3 results.  The reported loss for the quarter was $38.96 billion of which 99% of the loss ($38.6 billion) resulted from the write-down of deferred tax assets.  Have investors overreacted to the noncash charge or is the decline in...

FIN 48 impact in State and Local is underestimated! FIN 48 applies to net income tax. The States are moving to economic nexus "doing business standards" The Supreme Court has been asked to hear the MBNA case and may redefine nexus standards and make the substantial nexus bright line test obsolete.  Companies...

Competitive pressures forced the major tax preparation franchises to offer Holiday and Pay-stub loans. The loans were popular with clients but did not generate significant incremental business for the lenders. Consumer advocates criticize the loans for lack of disclosure of their full fees and interest...

The FASB received over 400 letters representing more than 1,000 companies’ concerns about implementation issues related to FASB Interpretation #48 (FIN 48).  The vast majority of the letters requested a deferral of the effective date of the new Interpretation; fiscal years beginning after December...