All GLG News Analyses Filed Under: Tax Issues

Nitish GroverPrincipal, OwnerNitish Grover and Associates

The Enigmatic FIN 48 - Better Earnings Quality or Confusion - A Look at The Conundrum

January 23, 2007

Analysis of:FASB to Implement Tax Changes Without Delay | www.msnbc.msn.com

FIN 48  which  amends  SFAS 109  has  apparently  made  life  a  little  difficult  for  corporate  America. The  reasons  are  not  far  to  find  and  are  linked  with  the  teething  problems  with   any  new  accounting disclosure  requirement.

More  than  disclosure  however  what  I  think  worries  the  corporate  sector  is  how  this  disclosure  can  be  used   by  tax  authorities  and  Courts  in  different  parts  of  the  world  to  arm  twist  and  increase  the  tax  liabilities  of   Companies.

This  analysis  takes  a  look  at  the  enigma  that  is  FIN 48.

Thomas KleinManaging MemberKleinCPA PLLC

Despite Protests, FASB Will Not Defer Effective Date of New Tax Accounting

January 17, 2007

Analysis of:FASB to Implement Tax Changes Without Delay | www.msnbc.msn.com

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 15, 2006 (i.e., the quarter ending December 31, 2007 for calendar year companies).  The FASB voted overwhelmingly not to defer the effective date.  This means that most companies' financial statement will be affected beginning Q1 of 2007.

Thomas KleinManaging MemberKleinCPA PLLC

FASB to Consider Deferral of New Tax Accounting for Uncertain Tax Positions

January 16, 2007

Analysis of:FASB Weighs One-year Delay for FIN 48 | www.cfo.com

FASB Interpretation No. 48 ("FIN 48"), Accounting for Uncertainty in Income Taxes, is scheduled to become effective for a company's first quarter beginning after December 15, 2006 (i.e., the quarter ended 3/31/07 for calendar year companies).  The FASB announced today that it will consider deferring the effective date by one year when it meets on January 17, 2007.  The possible delay was likely prompted by numerous concerns that have been expressed to the FASB by hundreds of companies.  Implementation of FIN 48 will impact most companies' balance sheets, earnings and cash flows.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

SFAS 109 and FIN 48 - The Changing World of Corporate Tax Disclosures

January 10, 2007

Analysis of:Uncertainty Reigns Over Taxes | www.cfo.com

FIN 48  is  the  latest  amendment  of  SFAS 109  and  requires  enhanced  disclosures  in  respect  of  untenable  tax  positions. The  amendment  has  recently  become  effective  and  like  all  new  amendments  has  its  own  share  of  confusions.

In  this  analysis  I  discuss why  this  confusion  will  soon  disappear  and  lead  to  better  enhanced  corporate  reporting  and  disclosures  which  yield  to  better  decision  making  by  all  stakeholders.

Thomas KleinManaging MemberKleinCPA PLLC

2007 Q-1 Marks First Quarter Accounting for Uncertain Tax Positions Becomes Effective

January 9, 2007

Analysis of:Uncertainty Reigns Over Taxes | www.cfo.com

FASB Interpretation No. 48 ("FIN 48"), Accounting for Uncertainty in Income Taxes, becomes effective in a company's first quarter beginning after December 15, 2006 (i.e., the quarter ended 3/31/07 for calendar year companies).  Adoption of the new interpretation will have an immediate impact on most companies balance sheets; in some cases, a material impact.  Thereafter, earnings will likely be impacted as well.  The long-term impact on earnings is still unknown.  Companies that are less aggressive from a tax perspective will see less of an impact on earnings; those that have been more aggressive will likely see a greater impact on earnings (i.e., a reduction in earnings).  In addition to the balance sheet and statement of earnings impact, companies will also have to provide far more information regarding its tax strategies in its income tax footnote.

The CFO & Tax Compliance - a Tax Office view

October 26, 2006

Analysis by: GLG Expert Contributor

Analysis of:Why we need to govern well | www.ato.gov.au

Companies make choices about their tax risk profiles.  The Australian Taxation Office (ATO) is continuing its campaign to have tax discussed at Board level.

An aggressive tax risk positioning is more likely to attract attention.   Now the ATO's message is directed to the CFO.  CFO's should be conscious of how the company is positioned in the eyes of the Tax Office. 

The critical question is how much more information to communicate to Directors. 

Peter DehnenPartnerDEHNEN.Lawyers

Germany’s taxation of the Limited

October 26, 2006

Analysis of:Germany’s Love of the Limited | www.ft.com

Experiences with the use of the British limited company form in Germany have shown that in addition to the advantages of the Limited there are also many formalities which must be observed when using the foreign legal form in Germany, particular in regard to taxation.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

THE IMPACT OF INDIAN TAXES ON EXPORTS

October 6, 2006

Analysis of:EXEMPTION FROM SERVICE TAX & FBT | economictimes.indiatimes.com

The  Indian  Government  had  in  2005  introduced  the  Fringe  Benefit  Tax  on  all  Indian  employers.  The  Government  also  imposes  a  service  tax  on   all  use  of   services.  The  Government  is  considering  a  proposal  to  mitigate  the  effect  of  these  taxes  on  exports.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

Transfer Pricing - The Growing Global Headache for Companies

September 25, 2006

Analysis of:Are you at risk for Transfer Pricing Audits | www.cfo.com

Transfer Pricing  is working  out  to  be  latest  headache  for  companies  on  a  global  level. Wherever  companies  have  operations  across  international  frontiers  and  transfer  products and  services  between  subsidiaries  and  associated  companies  this  problem  is  bound  to  arise.

The  latest  cases  in  this  area  concern  Cadbury  in  Europe  and  Glaxo  Smithkline  in  the  US.

This  analysis  takes  a  look  at  how  transfer  pricing  can   effect  operational  profits  of  companies  and  the  factors  which  analysts  and  others  should  look  out  for.

Nitish GroverPrincipal, OwnerNitish Grover and Associates

New US Transfer Pricing Rules - The Effect on Corporate Profits

August 4, 2006

Analysis of:New Transfer Pricing Regs, New Headaches | www.cfo.com

Companies  regularly  use  transfer  pricing  for  transferring  goods  and  services  between  their  transnational  operations. Transfer  pricing  is  also  used  to  minimize  tax  liability  for  the  corporation  as  a  whole  on  a  worldwide  basis.

Of  late,  tax  authorities  across  jurisdictions  have  been  waking   up  to  this  threat  to  their  tax  revenues  and  are  incorporating  new  rules.

This  analysis  takes  a  look   at   the  possible  effect  on  corporate  profits  of    the  move  by  the   IRS  in  US  which  has  recently  revised  the  transfer  pricing   regulations  and  the  factors  which  analysts   and  others  should  look  for  in  this  move.

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