{ "media_type": "text", "post_content": "Hi everyone I am applying for a tax position (0-1 years exp required) that will be heavily involved in doing tax provisions and deferred tax assets/liabilities. Does anyone here have experience in ASC 740-10(FIN 48) that can give a quick summary of what to expect or what i should know with regards to this topic.", "post_id": "5f10c6b539b6f7001c0e53b9", "reply_count": 11, "vote_count": 2, "bowl_id": "599555b669a73a0010aab3ac", "bowl_name": "Tax Bowl", "feed_type": "bowl" }

Hi everyone I am applying for a tax position (0-1 years exp required) that will be heavily involved in doing tax provisions and deferred tax assets/liabilities. Does anyone here have experience in ASC 740-10(FIN 48) that can give a quick summary of what to expect or what i should know with regards to this topic.

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I’ll give you the advice that I wish had gotten years ago. Look up the forms FRD for ASC 740 and get comfortable with it.

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Fin 48? Uncertain tax positions. Someone with 0-1 years of experience isn’t going to know much about tax provisions. Basically though, If you know how to compute permanent and temporary differences and understand the journal entries, that would be important. I’d take a continuing ed on it. If it’s a public company, you are going to be super busy at the quarters and year end.

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FIN 48 deals with uncertain tax positions. Basically, companies have to set up contingent liability reseves similar to lawsuit contingent liabilities, but for agressive tax positions made by the company based on company's interpretation of ambiguous tax laws. If possiblity of IRS reversing or sustaining on a tax position is "more likely than not" {KEY TERM}, company has to book a reserve liability and disclose amount on balance sheet and notes to financials. If possiblity is remote, company can just disclose. Something like that. I'm missing a lot of the juicy material lol, but that's the gist of it.

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There was a Q2 Tax Readiness webcast I think on June 24, UTPs were on the agenda. You might want to watch that part of the webcast. Also chapter 15 in PwC guide. Personally I prefer BDO slides,find it easier to understand.

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go read your intermediate accounting 2 book....asc740 is in there

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Reading the wording in the question, I don’t think OP knows the difference between ASC 740 and FIN 48.

ASC 740 is a topic of accountancy that deals with accounting for income taxes. ASC 740-10, or formally known as FIN48, is a sub topic within ASC 740 that deals with the measurement of uncertain tax positions in the accounting for income taxes.

Correct

I can’t imagine a job that only deals with FIN 48.

Interesting. This is actually something I would be interested in. Was it a private company?

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