GAO Tax Study Released; Private Cos Request Exemption From FIN 48; COSO Deadline This Week
By Edith Orenstein, FEI Financial Reporting Blog -
Yesterday, GAO released a report updating its earlier studies on differences in reported tax liability of Foreign Controlled Domestic Corps vs. U.S. Controlled Domestic Corps. See GAO report.
In other tax news, FEI’s Committee on Private Companies, standards subcommittee, filed a comment letter with FASB Aug. 12 asking that private co's be exempted from FIN 48, Accounting for Uncertainty in Income Taxes (FIN 48).
Separately, as a reminder, the deadline for comments on COSO’s Exposure Draft, “Monitoring Internal Control Systems,” is Aug. 15. The Exposure Draft can be found on COSO’s website, www.coso.org.
Read more about the above topics here.