Category Archives: FAS 109

Does your life insurance company qualify for a reduced tax rate?

Posted on February 8, 2011 by Greg Denning

What tax rate should a small life insurance company use when it records its deferred tax assets and liabilities for GAAP (ASC 740 / FAS 109)?  Enacted vs. effective rate. GAAP generally requires that a small life insurance company compute … Continue reading →

Posted in ASC 740, FAS 109, Life insurance | Leave a comment

The IRS and Uncertain Tax Positions

Posted on January 25, 2011 by Greg Denning

Who Must File Schedule UTP in 2010. Beginning on the 2010 tax return, a company will be required to file Schedule UTP if they: issue audited financial statements; file Form 1120, Form 1120-L (life insurance companies), or Form 1120-PC (property … Continue reading →

Posted in FAS 109, Fin 48, Schedule UTP | Leave a comment

A Leading Cause of Restatements and Material Weaknesses

Posted on January 18, 2011 by Greg Denning

Material weaknesses and tax accruals.  Accounting for income taxes is often a leading cause of material weaknesses and/or restatements.  The reason for this is because companies generally lack the needed personnel to prepare their tax provision, the personnel the company … Continue reading →

Posted in Accounting for income taxes, FAS 109 | Leave a comment

Tax Provision – A Material Weakness Waiting to Happen?

Posted on January 12, 2011 by Greg Denning

Auditor independence and tax accruals. Prior to the passage of the auditor independence rules as part of the Sarbanes-Oxley act (“SOX”) in 2002, many companies, both public and private, relied on their external auditors to assist in the preparation of … Continue reading →

Posted in FAS 109, Sarbanes-Oxley | Leave a comment