TAX POSITION ™
Planitax Tax Positions helps companies manage compliance requirements
including the recently released FASB Interpretation No.48, Accounting
for Uncertainty in Income Taxes (FIN 48). FIN 48 is the Financial Accounting
Standards Board's interpretation of FASB Statement No. 109, Accounting
for Income Taxes.
Because FIN 48 applies to all tax positions the impact to corporations
is significant and requires additional tracking and documentation from
every entity and location. FIN 48 is intended to address the varied accounting
practices that have arisen from the subjective interpretation of the tax
law by providing a consistent approach and criteria for the evaluation,
recognition and measurement of the tax benefit related to tax positions.
As a result, tax departments must document and track tax positions in
a new more detailed manner which requires process changes, new controls,
and new reporting. Planitax has incorporated a set of processes using
our proven Horizons suite enabling you to easily and effectively manage
your Fin 48 compliance process.
Tax Positions Can Help You:
- Establish and manage the inventory of tax positions
- Track tax position data and all supporting documents
- Automate the entire review and approval process
- Implement internal controls and SOX 404 requirements
- Provide secure, centralized storage and retrieval of all supporting documentation
- Integrate information from other systems
- Provide reports and analytics that deliver insight into tax positions,
including information necessary for external reporting
- Maintain a complete Audit Trail that tracks all adjustments made by users
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