Monday, October 22, 2007

Accounting board considers delaying new income tax rule

A committee funded by the American Institute of Certified Public Accountants is calling for a delay in the implementation of an accounting rule that will change the way private companies report their income tax positions.

It's no secret that companies take steps to lessen their income tax liabilities. The more aggressive a company is with its strategies, the more likely the IRS is to later question the move and demand larger tax payments. That possibility makes, in the language of accountants, the amount of money a company puts on its financial statements as its tax liability, "uncertain."

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