An unforgiving environment for tax questions.(Financial Accounting Standards Board's Exposure Draft)(Column)

Financial Executive, April, 2006 by Cunningham, Colleen

Tax issues have been in the headlines of late. The President's Advisory Panel on Tax Reform issued its long-awaited report. The Financial Accounting Standards Board (FASB) has issued an Exposure Draft on Uncertain Tax Positions. The Justice Department continues to investigate questionable tax schemes.

Additionally, one of the themes that came out of the recent Sarbanes-Oxley 404 reports was the concern over the number of material weaknesses related to tax personnel. I take offense when I hear the term "lack of competent resources." Imagine managing a tax team that is well-educated and hard-working in a company that has stated it has a material weakness because it lacks "competent resources" in its tax department. What a great motivator that must be!

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