ONE SOURCE Uncertain Tax Positions
description
Transcript of ONE SOURCE Uncertain Tax Positions
ONESOURCE Uncertain Tax Positions
Non-Cash and Equity in the UTP App*Version 4.0+
Last Updated: v2014.0
2
Equity, Non-Cash and Income Statement
•When adding a new position, you have the option of marking it as Equity, Non-Cash or Income Statement
•Once a position is rolled over, you have the option to change the type of position
– Positions cannot be changed from NCS to EQ or EQ to NCS
3
Equity and Non-Cash on Reports & Schedules
•Uncertain Journal Entry and Calculation Support
– Equity Positions• Tax & Other Tax amounts
display in EQ: Equity Offset Line
• Interest & Penalties amounts display in P/L: Provision for Current/Deferred Income Taxes
– Non-Cash Positions• All amounts display in B/S:
Non-Cash Offset Line
• No amounts display in P/L: Provision for Current/ Deferred Income Taxes
•Uncertain Expense– Equity Positions
• Only the Interest and Penalties amounts will display
– Non-Cash Positions• No amounts will display
•Item Inventory– Equity Positions
• Tax & Other Tax amounts display in Offset to Equity (Net) column
• Interest & Penalties amounts display in Interest & Penalties columns
– Non-Cash Positions• All amounts display in Offset to
Non-Cash (Net) column
4
Equity and Non-Cash on Reports & Schedules
•Impact to Tax Provision– Equity Positions
• Current Tax amounts display in the Equity Column
• Interest & Penalties amounts display in Tax Expense Columns.
– Non-Cash Positions• Current Tax, Interest & Penalties amounts display in the Non-Cash
Column
– Income Statement Positions
• Current Tax, Interest & Penalties display in the Tax Expense Columns.
5
Items to Note when Changing NCS/EQ Option
•Dataset Merge– NCS/EQ (prior) comes from the first dataset
– NCS/EQ (current) comes from the last dataset in which a position was active
– If a position is NCS in the first dataset and EQ in the last dataset (or vice versa):• During the Merge, the position will retain its prior designation
since the switch from NCS to EQ (and vice versa) is not permitted in the UTP App
6
Example 1: EQ to Income Statement
•State Temporary Difference
7
Example 1: Calculation Support Schedule with Sample Calculation: EQ to Income Statement
8
Example 1: Uncertain Journal Entry Report with Sample Calculation: EQ to Income Statement
9
Example 1: Uncertain Expense Report with Sample Calculation: EQ to Income Statement
10
Example 2: Income Statement to EQ
•Federal Permanent Difference
11
Example 2: Calculation Support Schedule with Sample Calculation: Income Statement to EQ
12
Example 2: Uncertain Journal Entry Report with Sample Calculation: Income Statement to EQ
13
Example 2: Uncertain Expense Report with Sample Calculation: Income Statement to EQ
14
Example 3: NCS to Income Statement
•State Tax Adjustment
15
Example 3: Calculation Support Schedule with Sample Calculation: NCS to Income Statement
16
Example 3: Uncertain Journal Entry Report with Sample Calculation: NCS to Income Statement
17
Example 3: Uncertain Expense Report with Sample Calculation: NCS to Income Statement
18
Example 4: Income Statement to NCS
•State Temporary Difference
19
Example 4: Calculation Support Schedule with Sample Calculation: Income Statement to NCS
20
Example 4: Uncertain Journal Entry Report with Sample Calculation: Income Statement to NCS
21
Example 4: Uncertain Expense Report with Sample Calculation: Income Statement to NCS