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The Impact Of Increased Tax Return Reporting On Financial Statement Tax Disclosure Quality
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Book Synopsis The Impact of Increased Tax Return Reporting on Financial Statement Tax Disclosure Quality by : Michelle Kim Harding
Download or read book The Impact of Increased Tax Return Reporting on Financial Statement Tax Disclosure Quality written by Michelle Kim Harding and published by . This book was released on 2017 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study uses the 2010 implementation of IRS Schedule UTP (Uncertain Tax Position) to examine the impact of additional tax return reporting on financial statement tax disclosure quality. Using a hand-collected sample, I find that firms reduce the quality of their Financial Accounting Standards Board Interpretation No. 48 (FIN 48) disclosures for Accounting for Uncertainty in Income Taxes in response to increased proprietary costs of disclosure following the adoption of IRS Schedule UTP. Standard setters intended FIN 48 disclosures to benefit investors. Contrary to this intended outcome, I find that as tax return reporting increases, firms reduce discretionary FIN 48 disclosures, making public tax disclosures more opaque and less useful to tax authorities and other stakeholders. Thus, an unintended consequence of increased tax return reporting is lower financial statement tax disclosure quality that undermines standard setters' goals of transparency, relevance, and comparability in financial reporting of income taxes.
Book Synopsis The Effect of Increased Private Tax Disclosure on the Relevance of Reserves for Uncertain Tax Positions by : Adam Manlove
Download or read book The Effect of Increased Private Tax Disclosure on the Relevance of Reserves for Uncertain Tax Positions written by Adam Manlove and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines whether private disclosure to the tax authority improves the relevance of publicly disclosed reserves for uncertain tax positions. Schedule UTP increases private disclosure to the IRS about uncertain federal tax positions for which companies accrue and publicly disclose financial statement reserves. Prior to Schedule UTP, reserves for uncertain tax positions were overstated and lacked predictive ability for future tax cash flows. Schedule UTP increases regulatory scrutiny of tax positions underpinning the financial statement reserves and improves the IRS's detection of uncertain tax positions by providing the IRS with superior information relative to financial statements disclosures. Based on theory that managers improve financial reporting in anticipation of greater scrutiny, I predict and find that Schedule UTP improves the predictive ability of financial statement reserves for uncertain tax positions for future settlements with tax authorities. Although the objective of Schedule UTP is to improve IRS enforcement, my results are consistent with its implementation creating a positive externality in the form of more relevant accounting for uncertain tax positions. These findings have implications for the effect of private disclosure on managers' financial reporting behavior. As tax authorities continue to demand expanded private disclosures to improve tax compliance, this study provides timely evidence of how such disclosures affect accounting quality.
Book Synopsis How Do Disclosures of Tax Uncertainty to Tax Authorities Affect Reporting Decisions? by : Erin Marie Towery
Download or read book How Do Disclosures of Tax Uncertainty to Tax Authorities Affect Reporting Decisions? written by Erin Marie Towery and published by . This book was released on 2013 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study exploits the recently-issued Uncertain Tax Position Statement (Schedule UTP) to examine the effect of mandatory disclosures of tax uncertainty to tax authorities on firms' reporting decisions. Schedule UTP requires firms to disclose federal income tax positions to the Internal Revenue Service that have been classified as 'uncertain' for financial reporting purposes. In showing how Schedule UTP disclosure requirements affect private and public reporting decisions, I provide insights into the usefulness of these disclosures. Using confidential tax return data and public financial statement data, I find that after imposition of Schedule UTP reporting requirements, firms report lower financial reporting reserves for uncertain income tax positions, but do not claim fewer income tax benefits on their federal tax returns. These findings suggest some firms changed their financial reporting for uncertain tax positions to avoid Schedule UTP reporting requirements without changing the underlying positions. The effect is concentrated among firms with greater business complexity, whose business operations facilitate tax planning strategies that are more difficult for the IRS to identify. More broadly, my results imply private disclosures of tax uncertainty can affect the informativeness of public disclosures of tax uncertainty.
Book Synopsis The Effect of Mandatory Financial Statement Disclosures of Tax Uncertainty on Tax Reporting and Collections by : Sanjay Gupta
Download or read book The Effect of Mandatory Financial Statement Disclosures of Tax Uncertainty on Tax Reporting and Collections written by Sanjay Gupta and published by . This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates the effect of accounting measurement and disclosure requirements on multistate income tax avoidance. The proliferation of sophisticated state tax planning techniques combined with the complexity of varying state tax regimes make multistate taxation an area rampant with uncertainty. The accounting standards contained in FASB Interpretation No. 48 (FIN 48) require firms to record and disclose liabilities for uncertain income tax benefits based on a more-likely-than-not merit threshold of each tax position, assuming tax authorities have full information. Theoretical work and initial practitioner claims suggested that the accounting standards would increase reported tax expense and tax payments. Consistent with this, we find that both firm-level state income tax expense and aggregate state-level income tax collections increased surrounding adoption of FIN 48, providing evidence of the association between mandatory financial reporting disclosures and tax compliance behavior.
Book Synopsis Observations on Disclosure, Transparency and Taxpayer Compliance by : L.G Harter
Download or read book Observations on Disclosure, Transparency and Taxpayer Compliance written by L.G Harter and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Under the traditional model of U.S. federal income tax reporting and compliance, taxpayers report the results of their tax planning and operations on a net basis on their federal income tax returns. They provide relatively little or no information on a transaction-by-transaction basis. Taxpayers are obligated to maintain only such records as are necessary to support the amounts reported on their tax returns. The IRS is free to review those records on audit, subject to claims of privilege, and traditionally without recourse to the taxpayer's workpapers relating to accruals of tax liability for financial reporting purposes. The Treasury, IRS and Congress have become increasingly frustrated with this traditional model and have adopted a series of reforms to achieve more specific disclosure and greater transparency. This article provides an overview of key steps taken in the progression towards requiring greater transparency and more specific tax return disclosure. It also provides one practitioner's comments on the issues and choices facing the Treasury and IRS as they implement and administer the new disclosure regime in the context of pending legislation that would provide severe penalties and little flexibility in administering those penalties. Particular concerns include the interaction of these inflexible penalties for failure to disclose with the occasionally vague and uncertain definitions under the current regulations as to what transactions must be disclosed. Another concern discussed is the potentially adverse effect of the trend towards requiring disclosure of tax accrual workpapers on the quality of reported financial statements.
Book Synopsis Taxes and Business Strategy by : Myron S. Scholes
Download or read book Taxes and Business Strategy written by Myron S. Scholes and published by . This book was released on 2015-01-03 with total page 528 pages. Available in PDF, EPUB and Kindle. Book excerpt: For MBA students and graduates embarking on careers in investment banking, corporate finance, strategy consulting, money management, or venture capital Through integration with traditional MBA topics, Taxes and Business Strategy, Fifth Edition provides a framework for understanding how taxes affect decision-making, asset prices, equilibrium returns, and the financial and operational structure of firms. Teaching and Learning Experience This program presents a better teaching and learning experience-for you and your students: *Use a text from an active author team: All 5 authors actively teach the tax and business strategy course and provide students with relevant examples from both classroom and real-world consulting experience. *Teach students the practical uses for business strategy: Students learn important concepts that can be applied to their own lives. *Reinforce learning by using in-depth analysis: Analysis and explanatory material help students understand, think about, and retain information.
Download or read book The IRS Research Bulletin written by and published by . This book was released on 2003 with total page 170 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Transformation of Wall Street by : Joel Seligman
Download or read book The Transformation of Wall Street written by Joel Seligman and published by Wolters Kluwer Law & Business. This book was released on 2003 with total page 968 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since 1977, "The Transformation of Wall Street" has offered an in-depth look at the history of the SEC's origins, accomplishments, and failings since its creation in 1934. This updated third edition continues the history until 2001, the end of Arthur Levitt's Chairmanship, with a treatment of auditing issues through the enactment of the Sarbanes-Oxley Act .
Download or read book Ask a Manager written by Alison Green and published by Ballantine Books. This book was released on 2018-05-01 with total page 306 pages. Available in PDF, EPUB and Kindle. Book excerpt: From the creator of the popular website Ask a Manager and New York’s work-advice columnist comes a witty, practical guide to 200 difficult professional conversations—featuring all-new advice! There’s a reason Alison Green has been called “the Dear Abby of the work world.” Ten years as a workplace-advice columnist have taught her that people avoid awkward conversations in the office because they simply don’t know what to say. Thankfully, Green does—and in this incredibly helpful book, she tackles the tough discussions you may need to have during your career. You’ll learn what to say when • coworkers push their work on you—then take credit for it • you accidentally trash-talk someone in an email then hit “reply all” • you’re being micromanaged—or not being managed at all • you catch a colleague in a lie • your boss seems unhappy with your work • your cubemate’s loud speakerphone is making you homicidal • you got drunk at the holiday party Praise for Ask a Manager “A must-read for anyone who works . . . [Alison Green’s] advice boils down to the idea that you should be professional (even when others are not) and that communicating in a straightforward manner with candor and kindness will get you far, no matter where you work.”—Booklist (starred review) “The author’s friendly, warm, no-nonsense writing is a pleasure to read, and her advice can be widely applied to relationships in all areas of readers’ lives. Ideal for anyone new to the job market or new to management, or anyone hoping to improve their work experience.”—Library Journal (starred review) “I am a huge fan of Alison Green’s Ask a Manager column. This book is even better. It teaches us how to deal with many of the most vexing big and little problems in our workplaces—and to do so with grace, confidence, and a sense of humor.”—Robert Sutton, Stanford professor and author of The No Asshole Rule and The Asshole Survival Guide “Ask a Manager is the ultimate playbook for navigating the traditional workforce in a diplomatic but firm way.”—Erin Lowry, author of Broke Millennial: Stop Scraping By and Get Your Financial Life Together
Book Synopsis Tax Administration 2021 Comparative Information on OECD and other Advanced and Emerging Economies by : OECD
Download or read book Tax Administration 2021 Comparative Information on OECD and other Advanced and Emerging Economies written by OECD and published by OECD Publishing. This book was released on 2021-09-15 with total page 355 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report is the ninth edition of the OECD's Tax Administration Series. It provides internationally comparative data on aspects of tax systems and their administration in 59 advanced and emerging economies.
Book Synopsis Corporate Tax Shelters by : United States. Congress. House. Committee on Ways and Means
Download or read book Corporate Tax Shelters written by United States. Congress. House. Committee on Ways and Means and published by . This book was released on 2001 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Accounting for Income Taxes by : John R. Graham
Download or read book Accounting for Income Taxes written by John R. Graham and published by Now Pub. This book was released on 2012-11-09 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: Accounting for Income Taxes is the most comprehensive review of AFIT research. It is designed both to introduce new scholars to this field and to encourage active researchers to expand frontiers related to accounting for income taxes. Accounting for Income Taxes includes both a primer about the rules governing AFIT (Sections 3-4) and a review of the scholarly studies in the field (Sections 5-8). The primer uses accessible examples and clear language to express essential AFIT rules and institutional features. Section 3 reviews the basic rules and institutional details governing AFIT. Section 4 discusses ways that researchers, policymakers, and other interested parties can use the tax information in financial statements to better approximate information in the tax return. The second half of the monograph reviews the extant scholarly studies by splitting the research literature into four topics: earnings management, the association between book-tax differences and earnings characteristics, the equity market pricing of information in the tax accounts, and book-tax conformity. Section 5 focuses on the use of the tax accounts to manage earnings through the valuation allowance, the income tax contingency, and permanently reinvested foreign earnings. Section 6 discusses the association between book-tax differences and earnings characteristics, namely earnings growth and earnings persistence. Section 7 explores how tax information is reflected in share prices. Section 8 reviews the increased alignment of accounting for book purposes and tax purposes. The remainder of the paper focuses on topics of general interest in the economics and econometric literatures. Section 9 highlights some issues of general importance including a theoretical framework to interpret and guide empirical AFIT studies, the disaggregated components of book-tax differences and research opportunities as the U.S. moves toward International Financial Reporting Standards (IFRS). Section 10 discusses econometric weaknesses that are common in AFIT research and proposes ways to mitigate their deleterious effects.
Download or read book Taxing Wages 2021 written by OECD and published by OECD Publishing. This book was released on 2021-04-29 with total page 651 pages. Available in PDF, EPUB and Kindle. Book excerpt: This annual publication provides details of taxes paid on wages in OECD countries. It covers personal income taxes and social security contributions paid by employees, social security contributions and payroll taxes paid by employers, and cash benefits received by workers. Taxing Wages 2021 includes a special feature entitled: “Impact of COVID-19 on the Tax Wedge in OECD Countries”.
Book Synopsis Financial Report of the United States Government by :
Download or read book Financial Report of the United States Government written by and published by . This book was released on 2009 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Statistics of Income by : United States. Internal Revenue Service
Download or read book Statistics of Income written by United States. Internal Revenue Service and published by . This book was released on 2000 with total page 332 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Tune-up on Corporate Tax Issues by : United States. Congress. Senate. Committee on Finance
Download or read book Tune-up on Corporate Tax Issues written by United States. Congress. Senate. Committee on Finance and published by . This book was released on 2006 with total page 424 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Losing the Excess Baggage written by and published by . This book was released on 2011 with total page 137 pages. Available in PDF, EPUB and Kindle. Book excerpt:
