Tax and Interest Software
FIN 48 Software
With the additional reporting requirements incorporated in IRS Form 1120 Schedule UTP, it is even more advantageous to automate your FIN 48 (ASC 740-10) uncertain tax position analysis using DMI48 software. Public or privately held corporations that issue or are included in audited financial statements and that file Form 1120 must report their uncertain tax positions on Schedule UTP for 2010 filing if they have at least $100 million in assets. The Schedule UTP feature is a fully integrated enhancement to our DMI48 software.
DMI48™ allows tax professionals to standardize the compliance process providing for increased efficiency and accuracy. Our software provides the ability to recognize, maintain and review your uncertain tax positions for FIN 48 (ASC 740-10) or Reserve purposes and automatically calculate interest on the resulting federal, state, and foreign tax positions. Use of a separate interest calculator requiring redundant data entry is eliminated. DMI48 is a standalone client-server application, not a web based application, which provides a more secure data environment and a clear deliniation between tax accrual workpapers and uncertain tax position review analysis.
DMI48™ software offers the most comprehensive FIN 48 interest computation powered by InterestNet™, used by the IRS to perform net rate interest netting computations, per IRM 20.2.14.1. Be confident your interest results are accurate using DMI48™.
Data Maintenance Features of our DMI48 software:
- Import data from current UTP or Reserve analyses for quick start-up
- Incorporate cumulative probability of sucess data for calculation of positions
- Track UTPs by Federal and State jurisdiction, unit of account (issue) and entity
- Apportion Federal adjustments to state jurisdictions automatically
- Maintain foreign positions in local currency
- Update quarterly tax adjustment amounts only for those positions that have changed
- Change status for UTPs that become settled or statute of limitations barred
- Establish links to existing support documents and spreadsheet analyses
- Multi-user access with security administration to limit user access to defined data sets
- Learn about DMI Implementation Services
Computation Features of our DMI48software:
- Automated underpayment and overpayment interest calculation for Federal, State and foreign positions
- Industry standard interest computations including Section 6621(d) netting
- Federal and State, Tax and Interest rates updated automatically
- Calculate currency translation adjustments using spot rate or average rate methods
- Assign Large Corporate “Hot” interest and GATT interest rates, if applicable
- Incorporate interest impact of historical cash positions based on IRS transcripts
- Reduce deficiency interest, where applicable, with interest suspension periods
- Calculate benefit of federal interest and state tax and interest
Disclosure and Reporting Features of our DMI48 software:
- FIN 48 (ASC 740-10) Disclosure Report including Tabular Rollforward for Contingent Tax Reserves
- Supporting detail to satisfy FIN 48 (ASC 740-10) compliance
- Quarterly position and interest changes reporting for reconciliation to Provision
- Comparison reporting that details all data changes from prior quarter or year-end
- Journal entry reporting, above or below the line
- Allocate UTP liability and interest based on unit of account (issue) and entity for customized internal reporting
- Customized reporting feature for registrant reporting
- Federal and State, Tax and Interest Benefit calculation reports
- Statute of Limitations (SOL) Aging Report for automated review of expiring positions
- Archive tax and interest reports for SOX 404 purposes
- Link to FAS 109 software
- Schedule UTP with list of tax positions by unit of account with rank.
See which FIN 48 (ASC 740-10) software package is right for you
Video training courses in twelve related topic areas are included free with your FIN 48 software.
