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Mortar

In: Business and Management

Submitted By whitely90
Words 1632
Pages 7
Haley Battista, John Conroy, Katie Early, John MacGovern
Professor Holder-Webb
AC 306
January 22, 2013
Case 09-9: Bricks & Mortar This case deals with a company called Bricks & Mortar Co. that is preparing their financial statements for the year ended December 31, 2009. The balance sheet currently reads that there is a balance of $2,000 in the current tax liability account and $800 in the deferred tax liability account. Their income statement reads $2,000 in current tax expense and $200 in the deferred tax expense account. The management has identified two deductions for which tax law is not clear as to whether these tax positions should reduce the company’s tax liability for the year 2009. Management is confident that all other tax positions will be sustained by the taxing authority and that all of the deductions should be reflected in the financial statements. Management is facing two issues in determining whether this tax position would hold up in court. Some adjustments must be made to make sure their financial statements comply with ASC 740-10.
Issue 1: Issue one is that Bricks & Mortar has implemented a certain tax strategy that resulted in a $40 reduction in taxes payable. Management believes that they overstated income by $100 due to accuracy-related errors. There are two defenses the company can take to avoid a possible penalty. They will have to prove that they have substantial authority and/or reasonable cause and good faith to avoid being penalized. If enough evidence is provided to support their defense against the penalty they will being accruing interest in the period they claim their position. If they do not have sufficient evidence to support the substantial authority and/or reasonable cause and good faith defense they will instead be accrue penalties in the first period they claim their position and not accrue interest.
Management

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