More Facts Resolve Tax Risks –
Report to the Audit Committee and a Provision Recommendation –
A TAX EXPOSURE is typically a combination of capital, penalties, and interest. A determination must be made, based on the information available, as to whether there is a tax exposure or whether circumstances exist to mitigate or eliminate the exposure. Based on this determination the amount is either provided for, raised as a contingent liability, or excluded as an exposure.
In reporting to the audit committee , the tax exposure is dependent on the facts of the matter which in turn will dictate the risk. The risk could be classified into three categories, Read More
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