| • | Accounting for Uncertain Tax Positions requires the recognition and measurement of tax contingencies. |
| • | The UTP application allows the positions to be tracked using the same dataset, unit, and component codes as ONESOURCE Tax Provision. |
| • | Categories can be migrated from the provision to the UTP application to minimize set-up time. |
| • | After positions have been determined, the total amount of unrecognized tax benefits that would affect the Effective Tax Rate needs to be represented in the provision. |
| • | As positions age, there may be additional interest that needs to be accrued each period. The UTP application has the ability to compute interest using the IRS or State-defined tables, or a flat rate. Interest compounds over a user-defined period. |
| • | The UTP application can post either a position-by-position detailed entry or a single topside number to represent the impact of any change in the amount of unrecognized tax benefits during the period. |
| • | The required Uncertain tax positions disclosures can be viewed and printed from the UTP application. Additionally, there are reports that support the accounting for tax contingencies in the Taxes Payable, Deferred Tax Asset, and Current and Deferred Tax Expense. |
| • | For more information or a demo of the UTP application, please contact your Client Manager or the support group. |
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