It is a “brave new world” as companies and their advisors navigate a sea of change. The financial reporting implications of tax matters, including both routine and highly complex state and local tax matters, are surprising and significant. Since the corporate scandals of the past five years and the passage of the Sarbanes-Oxley Act, the “rules” have changed. It is imperative that corporate tax professionals and their advisors learn the new rules, their application and the implications, including the risks of noncompliance.
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