Disclosure of years open to tax audit is now only required for nonpublic entity that has material unrecognized tax benefits

I have a long post at my other blog, Attestation Update, talking about the previous requirement for financial statements to disclose the years that are open to audit by tax authorities.

This disclosure applies to charities as well as private businesses.

That disclosure is no longer required unless certain conditions exist. For practically all charities, the requirement has gone away.

If you are involved in financial statement preparation, feel free to check out the discussion.

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