Accounting For Income Tax: Beyond the Basics of ASC 740
Mastering the Complexities of Tax Provision Valuations and Schedules
Recording of a 110-minute CPE webinar with Q&A
This course will provide corporate tax professionals and tax advisers with an intermediate level treatment of necessary calculations, allocations, and schedule preparation and maintenance for reporting a company’s income tax provisions. Moving beyond the basic concepts of accounting for income tax, the panel will offer practical guidance on the issues tax professionals must address in identifying temporary differences in tax asset and liability reporting. The panel will discuss ordering effects and considerations in recording deferred taxes, as well as ongoing valuation requirements and challenges—and provide specific examples of calculations and schedules as real time illustrations to work paper and statement preparation.
- Identifying key challenges arising with income tax accounting
- Deciding on and calculating appropriate interim tax provision
- Valuing and reporting deferred tax assets
- Setting the valuation allowance
- Making judgment calls on positive and negative evidence
- Forecasting coming period income/loss
- Analyzing and reporting uncertain tax positions
- Reporting current and deferred income tax expense and balance sheet items
- Workpaper and schedule maintenance
The panel will give you a framework to make sound decisions in these and other problematic areas:
- Reversing prior allowances against deferred tax assets: What procedures should be followed?
- Forecasting future profits or losses: What constitutes a defensible prediction, given the size of profits or losses in prior periods?
- Setting the valuation allowance: Does available evidence suggest it is more likely than not that some portion of the deferred tax allowance will not be realized?
- Making disclosures: How can you viably explain changes in valuation methodology, and therefore changes in the valuation of carried tax assets?
Ms. Fox-Simpson has extensive experience in federal, multi-state and multi-national corporations and partnerships.... | Read More
Ms. Fox-Simpson has extensive experience in federal, multi-state and multi-national corporations and partnerships. She is a specialist in income tax accounting (ASC 740) and a regular presenter and writer on related topics. In addition, she has vast experience in mergers and acquisitions in each stage of the transaction from early planning to due diligence to implementation.Close
Director, Multinational Corporate Tax Services
Burr Pilger Mayer
Mr. Yung has extensive public accounting experience with a strong emphasis on corporations and other business... | Read More
Mr. Yung has extensive public accounting experience with a strong emphasis on corporations and other business entities. His experience includes complicated tax provisions for public and pre-IPO companies, cross-border restructuring, Subpart F planning, and global corporate tax compliance issues. Mr. Yung specializes in both inbound and outbound transactions such as FIRPTA, Section 163(j), foreign tax credit optimization, and PFIC analysis.Close