Accounting for Income Taxes ASC 740: Business Combinations, Valuation Allowances, Recent Law Changes
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE video webinar with Q&A
This course will analyze various components of accounting for income taxes that can be traps for the unwary, including certain business combination issues, valuation allowance assessments, tax internal controls, along with implications of recent tax law changes and other areas of complexity.
Outline
- Implications of recent US tax law changes
- Complexities in business combinations
- Valuation allowance considerations
- Tax accounting for investments in partnerships
- Tax internal control considerations
- Financial statement presentation and other FASB updates
- Best practices
Benefits
The panel will review these and other critical issues:
- Accounting for certain credits included in the Inflation Reduction Act and CHIPs Act
- Tax accounting for goodwill in a business combination
- Valuation allowance issues in business combinations
- Outside basis difference considerations for investments in partnerships
- Tax internal control best practices
Faculty
Thomas M. Faas
Managing Tax Director
BDO USA
Mr. Faas is a managing director in the Atlanta office of BDO and is part of the national tax advisory practice... | Read More
Mr. Faas is a managing director in the Atlanta office of BDO and is part of the national tax advisory practice specializing in Accounting for Income Taxes. He has over forty years of experience in public accounting, working with public and private clients in the healthcare, manufacturing, and technology industries. Mr. Faas has extensive experience in income tax accounting and corporate tax, including international tax and mergers and acquisitions. He spent over twenty years with PwC and fifteen years with KPMG in Boston.
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Daniel Newton
Partner, National Tax Office
BDO USA
Mr. Newton is the ASC 740 Technical Practice Leader in BDO’s National Tax Office in addition to serving as a... | Read More
Mr. Newton is the ASC 740 Technical Practice Leader in BDO’s National Tax Office in addition to serving as a consultant in the firm’s National Assurance ASC 740 group. As the technical practice leader, he supports BDO’s Tax practice on ASC 740 matters, and as the Northeast regional consultant, Mr. Newton conducts formal ASC 740 consultations for assurance teams on various technical matters. In his dual role, Mr. Newton is responsible for firm leadership regarding ASC 740 matters for both tax and assurance, including training development, technical advice, and thought leadership tools.
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