Accounting for Income Taxes ASC 740: Tax Provisions, Uncertain Tax Positions, Valuation Allowances, ASU 2019-12

Note: CLE credit is not offered on this program

Recording of a 110-minute CPE webinar with Q&A

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Conducted on Tuesday, May 19, 2020

Recorded event now available

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Course Materials

This course will analyze the components of accounting for income taxes, including determining current versus deferred provisions, reporting uncertain tax positions, financial statement presentation, recently released ASU 2019-12, and the effects of COVID-19 relief on these components.

Description

ASC 740 provides a methodology for recognizing current taxes payable and refundable and recording expected deferred tax obligations and refunds. Few areas of financial reporting are more complex. Tax reform forced accounting professionals to take a fresh look at these mandates as they reevaluate previous tax calculations and provisions for new tax rates, state tax changes, repatriation, and net operating loss recognition, to name a few areas.

Inherent in these provisions are temporary differences, valuation allowances, uncertain tax positions, and judgment. Determining which taxes to include is tricky because some taxes, like franchise taxes, are includable if based on income but excludable when based on capital.

Recently released ASU 2019-12 aims to simplify specific provisions. Included in this simplification is the removal of certain exceptions, changes for goodwill step-ups, and franchise tax determinations.

Listen as our panel of accounting experts provides practical advice as well as hands-on examples of calculations and financial presentation of these continually revised tax provisions.

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Outline

  1. Impact of tax reform on ASC 740
  2. Impact of COVID-19 relief on ASC 740
  3. Current tax provision
  4. Deferred taxes
  5. Valuation allowances
  6. Uncertain tax positions
  7. ASU 2019-12
  8. Financial statement presentation
  9. Best practices

Benefits

The panel will review these and other critical issues:

  • Application and effective date of ASU 2019-12
  • Recalculating deferred and current tax provisions for tax reform changes to foreign tax
  • Criteria for recognition of uncertain tax positions
  • The definition of a tax under ASC 740
  • The impact of new net operating loss carryforward rules on tax provisions

Faculty

Newton, Daniel
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

Williams, Michael
Michael Williams
Income Tax Provision Services (ASC 740) Partner & National Practice Leader
BDO USA

Mr. Williams has more than 25 years of broad corporate tax experience and has worked in both Big Four public accounting...  |  Read More

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