ASC 740 Income Tax Accounting Challenges in 2013

Tackling Valuations of Deferred Tax Assets, Tax Expense and UTP Reporting, and Other Issues

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


Conducted on Tuesday, May 28, 2013

Recorded event now available

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Program Materials

This teleconference will prepare corporate tax professionals and tax advisors to anticipate challenges with valuing deferred tax assets and other activities governed by ASC 740. The panel will provide insights on defensible analyses and decisions in a range of income tax accounting activities.

Description

Corporate tax professionals confront a number of complex challenges in properly accounting for income taxes under ASC 740. Perhaps the toughest issue involves creating valuation allowances and making disclosures about deferred tax assets such as NOLs, but that is far from the only hurdle.

Tax specialists must also employ a methodical approach to analyzing and reporting uncertain tax positions, calculate both current and deferred income tax expenses or benefits, and take a proper approach to intra-period allocations, among other challenges. All of these activities are governed by ASC 740.

Tax professionals will benefit from an improved understanding of the technical requirements of ASC 740, an analysis of the most difficult compliance challenges that typically arise with income tax accounting, and best practices employed in making defensible decisions in this area.

Listen as our panel of experienced tax and valuation advisors explores the primary issues faced by taxpayers with ASC 740.

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Outline

  1. Review of terms of ASC 740 and related guidance
  2. Particular issues arising with income tax accounting, and best compliance practices
    1. Valuing and reporting deferred tax assets
    2. Analyzing and reporting uncertain tax positions
    3. Reporting current and deferred income tax expense and balance sheet items
    4. Deciding on appropriate intra-period allocations
    5. Current auditor red flags

Benefits

The panel will explore key issues with these and other relevant topics:

  • Deferred tax assets and liabilities: Sources, calculations, allowances, disclosures and more.
  • Uncertain tax position analyses: Reviewing and evaluating UTPs, determining classification, accruing interest and penalties, and more.
  • Reporting income tax expense and balance sheet items: Calculating both the current and deferred expense or benefit.

Following the speaker presentations, you'll have an opportunity to get answers to your specific questions during the interactive Q&A.

Faculty

Douglas Sayuk
Douglas Sayuk

Partner
Clifton Douglas

He specializes in tax and compliance services for multi-national public companies and venture capital-backed, pre-IPO...  |  Read More

Cindy Frank
Cindy Frank
Senior Director, Tax Process Efficiency and Technology
BDO USA

She has more than 20 years of public accounting experience with a particularly heavy emphasis on ASC 740 accounting...  |  Read More

Jeffrey Zawada
Jeffrey Zawada

Director
FreedMaxick CPAs

He is assigned to the firm’s Tax and International Tax practices. In the latter group, he specializes in ASC...  |  Read More

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