ASC 740 Income Tax Accounting: 2016 Updates

Duration: 120 Minutes
One of the most complex and risky tasks faced by corporate accountants and tax professionals nowadays is accounting for income taxes under ASC 740. The complicated and precarious process of forecasting and disclosing of deferred tax assets and liabilities that will greatly affect the company's financial statements had made the job a lot harder. Companies must ensure to identify key challenges arising in income tax accounting so as to prevent and minimize future financial misstatements and potential financial losses.
Income Tax Accounting
Instructor: John P. Garcia
Product ID: 501245
Objectives of the Presentation
During this session the expert will help the audience to understand the fundamentals as well as the recent regulatory developments in ASC 740 Income Tax Accounting. The expert will also provide the audience with an in-depth discussion of the practical tasks, legal and regulatory challenges in preparing income tax disclosure requirements of ASC 740.

Why Should you Attend
To enable both corporate and public accountants to build upon experience by gaining a thorough working knowledge of how to apply the latest tax rules to complex situations faced by organizations today. Case studies and other practical tools will give you insight into how ASC 740 (FAS 109) applies to a variety of real issues. You'll gain a clear understanding of the relationship between the completion of corporate tax returns and tax accounting.

This is a must attend event for anyone interested in understanding the significant issues relating to ASC 740 Income Tax Accounting updates.

Areas Covered
The speaker will present his thoughts and professional opinions on how to best comply with the disclosure requirements and help the audience avoid common risks and pitfalls. Key topics include:
  • The sources of deferred tax assets and liabilities
  • Calculating the deferred tax asset or liability
  • Reporting income tax expense and balance sheet items
  • Defining, analyzing, and reporting uncertain tax positions
  • Determining appropriate intraperiod allocations
  • Classification of deferred tax assets and liabilities
  • Disclosure requirements
  • ASC 740 - recent updates
  • Risks and legal challenges in ASC 740
  • Valuation requirements
  • Reporting current and deferred Income Tax expense
  • Up-to-the-minute regulatory developments
Who can Benefit
  • CPAs
  • Tax Attorneys
  • Tax Executives and Directors
  • Tax Advisers and Consultants
  • Income Tax Professionals
  • Tax Practitioners
  • Corporate Tax Managers, Tax Accounting Managers and supervisors, and tax professionals
  • Other related/interested Professionals and Organizations
  • Individuals those are responsible for preparing and reviewing tax provisions used for the footnote disclosure in the annual report
Topic Background
The goals of financial accounting and tax accounting are not aligned. Financial accounting exists to provide useful information about a business to its owners, managers, creditors, and other interested parties. Conversely, tax accounting exists to provide financial information about the collection of revenue by the tax authorities. Thus, tax accounting serves the purpose of reporting tax related financial information in a financial accounting format.
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Instructor Profile:
John P. Garcia is the owner of Corporate Tax Advisors, a firm specializing in-house corporate tax support. Prior to starting the firm, John served as the head of tax for various large global consumer products companies for over a decade. In these roles he was responsible for all income tax planning, financial reporting, compliance and audits. He has a wealth of experience including settling multiple full scope international IRS audits and appeals, competent authority proceedings, and various international restructurings of organizations.

He also teaches various education courses for CPE, Inc. and Lorman Education Services and has published several articles. John was appointed by Governor Janet Napolitano to the Family College Savings Program Oversight Committee (Section 529 Plan). In this capacity he drafted tax legislation. He also spoke at the Arizona State Legislature and on local television in support of the legislation. The measure was subsequently passed into law.

John holds a Bachelor's of Science in Finance and Accounting from the University of Maryland, College Park, and is a licensed as a Certified Public Accountant. He also has an MBA in international business.

John is a member of the Tax Executives Institute, the American Institute of CPA's and the Arizona Society of CPA's.
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