This seminar will guide you to recognize the amount of taxes payable or refundable for the current year and the deferred tax assets and liabilities relating to the future tax consequences of events that have been recognized in a company’s financial statements or tax returns. This basic level seminar is for corporate accounting, tax and finance executives, tax specialists and Certified Public Accountants. There is no prerequisites or advance preparation for this group-live seminar.

Tax accountants need to understand its complexities of corporate financial statements. By attending this seminar, you will be able to:

• Understand the intricacies of accounting for income taxes;
• Ensure that your financial statements contain necessary disclosures;
• Account for effects of changes in tax laws or rates;
• Incorporate uncertain income tax positions.

This seminar is for corporate accounting, tax and finance executives, tax specialists and Certified Public Accountants. There is no prerequisite or advance preparation for this basic level, group live seminar.

You have the ability to earn up to 13.5 CPE/CLE credits.

This seminar will be held:

Mon, Oct 17, 2016 8:45am – Tue, Oct 18, 2016 3:00pm

AMA Conference Center

1601 Broadway New York, NY, 10010 United States.

Monday, October 17, 2016

8:00 AM – Continental Breakfast

9:00 AM – Current Tax Provision; Credits and Common Book Tax Differences

• Current taxes per return
• What taxes are included
• Permanent differences vs. temporary differences
• Credits
• Common Book—Tax Differences
• Depreciation and amortization
• Timing of recognition of income
• Timing of deductions
• Book vs. tax concepts of income and deduction

Raymond Werth, Partner, Grant Thornton LLP, New York, NY

10:30 AM – Refreshment Break

10:45 AM – Deferred Taxes and Valuation Allowances

• Tax provision on temporary differences
• Computing deferred tax
• Recognition and measurement
• Presentation as operating income of OCI
• Deferred tax liabilities: when to recognize
• What is a deferred tax asset?
• Uncertainty of recognition of assets
• Examples

Joanna Zong, Senior Manager, KPMG LLP, New York, NY
Evgeniya Mudrich, Manager, KPMG LLP, New York, NY

12:15 PM – Networking Luncheon

1:15 PM – Disclosure Rules

• Tax accounts in income statement and balance sheet
• Tax footnote requirements
• Rate reconciliation
• Additional disclosures
• Examples

2:15 PM – ASC 740 Tax Contingencies

• Identifying Uncertain Tax Positions (Recognition)
• More-likely-than not standard
• Measuring UTPs
• Disclosure
• Workpaper Documentation

Raymond Werth, Partner, Grant Thornton LLP, New York, NY

3:15 PM – Refreshment Break

3:30 PM – Interim Period Taxes

• The basic approach to recognition of taxes in interim period – use of estimate of annual global tax rate from recurring operation (i.e., tax effect of “ordinary income”)
• Tax effects of discrete period items (e.g., OCI, discontinued operations, APIC)
• Exceptions to the basic approach
• Unique aspects of interim period tax accounting (e.g., NOL utilization, valuation allowance, “naked credit”, exception to “with and without”, business combinations)
• Required disclosures
• SEC comment letters

Elizabeth Herzberg, Director, PricewaterhouseCoopers LLP, New York, NY

5:00 PM – Seminar adjourns for the day

Tuesday, October 18, 2016

8:00 AM – Continental Breakfast

9:00 AM – Business Combinations and Intercompany Transactions

• Overview of purchase accounting
• Basis differences in assets arising in business combinations
• Amortizable acquired assets
• Goodwill
• Intercompany pricing

Elizabeth Herzberg, Director, PricewaterhouseCoopers LLP, New York, NY

10:00 AM – Refreshment Break

10:15 AM – Stock Options and Deferred Taxes

• Review of ASC 718/740 Guidance to include FASB’s proposed ASU impacting tax accounting for equity-based award excess tax benefits or deficiencies and statutory withholding of shares for taxes
• Accounting/Reconciliation of Book/Tax Differences across equity incentives: Incentive Stock Options, Non-qualified Stock options, Restricted Stock
• Calculating and Tracking the ASC 718 APIC Pool including impact of proposed ASU on the APIC pool
• Impact of ASU on P&L and EPS reporting
• Interim period reporting
• Section 162 (m) Impact
• Impact of Net Operating Losses
• Case Examples

Don Nemerov, Managing Director, FGMK, LLC, Chicago, IL

12:00 PM – Networking Luncheon

1:00 PM – APB 23 (AC 740.30.25), U.S. International Implications and Foreign Operations

• Worldwide tax provision as if fully remitted
• Impact of withholding taxes
• Exception for earnings indefinitely invested
• U.S. GAAP vs. foreign GAAP accounting issues
• Deferred taxes on foreign income
• Reporting for branches, partnerships and disregarded entities
• Computing tax on foreign income
• Gain under FAS 52

Katherine Wu, Executive Director, Ernst & Young LLP, New York, NY

2:45 PM – Seminar Conclude

 

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