Learn how to use tax accounting to uncover opportunities to utilize expiring tax assets and postpone the recognition of deferred tax liabilities.
To minimize significant financial damages caused by the Coronavirus (COVID-19) pandemic, the U.S. Federal Government passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L.116-136). This legislation was a mixture of direct relief, loans, aid for public transit, and supplemental relief totaling over $2T dollars. The purpose of this topic will be to identify the impact this legislation has for tax provision purposes under US GAAP ASC 740 - income taxes. The two pieces of the CARES Act. that we will specifically focus on are the payroll tax deferral program and expansion of net operating loss utilization. We will also cover ways to effectively use tax accounting to uncover opportunities to utilize expiring tax assets and postpone the recognition of deferred tax liabilities.
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Agenda
High Level Summary of the Mechanics of Calculating a Tax Provision
- Book Income Versus Taxable Income
- The Balance Sheet Approach
- Footnote Disclosure
Identifying Items in the CARES Act That Need to Be Considered for Tax Provision Purposes
- A Laundry List of the Legislative Provisions
- Identifying What Must Be Analyzed
- Monetizing How It Impacts the Organization
Example 1: Tax Accounting for the Payroll Tax Deferral Program Under the CARES Act
- Mechanics of the Legislation
- Relevant Data
- Tax Accounting
Example 2: Tax Accounting for Net Operating Loss Expansion and Carrybacks Under the CARES Act
- Mechanics of the Legislation
- Analysis of Opportunity and Risk
- Tax Accounting
Bringing It All Together
- Creating a Tax Basis Balance Sheet
- Identifying Risks and Opportunities Related to Tax Legislation
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on April 9, 2021.
Call 1-866-352-9540 for further credit information.
- AIPB 1.5
- This program is acceptable for 1.5 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
John P. Garcia, CPA, M.B.A.
Corporate Tax Advisors
- More than 25 years of experience providing services to major multinational corporations such as Billabong, Nixon, Targus, Marriott, Dial, Henkel, The University of Phoenix, and CPE, Inc
- Conducts regular seminars and workshops on the following: Tax Aspects of the CARES Act, Accounting for Income Taxes – ASC 740/FAS 109; International Taxation; State and Local Taxation; and Uncertain Tax Positions – FIN 48 and Transfer Pricing
- Wrote the SRR Journal, Fall 2016, How to Properly Capitalize Subsidiaries Without Getting Ensnared in the Earnings-Stripping Rules; California CPA magazine, June 2013, An Integrated Database Solution to Global Withholding Compliance; and Thomson Reuters, Corporate Taxation, December 2009, Green Corporate Tax Incentives-Wind Technologies
- Member of Arizona Society of CPAs and AICPA
- M.B.A. degree in international business; B.S. degree in accounting and finance, University of Maryland College Park
- Can be contacted at 877-728-1400 or [email protected]
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