ASC 740 Income Tax Accounting: 2016 Updates
One of the most complex and risky tasks facing corporate accountants and tax professionals today is accounting for income taxes under ASC 740. It’s a complicated and precarious process of calculating the tax provision expense and properly recording all deferred taxes. The recent ASU 2016-09 that addresses many changes to stock-based compensation accounting that could greatly affect the company’s financial statements and ultimately make the ASC-740 task a little less complicated. Companies must ensure to understand and identify key challenges arising in income tax accounting so as to prevent and minimize future restatements and potential SOX issues.
In a two-hour LIVE Webcast, a panel of thought leaders and professionals assembled by The Knowledge Group will help the audience understand the impact and considerations for implementing the new ASU as well as to highlight any recent regulatory developments in ASC 740 Income Tax Accounting. The panel will provide the audience with a substantive discussion of relevant developments and proposals to help them be more informed and better prepared to handle the rigors of the ASC-740 requirements. The speakers will present their thoughts and professional opinions on how to best comply with the developments avoid common risks and pitfalls.
Key topics include:
- Impact of ASU 2016-09 stock based compensation - what are the key changes, transition and implementation requirements and impact on reporting?
- ASC 740 - Updates and developments
- Up-to-the-minute Regulatory Developments
Freed Maxick CPAs, P.C.
- new rules and the implications from a tax and accounting perspective
- Classification of deferred taxes on balance sheet
- Developments related to income tax disclosures
- Intra-asset transfer simplification
- Notable Tax Developments
- US Tax Court For Altera on share based stock compensation
- The ASU – break up the various pieces – how reported, reconciled, etc.
- Will offer expanded list of talking points shortly
- Will offer some revised KEY TOPICS for web page
Who Should Attend:
- Tax Attorneys
- Tax Executives and Directors
- Tax Professionals
- Tax Advisers and Consultants
- Income Tax Professionals
- Tax Practitioners
- Other related/interested Professionals and Organizations
Sam is a member of the Firm’s SEC practice. He concentrates his practice in tax planning and advisory services for businesses, particularly in the areas of joint ventures, mergers and acquisitions, consolidations, and financial accounting (ASC 740) for both domestic and multinational companies.
With respect to ASC 740, Sam is responsible for consultation and review of income tax provisions for both publicly and privately held companies as an auditor and in the role of an outsource service provider.
Prior to joining Freed Maxick, Sam spent over 25 years in the accounting profession with Big Four firms and private industry. While in public accounting Sam was designated as a lead individual to help implement the rules required under the Sarbanes-Oxley Act of 2002 and PCAOB, as well as an instructor on uncertain tax positions. While in industry Sam’s primary responsibility, in addition to tax planning and IRS audit management, was to oversee and report on a publicly held company’s global ASC 740 position encompassing over 40 countries in Asia, Europe, and the Americas.
During this time, he gained significant experience on many income tax accounting issues including:
- Interim financial reporting (ASC 270);
- Valuation allowance assessment;
- Business combinations and divestitures;
- Conversion from foreign tax reporting to GAAP;
- Equity based compensation (ASC 718);
- Hybrid instruments;
- Intraperiod tax allocations;
- Uncertain tax positions;
- Inside versus outside basis considerations;
- International tax implications (from both a GAAP and statutory tax perspective);
- Foreign currency translation (ASC 830); and,
- Financial statement presentation and disclosure
Sam also spent two years in the Washington D.C. national tax practice of a Big Four firm advising clients on tax developments in legislation, regulations, and policy. He is knowledgeable and has had considerable success in identifying tax opportunities in connection with due diligence reviews of taxpayers’ prior year tax returns and positions.
Sam received a Bachelor’s degree in accounting and a law degree from the University at Buffalo. He is licensed as a CPA in New York and is a member of the American Institute of Certified Public Accountants and New York State Society of Certified Public Accountants. He is also a member of the New York state bar.
Sam is a member of the Firm’s SEC practice. He concentrates his practice in tax planning and advisory services for …
Don has over 25 years of experience designing executive compensation and pay for performance programs, and advising management and board of public, private and tax exempt companies. Prior to joining FGMK, he spent the last 20 years working for Andersen, PwC and most recently Grant Thornton.
Don has worked with companies across virtually every industry and size. These engagements include total compensation benchmarking, annual and long-term incentive plan design, equity incentives, phantom stock arrangements, carried interest programs and non-qualified deferred compensation plans.
Don has worked with numerous clients on regulatory matters, including ASC 718, Section 409A, Section 280G and SEC proxy/CD&A disclosure. Don has served over 100 companies on ASC 718 matters since the adoption of SFAS 123R in 2005. He has delivered CPE/CLE accredited workshops on ASC 718 annually over the same time period.
Don is a frequent speaker and has published numerous thought leadership articles on topics related to executive compensation and pay-for-performance.
Don has over 25 years of experience designing executive compensation and pay for performance programs, and advising management and board …
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About Freed Maxick CPAs, P.C.
Freed Maxick CPAs, P.C. is one of the largest accounting and consulting firms in Upstate New York and a Top 100 largest CPA firm in the United States. Serving SEC companies, closely held businesses, governmental and not-for-profit clients across New York as well as nationally and internationally, Freed Maxick mobilizes high-performance professionals to guide client growth, compliance, security and innovation. They specialize in the healthcare, manufacturing, real estate, banking, agribusiness and private equity sectors and have more than 280 professional and administrative personnel, with offices in Buffalo, Batavia, Rochester and Syracuse, New York. Freed Maxick’s Tax Practice is the largest of any accounting firm in Upstate New York with over 110 personnel, including 12 tax directors. Freed has built a significant SEC Practice through years of experience auditing a wide variety of companies and has extensive knowledge in handling public and private capital transactions.
About FGMK, LLC
FGMK is a leading professional services firm providing assurance, tax and advisory services to privately held businesses, global public companies, entrepreneurs, high-net-worth individuals and not-for-profit organizations. FGMK is among the largest accounting firms in Chicago and one of the top ranked accounting firms in the United States.