ASC 740 Income Tax Accounting: Recent Trends and Developments
Accounting for income taxes under ASC 740 have always been one of the United States' most controversial topics. Although there had already been several accounting models for income tax, this particular field still poses a challenge for corporate accountants and tax professionals. Knowing the basics in ASC 740 income tax accounting is a step in leveraging a company's income tax provisions.
This course offers an overview of the latest trends and best practices with respect to income tax accounting under ASC 740. A panel of key thought leaders and practitioners organized by The Knowledge Group will help companies better understand how to apply this significant topic to their companies and clients. They will also provide an in-depth discussion to help you understand the critical elements of accounting models for income taxes and the necessary calculations and allocations for reporting a company’s income tax provisions.
Key issues that will be covered in this course are:
- ASC 740 - Income Taxes
- Common Challenges Encountered in Income Tax Accounting
- ASC 740 - Recent Trends and Developments
- Tax Accounting Rules for Valuation
- Discussion of the Four ASC 740 Subtopics
Samuel C. DiSalvo, Tax Director
Freed Maxick CPAs, P.C.
Recent Developments concerning the Accounting for Income Taxes under ASC 740:
- Implementation of ASU 2016-09 Equity Based Compensation.
- Proposed ASU on Changes to the Disclosure Requirements for Income Taxes.
- Simplification related to the tax consequences for intra-entity asset transfers.
- Reminder for balance sheet classification of deferred taxes.
Douglas I. Schwartz, CPA/CFF, Cr.FA, Director
Marks Paneth LLP
Uncertain Tax Positions under ASC 740-10 (formerly FIN 48)
- Standards for Disclosure: Financial Statements vs. Schedule UTP
- Survey of Multinational Tax Issues (including State Taxes)
- Pitfalls and Best Practices
Who Should Attend:
- Financial Planners and Executives
- Internal Audit
- Tax Attorneys
- Tax Auditors
- Tax Executives and Directors
- Tax Professionals
- Tax Advisers and Consultants
- Income Tax Professionals
- Tax Practitioners
- Other related/interested Professionals and Organizations
Samuel C. DiSalvo is a Director with Freed Maxick’s Tax Practice. Prior to joining the Firm, Sam spent over 30 years in the accounting profession with both Big Four firms and private industry. During this time, he gained significant experience with mergers and acquisitions, corporate taxes and compliance, and financial statement tax accounting. As part of his overall experience, Sam 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. At the end this tour he was asked to become one of the original members of the newly created “swat” team that focused exclusively on the R&D credit.
Sam is responsible for providing day-to-day tax advisory services, coordinating, and supervising the preparation of the corporate income tax returns, and reviewing the annual and quarterly provisions for income taxes for both publicly held and privately held corporations. Sam is a member of the Firm’s CSP360 practice group which is a national practice that provides specialty tax services, such as cost segregation and research credit studies, to middle-market CPA Firms. Sam also concentrates his practice on joint venture tax matters, merger and acquisition issues, and corporate taxes as well as ASC 740 issues such as purchase accounting, valuation allowances, and international issues. He has significant experience in identifying tax opportunities in connection with the due diligence reviews of companies’ prior year tax returns.
Samuel C. DiSalvo is a Director with Freed Maxick’s Tax Practice. Prior to joining the Firm, Sam spent over 30 …
Douglas I. Schwartz, CPA/CFF/CGMA, CFE, is a Director in Marks Paneth’s Advisory Services group. Schwartz brings more than three decades of experience in tax, forensic accounting, business valuations and litigation support. His areas of expertise also include accounting for income taxes and international tax services for private equity firms, their portfolio companies and hedge funds.
Prior to joining Marks Paneth, Schwartz served in several management positions at large accounting firms, as well as the Senior Vice President of Tax at The Blackstone Group, before forming his own tax and advisory firm in 2013. Doug began his career with Arthur Andersen where he was a senior tax manager.
Douglas I. Schwartz, CPA/CFF/CGMA, CFE, is a Director in Marks Paneth’s Advisory Services group. Schwartz brings more than three decades …
Print and review course materials
Method of Presentation:
Experience in taxation law
NASBA Field of Study:
Accounting - Technical
NY Category of CLE Credit:
Areas of Professional Practice
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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 Western New York and a Top 100 largest CPA firm in the United States. Serving closely held businesses, SEC companies, 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. Freed Maxick specializes in the healthcare, manufacturing, real estate, banking, agribusiness and private equity sectors, and has more than 300 professional and administrative personnel and offices in Buffalo, Batavia, Rochester and Syracuse, New York. Visit www.freedmaxick.com or follow us on Twitter @FreedMaxickCPAs.
About Marks Paneth LLP
Marks Paneth LLP, a premier accounting firm with origins dating back to 1907, is ranked the 30th largest accounting firm in the nation and one of the top 10 largest in the Mid-Atlantic region, as reported by Accounting Today. With a team of nearly 700 professionals, including more than 90 partners, Marks Paneth provides a full range of audit, accounting, tax, consulting, trade remediation and valuation services, as well as litigation, forensic accounting and financial advisory services. We primarily serve domestic and international middle market, privately-held and family-owned businesses, as well as high-net-worth individuals and their families. Readers of the New York Law Journal have ranked Marks Paneth as one of the area's top three forensic accounting firms for six consecutive years.