CURRENT ISSUES IN U.S. ACCOUNTING FOR INCOME TAXES (ASC 740) ACCOUNTING FOR

CURRENT ISSUES IN U.S.
ACCOUNTING FOR INCOME
TAXES (ASC 740)
ACCOUNTING FOR
INCOME TAXES
(ASC 740) FACULTY:
December 15 & 16, 2014 • Bloomberg LP • New York, NY
James Hemelt
Bloomberg BNA
Arlington, VA
A two-day advanced technical update with live group instruction on key tax accounting issues facing tax
practitioners in compiling and reviewing income tax provisions under ASC 740 for the current year.
Benefits of Attending:
• Understand effective tax rate forecasting and interim reporting
• List financial disclosure issues involving derivatives
and financial products
• Discuss tax accounting issues affecting intangibles, including
goodwill, and impact on the income tax provision
• And more!
All paid attendees will receive
the Bloomberg BNA Portfolio:
#5000-4th Accounting for Income
Taxes FASB ASC 740 (a $400 value)
*One Portfolio per paid attendee.
Quantities are limited.
Earn Up to 15 CPE/CLE Credits
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U.S. INTERNATIONAL TAX
REPORTING & COMPLIANCE
December 15 & 16, 2014 • Bloomberg LP • New York, NY
Join us for a two-day session on the practical U.S. tax issues in documenting and reporting the tax and
accounting results of foreign entities and operations.
Benefits of Attending:
• Understand how the expense apportionment rules under
Reg. Sec. 1.861-8 affect foreign tax credit benefits
• Find out how the latest tax law changes affect your
company’s international tax reporting responsibilities
• Find out how companies obtain foreign tax data from
affiliates overseas for preparing Forms 5471
• Discover how to report the results of check-the-box and
other foreign disregarded entities on Form 8858
• And more!
All paid attendees will receive
the Bloomberg BNA Portfolio:
Reporting Requirements Under the
Code for International Transactions
#947 (a $400 value)
*One Portfolio per paid attendee.
Quantities are limited.
Earn Up to 16 CPE/CLE Credits
These unique courses are offered exclusively by Bloomberg BNA
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For more information, call 800.372.1033 or visit www.bna.com/taxseminars
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Peter Crocco
WTAS
Washington, DC
Ellen MacNeil
WTAS
Washington, DC
Ron Maiorano
KPMG
Toronto
Dennis Minich
WTAS LLC
Chicago
REPORTING &
COMPLIANCE
FACULTY:
Kyle Bibb
K. Bibb LLC
Dallas, TX
Eytan Burstein
McGladrey
New York, NY
Victor Gatti
KPMG
New York, NY
James Hemelt
Bloomberg BNA
Arlington, VA
Marcellin Mbwa-Mboma
Ernst & Young LLP
New York, NY
Mitchell Siegel
McGladrey
New York, NY
CURRENT ISSUES IN U.S. ACCOUNTING
FOR INCOME TAXES (ASC 740)
December 15 & 16, 2014 • Bloomberg LP • New York, NY
www.bna.com/taxseminars
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DAY ONE
8:00 AM Registration and Continental Breakfast
8:45 AM Welcome and Overview
9:00 AM Hot Issues in U.S. Accounting for Income Taxes
•Managing your tax positions-certain and uncertain
•Effective tax rate forecasting and interim reporting
•Accounting for Uncertain Tax Positions-review of applicable
rules and recent developments
•Identifying your effective tax rate drivers
•Reconciling the statutory and effective tax rate for
U.S. multinationals
10:30 AM Break for Refreshments
10:45 AM Accounting for International Operations – Part I
•Inside/outside basis issues in consolidating affiliated
group results – treatment of variable interest or
check-the-box entities
•Maintaining U.S. GAAP records for foreign subsidiaries,
branches and partnerships – consolidation v. equity method
•Translation of foreign currency statements under ASC 830
(FAS 52) – description of other comprehensive income (OCI)
•Treatment of permanently reinvested CFC earnings –
application of ASC 740-30-05 (APB 23)
•Comparison with the IFRS accounting rules
12:15 PM Luncheon
1:00 PM Organizational and Transactional Tax Accounting
Issues Facing U.S. Multinational Companies
•Common effective tax rate drivers
•Valuation allowances and losses without benefit
•ASC740 -30-05 (APB 23) considerations when
criteria are not met
•ASC740-10 (FIN48): considerations for MNCs
2:15 PM Break for Refreshments
2:30 PM Tax and Disclosure of Derivatives and
Hedging Activities
•Accounting for hedges and derivative products –
update on ASC 815 (FAS 133)
•Comparison of ASC 815 to tax rules related to
hedging and derivatives
•Common M-1 adjustments related to hedging and
derivative activities
•Financial disclosure issues involving derivatives and
financial products – comparison with the IFRS
accounting guidelines
Times/topics/speakers subject to change
©2014 The Bureau of National Affairs, Inc. All rights reserved
These unique courses are offered
exclusively by Bloomberg BNA
:::::::::::::::::::::::::::::::::
For more information, call 800.372.1033
or visit www.bna.com/taxseminars
:::::::::::::::::::::::::::::::::
4:00 PM Special Tax Accounting Issues in Reporting
the Results of Mergers, Acquisitions and
Dispositions – ASC 805 and ASC 350
•Tax accounting issues affecting intangibles, including
goodwill, and impact on the income tax provision
•Consequences of making a basis step-up election under
Sec. 338 – interrelationship with purchase accounting
•Counter-intuitive effective tax rate impact on
accounting statements
•Understanding IFRS convergence issues
5:30 PM Meeting Adjourns for the Day
DAY TWO
8:00 AM Continental Breakfast
8:45 AM The Growing Role of Valuation in
Financial Statements
•Fair value measurement
•Business combinations
•Goodwill and other intangibles
•Hedging
•Impairment
•Debt/equity determinations
10:15 AM Break for Refreshments
10:30 AM Reducing the U.S. Tax Rate on Domestic
Production Activities
•Projecting rate benefits from domestic production
activities – computing the Sec. 199 deduction in 2014
and 2015
•Determining income attributable to production activities
and QPAI amounts eligible for the deduction
•Avoiding the taxable income and W-2 wage limitations
•Preparing workpaper support for the Sec. 199
deduction – complying with footnote disclosure
– IRS audit update
12:15 PM Luncheon
1:15 PM Compensation Issues
•Review of deduction provisions affecting stock options
and other incentive pay in merger and acquisitions
•Latest developments in compensation tax issues
•Special issues involving mergers and acquisitions
•Funding non-qualified deferred compensation plans
•Interrelationship with accounting rules under IFRS
3:15 PM Meeting Ends
U.S. INTERNATIONAL TAX
REPORTING & COMPLIANCE
December 15 & 16, 2014 • Bloomberg LP • New York, NY
www.bna.com/taxseminars
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DAY ONE
8:00 AM Registration and Continental Breakfast
8:45 AM Welcome and Overview
9:00 AM Reporting the Results of Foreign Operations
• Obtaining the accounting data from overseas for preparing
and filing U.S. tax returns – identifying foreign source income
• Who are U.S. persons required to file a return with the IRS?
• Computing earnings and profits for CFCs and disregarded
entities – Schs. C, H and J, Form 5471, Form 8858
• Understanding the functional currency concept of QBUs and
joint ventures – translation of P&L and B/S items and taxes
10:30 AM Break for Refreshments
10:45 AM U.S. Tax Issues in Structuring Foreign Entities
• Special issues in structuring foreign operations for individual
S corporation or LLC shareholders in a foreign entity
• Selecting a foreign corporate or pass-through entity –
when a foreign entity can elect to be taxed as a conduit
– per se corporations
• Understanding the latest U.S. tax consequences of
making a check-the-box (CTB) election on Form 8832
• Recapture of overall foreign and domestic losses and
dual consolidated loss issues
12:15 PM Luncheon
1:30 PM Computing Direct and Indirect Foreign
Tax Credit Benefits
• Claiming direct foreign tax credit benefits – maintaining
pools of foreign taxes available for credit
• Tracking and translating Earnings & Profits on for foreign
dividend and gross-up calculations
• Applying the foreign tax credit limitation formula for
passive or general basket income and taxes
• Computation of the Sec. 78 gross-up for deemed paid
taxes – interrelationship with the Subpart F FPHCI rules
• FTC recharacterization and resourcing rules – treatment of
overall foreign and domestic losses and splitter transactions
3:15 PM Break for Refreshments
3:30 PM Expense Apportionment
• How expense apportionment affects foreign tax credit benefits
• Understanding key definitions for class of income, statutory
and residual groupings and gross income apportionment
• Application of expense apportionment to interest and
research expense – treatment of stewardship, state tax
and charitable deductions
• Learn how the expense apportionment rules limit foreign tax
credit benefits for book and tax purposes
5:00 PM Conference Adjourns for the Day
Times/topics/speakers subject to change
©2014 The Bureau of National Affairs, Inc. All rights reserved
These unique courses are offered
exclusively by Bloomberg BNA
:::::::::::::::::::::::::::::::::
For more information, call 800.372.1033
or visit www.bna.com/taxseminars
:::::::::::::::::::::::::::::::::
DAY TWO
7:30 AM Continental Breakfast
8:00 AM Corporate International Tax Compliance
• Preparation of Form 5471 – best practices for
reviewing the data
• Preparation of Schedule M, Form 5471 for reporting
intercompany transactions
• Review of key U.S. international reporting forms –
Form 926, 1118, 8858 and 8621
9:15 AM Understanding the Subpart F Provisions
• Defining CFC ownership for Subpart F purposes
• Determining Subpart F income amounts and
analyzing how Subpart F accelerates the U.S. tax
on foreign earnings
• Application of the Sec. 954(c)(6) look-through rules
• Computing the Subpart F inclusion and deemed
paid credit
• Defining Sec. 956 earnings invested in U.S. property
• Planning for distributions of Previously-Taxed Income (PTI)
• Avoiding the Passive Foreign Investment Company
(PFIC) rules
10:45 AM Break for Refreshments
11:00 AM Understanding the Rules for Computing
Foreign Exchange Gain (Loss)
• Foreign currency translation v. transaction gain (loss)
– determining the functional currency for foreign entities
under Sec. 985
• Determining the character and source of
Sec. 988 transactions
• Transactions involving branches and foreign
disregarded entities under Sec. 987 – filing Form 8858
• Translation rules for foreign taxes and
earnings and profits under Sec. 986
12:15 PM Luncheon
1:15 PM Computing the Gain from the Sale of
CFC Shares Under Sec. 1248
• How the U.S. taxes gain from the sale of shares in a CFC
• Determining gain (loss) on the liquidation of a
CFC under Secs. 331 and 332
• U.S. tax consequences of making a Sec. 338
election on the sale of a CFC
• Understanding how Sec. 964(e) applies to
dispositions of shares in lower-tier CFCs
2:30 PM Break for Refreshments
2:45 PM Transfers of Stock and Assets to a
Foreign Corporation
• How to qualify an outbound transfer of assets to a foreign
subsidiary or joint venture as tax-free under Sec. 367(a)
• Special rules for transfers of intangibles under Sec. 367(d)
• Organizing a foreign corporation or holding company –
completing a Gain Recognition Agreement (Form 8838)
• Special issues involving non-taxable mergers and
reorganizations under Sec. 367(b)
4:45 PM Conference Ends
Five Easy Ways to Register:
E-Mail:
customercare@bna.com
Telephone:
800.372.1033
Web:
www.bna.com/taxseminars
Facsimile:
800.253.0332
Mail:
Bloomberg BNA’s Customer Contact Center
3 Bethesda Metro Center, Suite 250
Bethesda, MD 20814-5377
USA
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HARDSHIP POLICY
Bloomberg BNA offers a hardship policy for CPAs and other tax and
accounting professionals who wish to attend our live conference and
seminars. Individuals must earn less than $50,000 annually in order to
qualify. For individuals who are unemployed or earning less than $35,000
per year, a full discount off the price of registration for the program will be
awarded. Individuals earning between $35,000 and $50,000 per year
will receive a 50% discount off the price of the program.
If an individual wishes to submit a case for hardship, he or she must
contact Bloomberg BNA directly at accreditations@bna.com. Please
include the following information with your request: complete contact
information, program for which a hardship reduction is being requested,
requested amount for hardship reduction, and reason for applying for
hardship. Please note that requests will not be considered until 30
days from the program date and that individuals may only apply for a
hardship reduction once within a 12-month period. Bloomberg BNA
reserves the right to make a final determination on a case-by-case
basis. Our decision for granting a hardship is final and submission
does not constitute acceptance.
CANCELLATION POLICY
If you are unable to attend this event, you may: transfer your registration to another person from your company for the same event; or
transfer your registration to a substitute event listed on our web site.
In either instance, there will be no charge or penalty for substitution.
To request a transfer, contact customercare@bna.com with the new
attendee or substitute event information more than 5 business days
prior to the conference start date. On the first day of the event, absent
attendees will be considered “no shows” and will not be eligible for
a refund, transfer, or substitute event. Cancellations must be made
in writing to customercare@bna.com more than 5 business days
before the event and will be assessed a $350 conference setup fee.
Cancellations will not be accepted if notice is received fewer than 5
business days before the event. For more information regarding administrative policies, complaints and cancellations, please contact us at
800.372.1033, or e-mail customercare@bna.com.
CPE/CLE CREDITS AVAILABLE
Bloomberg BNA is registered with the National Association of
the State Boards of Accountancy as a sponsor of continuing
professional education on the National Registry of CPE sponsors.
State Boards of Accountancy have final authority on the acceptance
of individual courses. Complaints regarding registered sponsors
may be addressed to NASBA, 150 Fourth Avenue North, Suite
700, Nashville, TN 37219-2417.
Bloomberg BNA will apply for continuing legal education credits
in any state or jurisdiction where available. For more information,
please contact Bloomberg BNA customer service at 800.372.1033
and ask to speak to the CLE Accreditations Coordinator, or email
us at accreditations@bna.com.
CONFERENCE LOCATIONS
Bloomberg LP – Tel.: 212.318.2000
731 Lexington Avenue, New York, NY 10022
Hotel accommodations are at your own discretion.
We suggest the following:
Renaissance New York Hotel – Tel: 866.240.8604
130 East 57th Street, New York, NY
Fitzpatrick Hotel Group – Tel: 800.367.7701
687 Lexington Avenue, New York, NY
DoubleTree by Hilton Hotel Metropolitan – Tel: 212.752.7000
569 Lexington Avenue, New York, NY
Fee Includes
Continental breakfasts, lunches, refreshment breaks,
Bloomberg BNA Portfolio and course materials in electronic format.
Contact Bloomberg BNA about discounts for three or
more registrants from the same company
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REGISTER EARLY & SAVE!
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Current Issues in Accounting for Income Taxes
$1295 Early Registration (up to 1 month prior to course)
$1495 Registration (within 1 month of course)
U.S. International Tax Reporting & Compliance
$1195 Early Registration (up to 1 month prior to course)
$1395 Registration (within 1 month of course)
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CURRENT ISSUES IN U.S. ACCOUNTING FOR
INCOME TAXES (ASC 740)
December 15 & 16, 2014 • Bloomberg LP • New York, NY
WHY YOU SHOULD ATTEND
Corporate tax practitioners are always advised to stay current with
the latest ASC as well as tax law changes. Such changes and
developments often impact not only the calculation of the income
tax provision but also the disclosure required in the tax footnote in
the annual as well as the interim financial statements.
Many tax practitioners are aware that the tax provision constitutes a
significant item in the financial statements. In particular, the recognition of deferred tax assets is an issue affecting all tax practitioners,
particularly in light of the increased scrutiny from auditors and regulators regarding the sufficiency of the valuation allowance. Further
the ASC 740 issues stemming from business combination transactions are often complex and present challenges in properly reporting
and disclosure of the issues. This course provides an excellent opportunity to discuss the most current trends and issues in ASC 740.
BloombergBNA is pleased to announce its popular conference, Current Issues in US Accounting for Income Tax (ASC 740), which is designed to update attendees on the latest ASC 740, and related SEC)
developments. In addition, emphasis is placed on current income tax
issues impacting the income tax provision calculations. This two-day
technical update provides in-depth coverage of key tax accounting
issues, such as the accounting for compensation and stock based
pay, business combinations, uncertain tax positions, and the financial
and tax treatment of financial obligations and hedges.
Let BloombergBNA assist you in developing and refining the skills
needed to evaluate the tax provisions. Read through our course
outline and reserve your place today at this special program.
WHO SHOULD ATTEND
This intermediate level course is designed for the corporate VP-Tax or
accounting, as well as directors, managers and their staff, including
controllers and financial executives responsible for assembling the tax
provision and financial statement preparation. This two-day course is
designed to upgrade your skills under ASC 740 and also will benefit financial analysts and investment bankers involved in evaluating
financial statements. Prerequisites: completion of our Tax Accounting Primer course, or familiarity with the basic ASC 740 rules and an
understanding of valuation allowances is necessary. This program is
nontransitional which is appropriate for experienced attorneys.
Earn Up to 15 CPE/CLE Credits
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U.S. INTERNATIONAL TAX REPORTING & COMPLIANCE
December 15 & 16, 2014 • Bloomberg LP • New York, NY
WHY YOU SHOULD ATTEND
In today’s global business environment, U.S. and foreign-based
multinational companies are expanding overseas and increasing their
cross-border business activities. The U.S. Internal Revenue Service
(IRS) has implemented extensive tax reporting requirements for
monitoring foreign activities of U.S. companies. As a result, tax
departments at multinational companies must constantly review their
global operations and filing responsibilities to stay in compliance with
the U.S. tax laws.
Bloomberg BNA is pleased to announce its Conference on U.S.
International Tax Reporting & Compliance. This two-day entry level
update session is designed to familiarize attendees with the latest IRS
reporting requirements and review the latest forms and best practices
for IRS international tax compliance.
Let our faculty show you how to calculate the amount of a Subpart F
dividend and the Sec. 78 gross-up for inclusion in U.S. income. Find
out if your company is adequately documenting its intercompany
transactions and expense apportionment methodologies. Review
recent cross-border merger and reorganization activities with our
experienced faculty and ascertain if the IRS disclosure requirements
have been satisfied. Attendees should have a fundamental understanding of U.S. international tax or should have attended the Bloomberg BNA
course on Introduction to U.S. International Tax or an equivalent course.
WHO SHOULD ATTEND
This basic level update session is designed for tax practitioners new to
the international tax area or looking to update their knowledge of the
latest U.S. international tax reporting and compliance requirements.
Attendees include corporate tax managers, tax analysts, tax supervisors
and controllers, as well as, tax accountants, attorneys and financial
executives responsible for overseeing U.S. international tax compliance
for their clients. This program with live group instruction is transitional
which is appropriate for newly admitted attorneys.
Earn Up to 16 CPE/CLE Credits
CURRENT ISSUES IN U.S. ACCOUNTING FOR
INCOME TAXES (ASC 740)
December 15 & 16, 2014 • Bloomberg LP • New York, NY
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
U.S. INTERNATIONAL TAX
REPORTING & COMPLIANCE
December 15 & 16, 2014 • Bloomberg LP • New York, NY
These unique courses are offered exclusively by Bloomberg BNA
:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
For more information, call 800.372.1033 or visit www.bna.com/taxseminars
:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
Bloomberg BNA’s Customer Contact Center
3 Bethesda Metro Center, Suite 250
Bethesda, MD
20814-5377