IRS Form 1099, 1099-NEC, and Form 1099-MISC: Advanced Issues and Updates

Impact of the CARES Act on Measurement of Deferred Tax Assets and Net Operating Losses (OnDemand Webinar)

$99.00

SKU: 407579EAU

Description

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 (COVID19) pandemic, the U.S. Federal Government passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L.116136). 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.

Date: 2021-04-09 Start Time: End Time:

Learning Objectives

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

AIPB ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.

John P. Garcia, CPA, M.B.A.-Corporate Tax Advisors