{"id":7624,"date":"2021-03-24T18:19:13","date_gmt":"2021-03-24T18:19:13","guid":{"rendered":"https:\/\/taxops.com\/?p=7624"},"modified":"2021-04-05T15:13:52","modified_gmt":"2021-04-05T15:13:52","slug":"a-closer-look-at-accounting-for-income-taxes","status":"publish","type":"post","link":"https:\/\/taxops.com\/a-closer-look-at-accounting-for-income-taxes\/","title":{"rendered":"ASC 740: A Closer Look at Accounting for Income Taxes"},"content":{"rendered":"\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1200\" height=\"628\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" data-src=\"https:\/\/taxops.com\/wp-content\/uploads\/2021\/03\/ASC-740-a-closer-look-at-asc-740-1.png\" alt=\"\" class=\"wp-image-7648 lazyload\" data-srcset=\"https:\/\/taxops.com\/wp-content\/uploads\/2021\/03\/ASC-740-a-closer-look-at-asc-740-1.png 1200w, https:\/\/taxops.com\/wp-content\/uploads\/2021\/03\/ASC-740-a-closer-look-at-asc-740-1-980x513.png 980w, https:\/\/taxops.com\/wp-content\/uploads\/2021\/03\/ASC-740-a-closer-look-at-asc-740-1-480x251.png 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1200px, 100vw\" \/><noscript><img decoding=\"async\" width=\"1200\" height=\"628\" src=\"https:\/\/taxops.com\/wp-content\/uploads\/2021\/03\/ASC-740-a-closer-look-at-asc-740-1.png\" alt=\"\" class=\"wp-image-7648 lazyload\" srcset=\"https:\/\/taxops.com\/wp-content\/uploads\/2021\/03\/ASC-740-a-closer-look-at-asc-740-1.png 1200w, https:\/\/taxops.com\/wp-content\/uploads\/2021\/03\/ASC-740-a-closer-look-at-asc-740-1-980x513.png 980w, https:\/\/taxops.com\/wp-content\/uploads\/2021\/03\/ASC-740-a-closer-look-at-asc-740-1-480x251.png 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1200px, 100vw\" \/><\/noscript><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">By <a href=\"https:\/\/taxops.com\/davinia-lyon\/\" target=\"_blank\" rel=\"noreferrer noopener\" title=\"Davinia Lyon\">Davinia Lyon<\/a> <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Accounting for income taxes is detail-oriented, complex and time-consuming for public companies (and those looking to go public) as well as for companies without an internal tax department. Learn what you need to know, the benefits of getting it right, and where getting it wrong can derail business with this instant download.<\/p>\n\n\n\n<div style=\"height:23px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link\" href=\"https:\/\/taxops.com\/wp-content\/uploads\/2021\/02\/A-Closer-Look-at-Accounting-For-Income-Taxes.2021.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">A Closer Look at ASC 740 <\/a><\/div>\n<\/div>\n\n\n\n<div style=\"height:23px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">When it comes to ASC 740, missteps in analyzing and disclosing income tax risk can be costly, and result in material weaknesses, financial restatements and management disclosures. They can also lead to a loss of investor confidence, drop in stock price and business distractions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Painstaking attention to detail and deep knowledge are critical to accurately calculating and reporting income tax provisions and uncertain tax positions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Explore how accounting for uncertain tax positions can reduce your tax risk, smooth out tax liabilities, and improve financial statement transparency in A Closer Look at ASC 740: Accounting for Income Taxes. Having the in-depth knowledge, tax technical understanding, and experience to manage estimates and assumptions related to tax provisions is critical to getting ASC 740 calculations and disclosures right. The requirements and common pitfalls of complying with ASC 740 are explored in this White paper as we answer:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00b7 Why do companies struggle with accounting for income taxes?<br>\u00b7 Why does accounting for income taxes matter?<br>\u00b7 What are the common pitfalls associated with accounting for income taxes?<br>\u00b7 How do I get started?<\/p>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link\" href=\"https:\/\/taxops.com\/contact\/\">Get in Touch<\/a><\/div>\n<\/div>\n\n\n\n<div style=\"height:43px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Learn More<\/h3>\n\n\n\n<h2 class=\"has-text-align-center wp-block-heading\"><strong>&#8220;A Practical Approach to ASC 740&#8221;<\/strong><\/h2>\n\n\n\n<h2 class=\"has-text-align-center wp-block-heading\">November 11, 2021 | 1:00-4:30 pm MT<\/h2>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">A 3 1\/2 hour CPE class delving into the basic concepts and practical implications of accounting for income taxes, sponsored by CPE4U. Registration Opening Soon. Subscribe to Tax News for registration details.<\/p>\n\n\n\n<div style=\"height:31px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Learning Objectives<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list\"><li>Understand the principles of ASC 740, types of taxes and the business application<\/li><li>Connect the dots on a provision with receivables, deferred taxes and liabilities, uncertain tax position, valuation allowance and tax expense<\/li><li>Recognize the difference between accounting estimates and errors, and the impact of variable tax rates on each component<\/li><li>Appreciate income tax accounting for stock-based compensation<\/li><li>Identify legal, regulatory and situational issues that impact accounting for income taxes<\/li><li>Explain the impact of business combinations on ASC 740<\/li><li>Define the transfer pricing methodology as it relates to ASC 740<\/li><li>Learn how to communicate with auditors<\/li><li>Distinguish between International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP) tax accounting treatment<\/li><li>Explore frequently asked questions<\/li><\/ul>\n\n\n\n<div style=\"height:31px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"wp-block-heading\">Faculty<\/h4>\n\n\n\n<h4 class=\"wp-block-heading\"><a href=\"https:\/\/taxops.com\/davinia-lyon\/\" target=\"_blank\" rel=\"noreferrer noopener\" title=\"Davinia Lyon\">Davinia Lyon<\/a>, CPA, partner at TaxOps<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Davinia Lyon is a dynamic and diversified tax expert with more than 25 years of public and private accounting experience. She specializes in corporate and international tax and planning, including&nbsp;income tax provisions (ASC 740), business strategy tax impact analysis, transfer pricing, foreign compliance and reporting, M&amp;A transaction and entity restructuring. She counsels clients under audit and in their efforts to develop corporate tax departments and related support areas. Formerly with EY, Davinia came to TaxOps from Jacobs Engineering, where as senior tax director of global tax accounting and transfer pricing, she oversaw the integration of international tax teams in the merger with CH2M in December 2017, creating a $15 billion in revenue combined entity. Davinia holds a Master of Taxation from the University of Denver and an Accounting and Business Administration degree from Dordt College.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><a href=\"https:\/\/taxops.com\/Lindsay-Haskell\/\" target=\"_blank\" rel=\"noreferrer noopener\">Lindsay Haskell<\/a>, CPA, senior tax manager at TaxOps<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">With an eye for what is practical, Lindsay Haskell brings private and public sector experience in corporate, income tax provision (ASC 740) and compliance as well as indirect tax experience to creating solutions that work for businesses.&nbsp; Previously, Lindsay spent time at EY handling tax compliance and provision for corporate, international, federal, and state and local projects. She also worked in private industry at Webroot Inc., which was acquired by carbonite, Inc., in March 2019, where she performed cross-functional compliance and planning integration across tax disciplines. Lindsay holds a Master of Science in Accountancy from Bentley University McCallum Graduate School of Business.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sponsored by <a href=\"https:\/\/www.cpe4ucolorado.com\/\" target=\"_blank\" rel=\"noreferrer noopener\" title=\"CPE4U\">CPE4U<\/a> <\/p>\n\n\n\n<div style=\"height:41px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">More Tax News<\/h3>\n\n\n<ul class=\"wp-block-latest-posts__list wp-block-latest-posts\"><li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/taxops.com\/auditor-independence-in-the-age-of-private-equity\/\">Auditor Independence in the Age of Private Equity: What CFOs Need to Know<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/taxops.com\/r-d-credits-for-software-companies\/\">R&amp;D Credits for Software Companies: Scrum Teams, Qualifiers, and Section 174 After OBBBA<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/taxops.com\/section-174-decoupling-what-tax-pros-need-to-know-state-by-state\/\">Section 174 Decoupling: What Tax Pros Need To Know State By State<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/taxops.com\/sean-espy-new-partner\/\">TaxOps Welcomes Sean Espy as Partner, Tax Minimization<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/taxops.com\/state-nexus-demystified-navigating-tax-compliance-after-wayfair-episode-1-2\/\">Your Tax Footprint Is Probably Bigger Than You Think: What Finance Leaders Need to Know About State Nexus<\/a><\/li>\n<\/ul>\n\n\n<div style=\"height:41px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Davinia Lyon Accounting for income taxes is detail-oriented, complex and time-consuming for public companies (and those looking to go public) as well as for companies without an internal tax department. Learn what you need to know, the benefits of getting it right, and where getting it wrong can derail business with this instant download. [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":7648,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","spt_transcript":"","footnotes":""},"categories":[230,226],"tags":[695,694,696,309,36],"class_list":["post-7624","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asc-740","category-tax-news","tag-accounting-for-income-tax","tag-asc-740-2","tag-fin-48","tag-financial-statement","tag-income-tax"],"aioseo_notices":[],"jetpack_featured_media_url":"https:\/\/taxops.com\/wp-content\/uploads\/2021\/03\/ASC-740-a-closer-look-at-asc-740-1.png","_links":{"self":[{"href":"https:\/\/taxops.com\/wp-json\/wp\/v2\/posts\/7624","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/taxops.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/taxops.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/taxops.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/taxops.com\/wp-json\/wp\/v2\/comments?post=7624"}],"version-history":[{"count":13,"href":"https:\/\/taxops.com\/wp-json\/wp\/v2\/posts\/7624\/revisions"}],"predecessor-version":[{"id":7682,"href":"https:\/\/taxops.com\/wp-json\/wp\/v2\/posts\/7624\/revisions\/7682"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/taxops.com\/wp-json\/wp\/v2\/media\/7648"}],"wp:attachment":[{"href":"https:\/\/taxops.com\/wp-json\/wp\/v2\/media?parent=7624"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/taxops.com\/wp-json\/wp\/v2\/categories?post=7624"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/taxops.com\/wp-json\/wp\/v2\/tags?post=7624"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}