THE 7TH ANNUAL DALLAS CPA
SOCIETY EDUCATION CONFERENCE
Tax Director Roundtable
A Panel Discussion
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Julie Hargrove
Jim Miles
Susan Whittaker
Carol Salaiz
7-Eleven, Inc
Lehigh Hanson, Inc
FirstGroup America, Inc
Ecom Atlantic, Inc
Agenda
• Accounting for income Tax (ASC 740)
• Running a “Best Practices” Tax Dept
• Corporate Tax update
• Q&A
Accounting for Income Tax (ASC 740)
Facilitator – Jim Miles
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Deferred Tax Assets
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Supporting DTA’s
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Inclusion of Non-Current Tax Liability
Projected profits
Number of loss years
Tax Planning Strategies
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Timing differences
Projected profits
Tax planning strategies
Scheduling Timing Differences
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Status when Deferred Taxes are net liability
Status when Deferred Taxes are net assets (Naked or Uncovered)
IFRS v. US GAAP
Feasibility
Rep letters
Steps towards implementation
Other Considerations
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Auditors
Industry – Cyclical
Running a “Best Practices” Tax Department
Facilitators – Carol Salaiz and Susan Whittaker
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Staffing
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Risk
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Communication with Boards and Upper Management
Training and Education
Record Retention
Managing Audits
Succession Planning
Relationships: Knowing what’s going on!
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In the field or in the department
Organized by type of tax vs line of business vs technical expertise
Flexible hours; telecommuting
Project Management Skills
Compliance vs. Planning
Outsourcing
Upper Management
Operations
Accounting
Internal Media
Effect of Technology
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Paper vs electronic workpapers
Direct access to accounting information
Email (the good and the bad)
Corporate Tax Update
Facilitator – Julie Hargrove
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Bonus Depreciation for Qualified Property
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Uncertain Tax Positions (UTP)
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Requires qualified corporations to report UTP on 2010 tax return
Qualified corporations = assets equal or exceed $100 million (reduced to $50 million in 2012
and $10 million in 2014)
Report only current year UTP
Rank UTP by size
Provide a concise description of the tax position
Foreign
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January 1, 2010 to September 8, 2010 – 50% bonus depreciation
September 9, 2010 to December 31, 2010 – 100% bonus deprecation
January 1, 2011 to December 31, 2011 – 100% bonus depreciation
January 1, 2012 to December 31, 2012 – 50% bonus deprecation
State IRC Conformity Depreciation Rules
Foreign Bank Account Reporting
Foreign Tax Credit Splitting
Information Reporting
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Repeal of Expanded Form 1099 Information Reporting
Payment card reporting
Q&A