Accounting for Income Taxes: FAS 109 / FIN 48 - Workshop CPE 8 Credit Hours

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1 Accounting for Income Taxes: CPE 8 Credit Hours *** IN-FIRM TRAINING *** Course Outline below Provider of Continuing Professional Education (CPE) to CERTIFIED PUBLIC ACCOUNTANTS WEST Las Vegas Los Angeles CENTRAL Chicago Dallas Houston The Best in Tax Law Training EAST Atlanta Boston Ft. Lauderdale New York City Philadelphia Miami Sarasota Washington, D.C. Barranca Tax Law CPE Seminars (formerly Steven Barranca, LLC) is registered with the National Association of State Boards of Accountancy (NASBA) 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 for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN or by visiting the web site: Copyright 2011 by Steven C. Barranca

2 Course Outline To Arrange an In-Firm Training Program for Your Firm: Call us at (732) Accounting for Income Taxes: TOPICS 1. FAS 109 Comprehensive Coverage & Case Studies 2. FIN 48 Comprehensive Coverage & Case Studies 3. Fed Sch. M-3: Roadmap to Book/Tax Differences 4. Federal, State, and Foreign Tax Issues 5. Reportable Transactions and Federal Tax Disclosure Requirements Designed For: Professionals responsible for preparing and reviewing the tax accrual and accompanying note disclosures. Learning Objective: The participant will be able to properly prepare or review a tax accrual and note disclosures for a public or private company. The participant will also learn how to identify, document and properly report uncertain tax positions in compliance with FIN 48. FOR Partners Managers Seniors Staff In Public Accounting or Private Industry COURSE MATERIALS: Technical and Thorough VISUAL AIDS: Power Point Presentation SPEAKER: Steven C. Barranca, CPA (more below) 2

3 MORNING SESSION 8:30am 10:15am (1 hour, 45 minutes) Tax Accounting Concepts 1. Federal Tax Accounting Cash vs. Accrual Method NOL Carryback Rules 2. State Tax Nexus Issues 3. Foreign Tax Considerations 4. Book-Tax Differences Permanent Items Temporary Items Course Outline Fed. Schedule M-3: Roadmap To Book-Tax Differences 1. C Corporations 2. S Corporations 3. Partnerships 10:15am 10:45am (30 minutes) MORNING BREAK 10:45am 12:00pm (1 hour, 15 minutes) Reportable Transactions and Federal Tax Disclosure Requirements 1. Review Current List of Reportable Transactions Listed Transactions Confidential Transactions Transactions with Contractual Protection Loss Transactions Transactions of Interest 2. Federal Forms 8275 and 8275R 12:00pm 12:45pm (45 minutes) LUNCH BREAK 3

4 AFTERNOON SESSION 12:45pm 2:35pm (1 hour, 50 minutes) Course Outline FAS 109: Concepts 1. Blended Rate Computation State Taxes Net of Federal Benefit Blended Rate vs. Effective Rate 2. Tax Accrual Computation 3. Deferred Tax Assets & Liabilities 4. Valuation Allowance 5. Rate Reconciliation 6. Note Disclosures 7. Nonqualified Stock Options 8. Alternative Minimum Tax (AMT) FAS 109: CASE STUDIES 1. Basis Tax Accrual 2. Change in Valuation Allowance 3. Change in Statutory Rate 4. NOL Carryback 5. Fed NOL Carryback / State NOL Carryforward 6. Nonqualified Stock Options Equity Transaction 7. Conversion: C corporation to S corporation 8. Conversion: S corporation to C corporation 2:35pm 3:00pm (25 minutes) AFTERNOON BREAK 3:00pm 4:50pm (1 hour, 50 minutes) FIN 48: Concepts 1. Financial Statements, Taxes, and Entities Subject to FIN FIN 48 Mechanics: Overview Inventorying Tax Positions Classifying Tax Positions as Uncertain or Routine Business Transactions Recognizing and Measuring the Tax Benefits Documenting Uncertain Tax Positions Subsequent Changes in Tax Benefits Penalties and Interest Disclosure FIN 48: CASE STUDY 1. Information Request and Documentation 2. Affect on FAS 109 Tax Accrual 3. Disclosures 4

5 Course Outline Program Details Time 8:30am 4:50pm Course title Accounting for Income Taxes Method of presentation Group-Live: Lecture, discussion, question and answer Recommended CPE credit 8 hours Field of study Accounting Prerequisite Knowledge in taxation Advance Preparation None Course level Intermediate Developer Steven C. Barranca, CPA Registration / Fee To be determined in accordance with our fee schedule (available upon request) and in advance of date of in-firm seminar presentation. Refunds and Cancellation Refunds will be issued for seminars provided written notice of cancellation is received 10 business days prior to the course date. Transfers and substitutions available for members of same firm only. For information call Steven Barranca at Complaint Resolution For information regarding administrative policies such as complaint and refund resolution, please contact our offices at: (732) Speaker STEVEN C. BARRANCA, CPA Professional Experience: Steven Barranca has over 25 years of public accounting experience and is a tax principal with a NYC regional accounting and consulting firm. Steve consults frequently on FAS 109 tax accrual matters for public and middle-market companies. Steve also specializes in the taxation of real estate partnerships. Steve has extensive experience real estate developers, investors, operators, syndicated real estate deals, tiered-entitystructures, low-income housing projects, UPREIT structures and compliance matters, tax-exempt investors, and Section 1031 like-kind exchanges. Steve also works heavily with corporate and partnership debt workouts. Speaking: Steven Barranca is a frequent speaker on FAS 109 issues. He also speaks frequently on partnership taxation and real estate transactions. Steve is an adjunct professor with New York University (NYU) and teaches accounting, finance and taxation in the NYU Graduate Real Estate Program. Steve Barranca has been invited to speak at various high profile events including the AICPA National Real Estate Conference (2000, 2001, 2005), AICPA Small Business Practitioners Tax Forum (2006), NYSSCPAs Annual Real Estate Tax Conference (2007), NYSSCPAs Annual Tax / Plenary Conference (2003, 2006), NYSSCPAs Westchester Annual Tax Conference (2000, 2001, 2002, 2003), and DFK International, Inc. Multidisciplinary Conference (2005, 2007, 2011). 5

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