Accounting for Income Taxes

June 12 - 13, 2017 - New York, NY

Early Registration $995 (by May 13) Regular Registration $1195 Groups of 2 or More Save $200 Off Each Registrant

The seminar will provide tax executives an understanding of the internal revenue code complexities of corporate financial statements. This seminar will focus on the intricacies of accounting for U.S. income taxes, ensure that your financial statements contain necessary disclosures, account for effects of changes in tax laws or rates and incorporate uncertain income tax positions. 

This seminar is for corporate accounting, tax and finance executives, tax specialists and Certified Public Accountants.  There is no prerequisite or advance preparation for this basic level, group live seminar. Earn Up to 10 CPECredits

Monday, June 12, 2017

8:00 AM Continental Breakfast

9:00 AM Current Tax Provision; Credits and Common Book Tax Differences

  • Current taxes per return
  • What taxes are included
  • Permanent differences vs. temporary differences
  • Credits
  • Common Book-Tax Differences
  • Depreciation and amortization
  • Timing of recognition of income
  • Timing of deductions
  • Book vs. tax concepts of income and deduction

Raymond Werth, Partner, Grant Thornton LLP, New York, NY
Eritt Sinkko, Manager, Tax Accounting Risk Advisory Services, Grant Thornton LLP, New York, NY

10:30 AM Refreshment Break

10:45 AM Deferred Taxes and Valuation Allowances

  • Tax provision on temporary differences
  • Computing deferred tax
  • Recognition and measurement
  • Presentation as operating income of OCI
  • Deferred tax liabilities:  when to recognize
  • What is a deferred tax asset?
  • Uncertainty of recognition of assets
  • Examples

Joanna Zong, Senior Manager, KPMG LLP, New York, NY
Julie C. Pompa, Manager, KPMG LLP, New York, NY

12:15 PM Networking Luncheon

1:00 PM Disclosure Rules

  • Tax accounts in income statement and balance sheet
  • Tax footnote requirements
  • Rate reconciliation
  • Additional disclosures
  • Examples

Joanna Zong, Senior Manager, KPMG LLP, New York, NY
Julie C. Pompa, Manager, KPMG LLP, New York, NY

2:15 PM ASC 740 Tax Contingencies

  • Identifying Uncertain Tax Positions (Recognition)
  • More-likely-than not standard
  • Measuring UTPs
  • Disclosure
  • Workpaper Documentation

Raymond Werth, Partner, Grant Thornton LLP, New York, NY
Eritt Sinkko, Manager, Tax Accounting Risk Advisory Services, Grant Thornton LLP, New York, NY

3:15 PM Refreshment Break

3:30 PM Interim Period Taxes

  • The basic approach to recognition of taxes in interim period – use of estimate of annual global tax rate from recurring operation (i.e., tax effect of “ordinary income”)
  • Tax effects of discrete period items (e.g., OCI, discontinued operations, APIC)
  • Exceptions to the basic approach
  • Unique aspects of interim period tax accounting (e.g., NOL utilization, valuation allowance, “naked credit”, exception to “with and without”, business combinations)
  • Required disclosures
  • SEC comment letters

Sallie Nold, Director, PricewaterhouseCoopers LLP, New York, NY
Ryan Umali, Manager, PricewaterhouseCoopers LLP, New York, NY

5:00 PM Seminar adjourns for the day

Tuesday, June 13, 2017

8:00 AM Continental Breakfast

9:00 AM Business Combinations and Intercompany Transactions

  • Overview of purchase accounting
  • Basis differences in assets arising in business combinations
  • Amortizable acquired assets
  • Goodwill
  • Intercompany pricing

Elizabeth Herzberg, Director, PricewaterhouseCoopers LLP, New York, NY
Ian Jones, Manager, PricewaterhouseCoopers LLP, New York, NY

10:15 AM Refreshment Break

10:30 AM APB 23 (AC 740.30.25), U.S. International Implications and Foreign Operations

  • Worldwide tax provision as if fully remitted
  • Impact of withholding taxes
  • Exception for earnings indefinitely invested
  • U.S. GAAP vs. foreign GAAP accounting issues
  • Deferred taxes on foreign income
  • Reporting for branches, partnerships and disregarded entities
  • Computing tax on foreign income
  • Gain under FAS 52

Katherine Wu, Executive Director, Ernst & Young LLP, New York, NY

12:00 PM Seminar Conclude

Conference Location:

Networking Seminars Conference Room c/o Regus
1501 Broadway (between 43rd & 44th Streets), 12th Floor
New York, NY 10036
Phone: 1 646 571 2000

Hotel accommodations will be recommended after registration - Times Square Location.

Speaker Biographies

Elizabeth Herzberg is a Director with PricewaterhouseCoopers LLP in New York and has over 10 years’ experience in public accounting. She has significant experience with accounting for income taxes and regulatory reporting.  Her clients include large financial institutions, consumer finance entities and multinational corporations both public and private. She has a broad technical background encompassing multiple industries including both domestic and inbound entity structures.  Elizabeth Herzberg obtained her B.S.B.A from the University of Pittsburgh and is a licensed Certified Public Accountant.

Ian Jones is a Tax Manager in PricewaterhouseCoopers LLP's banking, capital markets, and insurance (BCMI) practice with over 6 years of experience providing tax services to multi-national enterprises. He regularly consults with clients in various industries, including insurance, real estate, leasing, broker dealer and asset management, on technical legislative and tax planning matters as well as tax accounting issues. Previous projects include foreign and domestic acquisitions and liquidations reporting, tax restructurings, tax planning for cash and rate management, and deferred tax validation.  Ian's experience also includes several years at a publicly traded asset management firm with broker-deal operations, where he was responsible for tax accounting and reporting. He is a CPA through the state of New Hampshire, has a Bachelor’s in Economics from Cornell University, and a Master’s of Science in Taxation from Northeastern University. He is a CPA through the state of New Hampshire, has a Bachelor’s in Economics from Cornell University, and a Master’s of Science in Taxation from Northeastern University.

Sallie Nold is a Director with PricewaterhouseCoopers LLP in New York and has over 14 years of experience assisting multi-national and regional corporations navigate the complexities associated with accounting for income taxes, including financial reporting and the assessment, design and operation of tax controls.  She has been extensively involved with tax planning, compliance and acquisition planning and structuring.  Sallie received her undergraduate degree in accounting from the College of William and Mary.  She is a member of the American Institute of Certified Public Accountants and is a licensed CPA in North Carolina and Virginia. 

Julie Pompa is a tax senior manager in KPMG’s New York Financial Services, Business Tax Services Practice.  She has more than 9 years of experience in tax compliance, consulting, and ASC 740 review for multinational public and private banking, insurance, and asset management companies.  She also reviews and prepares interim and year-end tax provisions, and has extensive experience establishing and testing internal controls for purposes of Sarbanes-Oxley 404.  Julie has a B.S. in Accounting from the University of Kansas, a Masters in Accounting with an emphasis in Taxation from the University of Kansas, and is a Certified Public Accountant in New York.

Eritt Sinkko is a Manager, Tax Accounting Risk Advisory Services at Grant Thornton LLP. Eritt leverages his ASC 740, Accounting for Income Taxes, experience to assist corporations in preparing for the complexities of financial reporting for income taxes. Eritt has 5 years of tax experience servicing commercial and service companies.  He has experience managing compliance and ASC 740 – Accounting for Income Taxes projects for multinational privately-held and publicly-traded companies.   He is a member of American Institute of Certified Public Accountants and the New York State Society of Certified Public Accountants.  He earned his B.S. in Accounting and Masters in Accountancy from Case Western Reserve University.

Ryan Umali is a Tax Manager in PwC's banking, capital markets, and insurance (BCMI) practice with 9 years of experience providing tax services related to technical, compliance, legislative, and planning matters as well as tax accounting issues.  He has experience with multi-national and regional clients in various industries, including international banking, broker dealer, and investment advisory and management. Ryan is a CPA in the State of New York and a member of the AICPA.  He obtained both a B.S. in Accounting and a Master of Business Taxation from the University of Southern California.

Katherine (Kathy) Wu is an Executive Director with Ernst & Young LLP’s Tax Services practice in Iselin, New Jersey.  Kathy focuses on tax accounting and international tax assisting US multi-national corporations with foreign tax credit planning, earnings and profits studies, tax compliance, foreign branch planning, tax provision process improvement, income tax balance sheet validation, and FIN 48 analysis.  Kathy has assisted many large U.S. multinational companies with their yearend tax provisions. Kathy teaches foreign tax credit and tax accounting subjects at internal EY training and is an adjunct professional at Monroe College. Katherine received her B.A. degree from Washington University in St. Louis and her M.S. degree in Taxation from Seton Hall University.  Katherine is a Certified Public Accountant licensed in New Jersey and New York.  Kathy is a member of the American Institute of Certified Public Accountants and the New Jersey Institute of Certified Public Accountants. 

Raymond Wyeth is a Partner at Grant Thornton in New York.  He orchestrates the execution of projects blending a practical technician approach along with his extensive ASC 740, Accounting for Income Taxes expertise. Raymond’s approach to every project is to simplify the technical, ease the burden, and execute with finesse. Raymond has over 15 years of tax experience with commercial and service companies. His technical expertise includes Corporate, Partnership and S-Corporation taxation., as well as extensive experience with ASC 740 – Accounting for Income Taxes and Accounting for Uncertainty in Income Taxes.  Raymond’s robust experience includes both domestic and foreign operations, publicly-traded as well as privately-held companies.  Raymond actively participates in the Financial Executives Insitute (“FEI”), New York Chapter. As the Sponsor contact, Raymond works with FEI membership and Grant Thronton to bridge the need for industry specific thought-leadership.  Raymond is working extensively with professional service, manufacturing and cloud- based entities. These dynamic companies range from $8 billion in sales to start-up companies.  Raymond’s extensive experience and education allow him to assist at all cycles of an entity’s life and deliver his technical expertise ensuring the Grant Thornton experience.  Raymond serves as the lead on his assignments, assisting Companies with the complexity inherent in ASC 740, Mergers and Acquisitions, Reorganizations, Tax optimization strategies for flow-through entities, in addition to foreign tax analysis. Orchestrating these assignments requires Raymond to coordinate with Grant Thornton International Affiliates, giving Raymond a worldwide network within Grant Thornton. He received his B.S. from West Chester University in Accounting and his Masters of Taxation from Villanova University.

Joanna Zong is a tax senior manager in KPMG’s New York Financial Services, Business Tax Services Practice.  She has more than 10 years of experience serving multinational public and private banking corporations.  Joanna has extensive experience in preparation and review of interim and year-end income tax provision for large multi-national domestic and foreign financial institution clients. Joanna is in charge of tax compliance projects for large domestic and international financial institution clients, including both tax preparation and review of client prepared consolidated tax returns. Joanna conducts research and draft technical memoranda related to international, federal and multi-state income tax issues. Joanna is often involved in tax audits and responding to inquiries and notices from the IRS and other tax authorities. Joanna consults with her clients on technical, legislative and tax planning matters. Joanna earned her Bachelors of Arts in English from Nanjing University, China; her Master of Business Administration from College of Saint Rose; her Master of Professional Accountancy in Taxation from Indiana University and is a Certified Public Accountant in New York.