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Corporate Tax Fundamentals Series: The Basics of ASC 740 and §163(j)

February 15, 2019

GTM introduces the Corporate Tax Fundamentals Series – a series of quarterly, 2-hour events designed to educate junior professionals on your tax team, and act as a refresher for senior level tax professionals.

The training program is being successfully executed internally at GTM to prepare our professionals for leadership positions and achieve long-term retention of technically savvy tax personnel. We now deliver the program to you in a format that is practical, timely, and adaptable to deepen the tax knowledge of your team without disrupting your department for an entire day.

Please join us on March 21st for the first event of 2019. You will enjoy breakfast, networking, 2 CPE credits, and a comprehensive education on the topics of ASC 740 and §163(j).

Here’s what you will learn:

Session 1: The Basics of ASC740

ASC 740 remains at the top of the risk profile for material misstatements and errors in financial reporting. In a post-tax reform environment of accelerated reporting timelines, companies are often challenged with procuring knowledgeable resources that understand jurisdictional and organizational complexity. Join this session to learn the basics.

  • Journal entry basics
  • Financial reporting and disclosure requirements
  • Development of provision analytics
  • Valuation allowance

Session 2: Introduction to Business Interest Limitations Pursuant to §163(j)

The sweeping Tax Reform Act passed in late 2017 has clearly changed the landscape of tax. While the Act has many aspects with corporate tax implications, Section 163(j) is one of the areas that changed significantly compared to its prior law. Coupled with its recently issued proposed regulations, Section 163(j) is a subject matter that all tax professionals need to understand. Join this session to gain an understanding of the new business interest limitations. Specifically, we will cover:

  • Old §163(j) vs. New §163(j)
  • Overview of the proposed regulations
  • Explanation of important definitions/acronyms
  • Impact on consolidated groups and CFC’s
  • Walk-through of important calculations
  • Impact on tax accounting
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