Description
Learn how to use tax accounting to uncover opportunities to utilize expiring tax assets and postpone the recognition of deferred tax liabilities.To minimize significant financial damages caused by the Coronavirus (COVID19) pandemic, the U.S. Federal Government passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L.116136). This legislation was a mixture of direct relief, loans, aid for public transit, and supplemental relief totaling over 2T dollars. The purpose of this topic will be to identify the impact this legislation has for tax provision purposes under US GAAP ASC 740 income taxes. The two pieces of the CARES Act. that we will specifically focus on are the payroll tax deferral program and expansion of net operating loss utilization. We will also cover ways to effectively use tax accounting to uncover opportunities to utilize expiring tax assets and postpone the recognition of deferred tax liabilities.
Date: 2021-04-09 Start Time: End Time:
Learning Objectives