Tax Accounting Committee Meeting (1/2 day conference- in person only)

100 Cabot Street,Needham MA 02494

18 November, 2022

Description

Tax Accounting Committee Meeting Date: November 18, 2022 Time: Registration & Breakfast starts at 7:30 AM and Presentations are from 8:30 am to 12:30 pm . CPE: This qualifies for 4 CPE/ CLE hours. Place: Sheraton Needham (100 Cabot Street, Needham, MA 02494) Cancellations must be made thru Eventbrite or email [email protected] by November 17, 2022 Event Details AGENDA 7:30 - 8:30am – Breakfast and Networking 8:30 - 8:40am – Opening Remarks 8:40 - 9:30am - GloBE Tax/Pillar 2 Bill Connolly (Director National Tax Office ASC 740 services) & Matt Williams (Specialized tax services international) will lead a discussion of the status of the tax regime, expected timing of implementation as well as review the technical aspects of several chapters including examples of various calculations. 9:30-10:00am - Inflation Reduction and CHIPS ACT Dan Newton (Partner National Tax Office ASC 740 services), Tom Faas (Director National Tax Office ASC 740 services) and Michael Williams (National Practice Leader ASC 740 & Tax Risk Services) During the third quarter the above two tax bills were passed. In this session the ASC 740 consequences of the legislation will be analyzed as well as the accounting for the monetization of the tax credits. 10:00-10:20am - Break 10:20-11:05am - ASC 740 Technology Update The use of technology in provisioning is an important aspect of the overall process to improve accuracy and in assisting the ability to meet tight closing deadlines. Cristin Boynton (Stamford) and Herb Locker (Philadelphia) both Directors in the BDO Tax Automation and Innovation practice will review best practices in this area as well as the status of existing software products. 11:05-11:45am - Complicated Tax Accounting Issues Tom Faas and Mike Williams will review some of the more complicated tax accounting issues that companies face in business combinations (includes contingent consideration issuances, accounting for goodwill upon acquisition and accounting for deferred revenue after the issuance of ASU 2021-08 as well as valuation accounting matters to consider in the business combination). In addition, accounting for the issuance of convertible debt will be analyzed. 11:45-12.05am – Income Tax Internal Control update Internal controls surrounding income taxes are a focal point for both auditors and the PCAOB. The failure to properly maintain and test internal controls can lead to the assessment of a materials weakness as well as disclosure in the financial statements. Dan Newton will discuss what BDO has seen in the marketplace as well as describe the firm’s process in this area in both the audit function and in assisting non audit clients in the development and maintenance of controls. 12:05-12:30am – Year-End Reminders, Traps for The Unwary, Closing Remarks and Wrap-Up The group will point out matters to consider at year end which include disclosures, valuation allowance assessments including scheduling, accounting for share based compensation and the interaction with Code Sec. 162(m) as well as other topics. Price: Member- early registration (by 11/8/22): $90 Non-Member- early registration (by 11/8/22): $100 Member registration: $125 Non-Member registration: $135 Statement on Covid-19:TEI New England Chapter is pleased to welcome the in-house tax community back to in-person events! Our top priority remains ensuring the health and safety of our attendees, sponsors, and speakers, and by observing COVID-19 safety guidelines, we believe that we, along with our partners at the Sheraton Needham, can foster a safe, welcoming environment for everyone.To attend the event, participants must agree to comply with all COVID protocols established by TEI for the event. Participants cannot attend the event if they are feeling unwell, have been in contact with someone who has tested positive for COVID-19 within 10 days leading up to the event, or have displayed COVID-19 symptoms within 48 hours preceding the event. These symptoms may include fever or chills, coughing, shortness of breath, fatigue, muscle or body aches, headache, new loss of taste or smell, sore throat, congestion or runny nose, nausea or vomiting, and diarrhea. If you cannot attend the event for any of these reasons, TEI will work with you to transfer your registration to another event or provide a full refund, at your choice. To do so, please contact David Norman, Chapter Secretary, [email protected]. If a participant becomes unwell during an event, he or she should not re-enter the event space, but rather should isolate and immediately inform David Norman, Chapter Secretary, [email protected], who will arrange for assistance. If an attendee becomes unwell within the five days following the event, please notify TEI immediately by emailing David Norman, Chapter Secretary, [email protected]. In appropriate circumstances, TEI will notify participants of potential COVID-19 exposures while doing our utmost to maintain attendees’ privacy. CPE Credit Information Tax Executives Institute is registered with the National Association of State Boards of Accountancy as a sponsor of “group live” and "group internet based" continuing professional education on the National Registry of CPE Sponsors (registry number 103086). State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Ste. 700, Nashville, TN 37219-2417. Website: www.nasba.org. For more information regarding administrative policies such as complaint and refund, call TEI at (202) 638-5601. Event: Tax Accounting Committee Meeting Date: November 18, 2022 Delivery Method: Group Live (in person ) Prerequisites: None Program Level: Overview and Technical update Field of Study: Tax Accounting - Learning Objectives: To provide an overview and technical update on tax accounting aspects of various current tax topics. Preparation: No advanced preparation required. CPE/CLE Credits possible: 4.0 CPE/CLE Credits possible: CPE/CLE requirements vary from jurisdiction to jurisdiction. TEI’s education programs are designed to meet NASBA standards and are generally accepted by CPE/CLE agencies across the United States. Registrants should check the rules in their own jurisdictions to ensure eligibility. Thanks to Lauren Duffy, Kimberley Giles, and Christine Lee for putting this program together. SAVE THE DATES – 2022-2023 TEI New England Chapter Meetings at the Sheraton Needham 12/16/22 – 4 hours CPE – Corporate Tax Management/IRS Administration 2/10/22 – 4 hours CPE – SALT 3/17/23- 4 hours CPE- International 4/14/23- 4 hours CPE- Ethics 05/12/23 – 7 hours CPE – All Day Meeting 2022-2023 Officers President - Brendan Roche Vice President - Anissa Owen Secretary - David Norman Treasurer - Patrick Davis Asst. Sec/Treas. - Quinton Cutler 2022 - 2023 Board of Directors 2021-2023 Term: Julia Owen, Anthony Paolillo, and Debbie Gangi 2022-2025 Term: Forrest Tiedeman and Alan Wolpert Chapter Representative - Maryanne Knott* Region III Vice President – Timothy Wigon* * Past President