By: George M. Wilson, SEC Institute
The new Tax Cuts and Jobs Act creates massive changes in taxation with deep, complex accounting and reporting ramifications. PLI is offering two programs to help you begin dealing with these changes.
First, on January 22, 2018 we will offer “The Tax Cuts and Jobs Act of 2017: Navigating the New Landscape”. This half-day program will be offered live in our New York training center and also via webcast.
For this program PLI has invited representatives from the Internal Revenue Service, the Department of the Treasury, the Senate Finance Committee and the House Ways and Means Committee to join our panel of tax experts and share their thoughts on the international and domestic implications of the tax reform package.
Topics discussed will include:
- Transitions tax on deferred foreign income
- New inclusion and deduction rules for “GILTI”
- New deduction for foreign-derived intangible income (“FDII”)
- New limitation on the deductibility of business interest
- New deduction for individuals owning qualified businesses, REITs and MLPs
- Other changes to the U.S. taxation of business income
As a follow-on to this program we will also offer a one-hour briefing on February 26, 2018 – “Tax Reform – Getting the Accounting and Disclosure Right!”
This One-Hour Briefing will help you effectively deal with the accounting and SEC reporting implications of the new Tax Act. Our panel will review the detailed requirements of the FASB’s Accounting Standards Codification to determine the timing and process for recording the effect of the new Act as well as the related new SEC guidance about recording provisional amounts with appropriate disclosures. They will also discuss in-depth the SEC reporting issues involved in making complex judgments about appropriate disclosures in Forms 10-K and 10-Q for all aspects of the Act.
Jay Hanson, former PCAOB Board Member and George M. Wilson, a Director at SEC Institute, will address topics including:
- SEC reporting and other disclosure considerations, including MD&A, risk factors and business-related disclosures
- The “enactment date” provisions of Accounting Standards Codification 740
- The provisions of Staff Accounting Bulletin No. 118 and the related new C&DI’s
- How the new law affects deferred tax assets and liabilities at the date of enactment
- How the new tax law affects income in the year of enactment
- Other possible financial statement impacts of the Act
As always, your thoughts and comments are welcome!