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Impact of the CARES Act on Measurement of Deferred Tax Assets and Net Operating Losses

 

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 (COVID-19) pandemic, the U.S. Federal Government passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L.116-136). 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.

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Impact of the CARES Act on Measurement of Deferred Tax Assets and Net Operating Losses

Agenda

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Impact of the CARES Act on Measurement of Deferred Tax Assets and Net Operating Losses

Faculty

John P. Garcia, CPA, M.B.A.

John P. Garcia, CPA, M.B.A.

Corporate Tax Advisors

  • More than 25 years of experience providing services to major multinational corporations such as Billabong, Nixon, Targus, Marriott, Dial, Henkel, The University of Phoenix, and CPE, Inc
  • Conducts regular seminars and workshops on the following: Tax Aspects of the CARES Act, Accounting for Income Taxes – ASC 740/FAS 109; International Taxation; State and Local Taxation; and Uncertain Tax Positions – FIN 48 and Transfer Pricing
  • Wrote the SRR Journal, Fall 2016, How to Properly Capitalize Subsidiaries Without Getting Ensnared in the Earnings-Stripping Rules; California CPA magazine, June 2013, An Integrated Database Solution to Global Withholding Compliance; and Thomson Reuters, Corporate Taxation, December 2009, Green Corporate Tax Incentives-Wind Technologies
  • Member of Arizona Society of CPAs and AICPA
  • M.B.A. degree in international business; B.S. degree in accounting and finance, University of Maryland College Park
  • Can be contacted at 877-728-1400 or [email protected]
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Impact of the CARES Act on Measurement of Deferred Tax Assets and Net Operating Losses

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