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Reporting Requirements of Tax Incentive Impact

Gain a better understanding of the new reporting requirements of the GASB disclosure.

It is no secret that for many years governments have been issuing rebates in order to attract employers to relocate and stay in their jurisdictions. The number of states offering property tax rebates has increased from 15 in 1965 to over 35 today. In 2012, a New York Times investigation put the price tag for states and local governments at more than $80 billion. In response to a public outcry for greater transparency, the Governmental Accounting Standards Board (GASB) issued GASB Statement No. 77, Tax Abatement Disclosures in August 2015. GASB Statement No. 77 takes effect stating with the fiscal year that ends December 31, 2016, but earlier application is encouraged. This topic will cover what is now necessary to comply with this politically sensitive GASB disclosure. We will cover the background of tax rebates, how the disclosure needs to be presented to comply with this pronouncement and walk through a number of illustrative examples.

Runtime: 88 minutes
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Background of Tax Abatements (the Good, the Bad, and the Ugly)

  • Brief History and Development of Tax Abatements
  • The Components of Tax Abatements
  • Typical Administration of Tax Abatement Programs

Disclosure Mechanics

  • Disclosure Principles
  • Disclosure Requirements
  • Financial Information

Examples

  • Small Government With Few Abatements
  • Large Government With Many Abatements Including Abatements of Other Governments
  • Special Issues Such as Recapture of Tax Abatements, Dealing With Confidential Information, Unit of Account
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on June 16, 2016.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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; 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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Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 397777
Published 2016
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