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.
More Program Information
Why Lorman?
Over 35 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
More Program Information
Why Lorman?
Over 35 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.
More Program Information
Why Lorman?
Over 35 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.
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]
More Program Information
Why Lorman?
Over 35 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.
All of your training, right here at Lorman.
Pay once and get a full year of unlimited training in any format, any time!
- OnDemand Courses
- Live Webinars
- MP3 Downloads
- Course Manuals
- Executive Reports
- White Papers and Articles
Additional benefits include:
- State Specific Credit Tracker
- All-Access Pass Course Concierge
Questions? Call 877-296-2169 to speak with a real person.
Access to all training products for one year
$699/year
Unlimited Lorman Training
With the All-Access Pass there is no guessing what you will need for your yearly training budget. $699 will cover all of your training needs for an entire year!
Easy Registrations
Once you purchase your All-Access Pass you will never be any further than one-click away from attending any Lorman training course.
Invest in Yourself
You haven't gotten to where you are professionally by luck alone; it's taken a lot of hard work and training. Invest in yourself with the All-Access Pass.
