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State Taxes: Issues Regarding the Interface between Compliance and Financial Reporting



Thursday, April 25, 2013
Product Code - TMW85
Speaker(s): Jode Shaw and Andy McComas, Global Tax Associates Group
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Given the lengthy NOL posture of many US Companies, auditors and company personnel alike have become complacent regarding their focus, process and procedures surrounding State Taxes. Many companies have benefited greatly from large State Tax refund opportunities while unknowingly failing to address the darker side of State Tax.

During this Webinar, two of the country’s leading state tax accounting experts we will focus on how to avoid the common traps for the unwary regarding state taxes. They will highlight the current focus and trend of regulators, look at the lurking material weaknesses now being identified by auditors, and provide best practices including check lists and NOL tracking tools.

During this live webinar, the panel will discuss:

  • The acceptance of blended v. non-blended rates
  • Interim issues including law changes, unitary v. combined
  • Uncertain tax positions v. loss contingencies (FIN 48 v FAS 5)
  • Netting of assets and liabilities within a jurisdiction
  • The difficulties and best practices of tracking State NOLs
  • Documentation and avoiding a material weakness

Educational Objectives

In 90 minutes, attendees will:

  • Become conversant with the primary rules, opportunities and limitations with respect to State Taxes
  • Review the primary documentation required
  • Understand how to identify and minimize your risk
  • Understand the mechanics of tracking law changes
  • Understand the mechanics of tracking and documenting State NOLs for both compliance and financial statement purposes

Who Should Attend?

  • Corporate tax and accounting practitioners with US companies
  • Managers and Partners/Shareholders in law firms working with tax and accounting decision-makers in all US businesses
  • Managers and Directors in accounting firms working with tax and accounting decision-makers in all US businesses
  • Chief Accounting Officers
  • Chief Tax Officers
  • VPs for Tax & Accounting Policy

Requirements & Education Credits:

Prerequisites: None

Level: Basic to Intermediate

Delivery Method: Group live webcast

CPE/CLE Credits: 1.5 credits

Jode Shaw and Andy McComas, Global Tax Associates Group

Jode Shaw is National Director Tax Accounting with Global Tax Associates Group. Shaw is one of the nation’s leading authorities on accounting for income taxes ( ASC 740), is a nationally recognized lecturer on both tax and accounting issues, and has co-authored a comprehensive treatise on income tax accounting issues for multinational companies. Jode has over 20 years of experience in advising clients and leads the firm’s ASC 740 and ASC 450 practice.

Prior to joining the firm, Jode spent more than 10 years at the national office of two “Big Four” accounting firms serving in leadership roles in Tax Accounting and Tax Quality & Standards where she addressed regulatory and risk management issues, resolved difficult Tax Accounting issues, developed solutions for tax-rate and tax-risk minimization, and participated in the writing of basic, intermediate and advanced courses in tax accrual, the FRD on Accounting for Income Taxes, and the Audit Procedures for Income Tax Accounts used as guidance by “Big Four” accountants nationwide. In addition to her years with the “Big Four,” Jode partnered her own consulting firm concentrating on ASC 740 issues. Jode’s clients have ranged from emerging businesses to middle market organizations and Fortune 50 companies.Jode received her undergraduate degree in accounting from Florida State University and her Juris Doctorate from Villanova University School of Law.

Andy McComas has worked in the state and local tax field for 25 years, all within the income and franchise tax area. His practice at Global Tax Associates Group is focused on working with large corporate taxpayers, assisting them with software implementation and process improvements within their SALT function. The core of his professional experience was developed from the years he spent in the Ford Motor Company SALT group. During his tenure there he served in the compliance, technology, and tax accounting areas. His practice expertise lies in return process methods related to state compliance and accounting as well as state amended return methodology.

Since leaving Ford in 2006, Andy has directed the development of two tax technology solutions for Fortune 1000 tax departments relating to (i) State Amended Return filings following a Federal Audit (State RAR’s) and (ii) State NOL tracking and modeling for state return compliance, ASC 740 tax accounting, and state tax planning. Andy received his undergraduate degree in accounting from Albion College (MI) and his MST from Walsh College (MI).