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Income tax accounting year-end reminders
- 0:47 - COVID-19. The impacts of COVID-19 have continued to add complexity and judgment to the accounting for income taxes. With the pandemic top of mind, we start by looking at some of the ways tax accounting has been impacted.
- 2:43 - Goodwill impairment. As companies adopt the simplified goodwill standard, it’s especially critical that the financial accounting team doing the goodwill impairment analysis and the tax department work together. Jenn discusses the model and things to be on the lookout for.
- 14:03 - Valuation allowances. A company’s valuation allowance analysis continues to be top of mind. Jenn and Kassie discuss what companies need to be thinking about, including reminders about forecasting.
- 24:43 - Outside basis. In light of the current environment, we discuss how a company’s cash flow needs in the US might impact their intent and ability to indefinitely reinvest foreign earnings.
- 29:32 - Uncertain tax positions. Tax laws and interpretations of laws continue to change. What should companies be focused on? Jenn boils it down to three main focus areas.
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