Accounting for Uncertain Tax Positions / ASC740

Date: Thursday, May 16, 2024
Time: 02:00 PM ET / 01:00 PM CT / 12:00 PM MT / 11:00 AM PT [Prevailing Time]
Presenters: Mike Watson, CPA, CliftonLarsonAllen LLP (CLA), Rebecca Thoune, CPA, Signing Director, CliftonLarsonAllen LLP (CLA)
Moderator: Wayne Sine, CPA, Education Director, National Association of Accountants for Cooperatives
Learning Objectives:
• Gain a comprehensive understanding of current considerations related to ASC740, Income Taxes, including specific areas such as Section 174, leases, employee retention credits, nonqualifieds, mergers, acquisitions, uncertain tax positions, and Section 199A(g) implications.
• Develop the ability to analyze the need for uncertain tax positions by identifying relevant factors and considerations, and understand the potential implications of Section 199A(g) in tax planning.
• Acquire practical knowledge and insights on navigating specific cooperative matters in relation to ASC740, Income Taxes, enabling participants to effectively address challenges and make informed decisions.
Field of Study: Taxes
Program Level: Basic
CPE Credit: 1 Credit Hour
Delivery Method: Group Internet-based
Prerequisite(s): No advanced preparation or prerequisites are required for this course.
  Order Recording

Course Description

This session will discuss current considerations with respect to ASC740, Income Taxes. Specific considerations include Section 174, leases, employee retention credits, and specific cooperative matters such as nonqualifieds, mergers, and acquisitions. In addition, we will revisit uncertain tax positions and what items to consider when analyzing the need for one as well as discuss potential Section 199A(g) implications. 

Presenter and Moderator Bios

Presenter: Mike Watson, CPA, CliftonLarsonAllen LLP (CLA)

Mike Watson is a CPA and Principal with CliftonLarsonAllen LLP (CLA) and has more than 20 years of experience serving public and private clients in the manufacturing, technology, and consumer business. He has a range of experience that includes assisting corporations, S corporations, partnerships, and individuals with their financial accounting for income tax, income tax compliance, and income tax consulting needs. Mike is recognized by his clients for personal hands-on service, as well as his ability to develop excellent teams and bring the full breadth of CLA to the companies he serves. Mike's technical Expertise is in the areas of ASC 740, income tax methods, manufacturing, technology, and retail.  
 
Education and Professional Involvement  

• Bachelor of business administration in accounting from the University of Portland, Portland, OR
• Masters in business administration from the University of Portland, Portland, OR  
• American Institute of Certified Public Accountants  
• Certified Public Accountant in the state of Oregon Civic Organizations 
• Lake Oswego Schools Foundation, past Treasurer 

Presenter: Rebecca Thoune, CPA, Signing Director, CliftonLarsonAllen LLP (CLA)

Rebecca Thoune is a CPA and Signing Director with CliftonLarsonAllen LLP (CLA).  Rebecca has an extensive background providing tax planning and compliance for privately held companies, serving primarily cooperatives and the agribusiness industry. She works with clients on federal and state strategic tax planning, equity planning and management, maximizing cooperative and patron benefits, business structure consulting, and provides representation before the IRS and other state taxing authorities. Rebecca has 23+ years of tax experience in public accounting and has held various tax leadership roles throughout her career. Rebecca has spoken to various local and national organizations on technical tax topics such as the principles of cooperative taxation, tax planning and reform, equity management, COVID relief including PPP loans & forgiveness, and various state tax matters. Rebecca serves as the cooperative national tax director for CliftonLarsonAllen LLP. 

 Education and professional involvement 

• National Society of Accountants for Cooperatives (NSAC) - National Tax Committee Chair - Writer for The Cooperative Accountant 
• National Council of Farmer Cooperatives (NCFC) LTA committee 
• NSAC Great Lakes Chapter – Past President and Board of Directors 
• Donate Life Wisconsin Board of Directors  
• Donate Life Ambassador for Virsiti Organ and Tissue Donation  
• Master of Taxation, University of Wisconsin-Milwaukee 

Moderator: Wayne Sine, CPA, Education Director, National Association of Accountants for Cooperatives

After retiring as Tax Director for Southern States Cooperative, Wayne Sine was asked to serve as Education Director for NSAC. He has been a long-time and active member of NSAC, having served as past President of the Atlantic Chapter and past Chair of the Tax Committee. In addition to his work with NSAC, Wayne has served on the Legal, Tax, and Accounting (LTA) Committee of the National Council of Farmer Cooperatives, Chaired the Tax Committees for both the Virginia Chamber of Commerce and the Virginia Manufacturers Association, served on the Tax Policy Committee of the Virginia Society of CPAs, and served as past Region Vice President for the Tax Executives Institute. 

Cost
Free for NSAC Members / $56.00 for Non-Members

Delivery System

• All programs are delivered using the Zoom platform.
• Confirmations will include log-in instructions.
• Participants are able to participate using any device with an Internet connect (if the device does not have speakers, the participant can also dial-in) or they can participate with audio only by dialing in.
• All registrants will receive a link to the CLN’s recording by email within 48 business hours of event’s conclusion.
• There will be assistance available to help with technical and connectivity issues up to 10 minutes prior to the start of the presentation.

Registration

All registration is done on-line and each guest must provide their name and email address to participate. All NSAC members may register for free. Non-members may register for a nominal fee.

Refund Policy

NSAC will not issue refunds for CLNs. If a registrant is unable to participate in the CLN and provides notification to info@nsacoop.org 48 hours prior to the session, a credit will be provided for a future CLN. Alert the NSAC staff member monitoring the CLN if technical difficulties are encountered and technical support will be provided to eliminate problems with future CLNs.

Additional Information

Live participation is required for CPE credit and polling questions must be answered to document your active participation. All registrants will receive an email following the session with links to the slides and/or handouts, and a link to the CLN recording (unless otherwise stated). If you are unable to participate in the live session, you can still watch the recorded session, but you will not be eligible for CPE credits. Those eligible for credits will receive their certificate by email with 7 business days.

For more information regarding NSAC CLNs or administrative policies such as complaint and refund, contact the NSAC Headquarters, 7946 Clyo Road, Suite A, Centerville, OH 45459, 937-222-6707, or info@nsacoop.org.