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Sales and Use Tax Reserve Strategies: Setting Reserves Under Government and Audit Scrutiny

Webinar: ID# 1014877
Recorded CD
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About This Course:
This webinar will provide tax professionals with a review of current best practices for setting reserves for uncertain company sales and use tax positions using the most current interpretations of ASC 450/FAS 5 by government agencies.

Description

Scrutiny of how companies set reserves for uncertain sales and use tax positions under terms of FASB’s ASC 450 (formerly known as FAS 5) has never been more intense. Tax professionals must respond to this enhanced scrutiny with practical strategies and best practices for setting reserves.

How the SEC allows companies to estimate reasonably possible losses is a key topic for tax professionals in accounting for sales tax contingencies under ASC 450/FAS 5. This standard, while providing on-point guidance, hasn’t materially changed since 1975—and isn’t likely to change soon.

Pressure by outside parties for a company to reserve substantially against a sales or use tax position must be balanced against the impact of setting such large reserves on the taxpayer’s financial statements. Also, tax specialists must consider the positions of government agencies, auditors and investors.

Listen as our panel of experienced sales tax advisors shares their insights and current best practices for creating prudent reserves against uncertain sales or use tax positions.

Outline
  • Making initial decisions about a sales and use tax reserve

    • Identifying use tax uncertainties
    • Identifying sales tax uncertainties

  • Background on the role of FAS 5/ASC450 in setting a sales tax reserve

    • Range of likelihoods that future events will impair or lose asset or liability
    • Considering audit detection in recognizing a loss contingency

  • Background on role of FAS 109 (ASC 740) and FIN 48 (ASC 740-10) in setting a sales tax reserve
  • Loss contingencies under FAS 5
  • Key practical issues under FAS 5
Benefits

The panel will review these and other key issues:
  • Reserve-related red flags for parties that scrutinize or audit disclosures and financial statements.
  • Terms of ASC 450/FAS 5 that remain most relevant in current business and regulatory environments.
  • Considering audit detection in recognizing a loss contingency.
Learning Objectives

Upon completing this seminar, you will have new approaches for evaluating and setting sales tax reserves for uncertain positions in the current regulatory environment.

Faculty

William Ault, Director
Crowe Horwath, New York

Mr. Ault has worked as a multi-state tax consultant for 27 years. Much of his career before coming to Crowe Horwath was spent at Deloitte & Touche, where he led the firm's sales Tax Practice for 13 years.

Myron Vansickel, National Tax Director, Strategic Accounts
Experis, Washington, D.C.

Mr. Vansickel works with clients on sales and use, income/franchise, and property tax matters in a multi-state and international context. He previously worked as director of the state and local tax center for Jefferson Wells, before it was renamed Experis; for a Big Four firm; and as VP of Taxes for a large communications and marketing company.


CPE Credits Available!

This program has been approved for 1.5 CPE hours through Strafford Publications. CPE Credit is available only for the LIVE webcast. Recorded versions do not qualify for credit.

To obtain CPE credit, attendees must participate in the live event, return an Official Record of Attendance to Strafford affirming their participation (including the CPE code announced during the program), and pay a processing fee of $35 per person. Strafford then will mail a certificate of credit within approximately two weeks of receiving your completed Official Record of Attendance.
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Sales and Use Tax Reserve Strategies: Setting Reserves Under Government and Audit Scrutiny
Available on CD format
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