Income tax accounting year-end reminders

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12/15/20

As we look forward to year-end, hear PwC tax specialists cover important income tax accounting reminders. 

A lot has happened this year that impacts financial statements and tax accounting, and judgment will be needed to work through it all. In this timely episode, host Heather Horn, along with PwC tax specialists Jenn Spang and Kassie Bauman, give helpful tax accounting reminders for year-end reporting.

Topics include:

  • 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.

About our guests

Jennifer Spang is a tax partner in PwC's National Office specializing in tax accounting under US GAAP and IFRS. She has over 25 years of experience helping companies in a variety of industries navigate complex tax accounting matters. 

Kassie Bauman is a managing director in PwC's National office who consults on tax accounting under US GAAP and IFRS. Kassie has more than 20 years of auditing and accounting experience, including almost a decade of experience addressing complex technical accounting matters as part of our National office.

About our host

Heather Horn is PwC's National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With over 25 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.

Contact us

Heather Horn

Heather Horn

US Strategic Thought Leader, National Professional Services Group, PwC US

David Schmid

David Schmid

International Accounting Leader, National Professional Services Group, PwC US

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