The New Lease Accounting Standard (ASC 842): The Tax Implications of Adoption Self-Study Webinar (1 Hour)

The New Lease Accounting Standard (ASC 842): The Tax Implications of Adoption Self-Study Webinar (1 Hour)

CPE Credit: 1 Hours

Price: $99.00

NASBA Field of Study: Accounting

 

Overview

In this informative self-study webinar from our highly rated Lease Conference, you’ll gain a full understanding of how to determine lease classifications under the New Lease Accounting Standard, and learn the tax implications associated with adoption.
 

AGENDA HIGHLIGHTS


•  Impact on Deferred Taxes
      – Components of Right-of-Use (ROU)
  
      – Initial Direct Costs (IDCs)
        
– Lease incentives and liabilities
         – Prepaid and deferred rent
         – Impairment

•  Change in Timing of Deductions
    – Initial Measurement of ROU asset
   
– Prospective treatment of IDCs

•  Validation of Tax Accounting Methods

•  Tax Lease Classification
    – Determining true lease vs. sale
    Criteria for classifying a lease
    – Factors to consider

•  Tenant Allowances
   – GAAP vs. Tax Treatment

•  Deduction of Rental Expenses
   – IRC Section 467

•  How to Remediate
   – Changing accounting methods
      – Automatic and advance consent changes       

•  Data Management
   – Gathering information for tax purposes
   – Expected Purchase/Fair Value of lease
   – Balance of prepaid rent within ROU asset
   Free rent in excess of three months

•  Next Steps to Consider
   – Conducting a phased analysis

•  Tax Implications—Areas of Impact
 

LEARNING OBJECTIVE  To ensure that financial professionals are provided expert guidance on the tax impacts associated with adoption
of the New Lease Accounting Standard.

PREREQUISITE  None.    ADVANCE PREPARATION  None.    PROGRAM LEVEL  Update.    NASBA FIELD OF STUDY  Accounting.
DELIVERY METHOD  Self-Study.

 

Speakers

SPEAKER


Tim Polefko, Tax Senior Manager, Deloitte

Detailed Learning Objectives

Identify the characterization of leases for federal income tax purposes

Recognize the factors looked at by the courts when determining if a lessee held an ownership interest in an underlying leased asset

Recognize the implications of asset ownership for federal tax purposes

Identify the implications of ASC 842 on an entity’s deferred tax accounts