SALT Practice Group Telemeeting

February 11, 2019

Participant Passcode: 5283577
U.S./Canada Toll-Free Participants Dial-in Number: 1-800-347-6311

Topic: Financial Audit Risk Associated With Non-Income Based Taxes

As states continue to aggressively expand nexus standards and ramp up audit and enforcement activities, it is likely that clients will have significant liabilities associated with sales tax or other non-income based taxes. What is the responsibility of the CPA to advise a client of the potential material financial statement impact associated with this risk? Further, non-income based taxes such as ad valorem taxes; excise taxes; franchise taxes; sales/use etc., provide unique challenges to middle market companies that are simply trying to pay the bills.

Please join Audit Senior Manager Kim Huynh and Indirect Tax Partner John Cooney as they lead a discussion of best practices. The speakers will allow for questions and discussions, so please be prepared to discuss your concerns, experiences, and lessons learned.

• What are the most likely scenarios leading to a restatement of financial statements as a result of a non-income tax event?
• What are current accounting disclosure and reporting standards for contingent liabilities?
• What is the distinction for accounting reporting for income and non-income based taxes?
• How can a CPA manage risk with so many potential areas of exposure for clients?
• How can we utilize the BKR network of professionals to help mitigate risk and bring value?
• Pitfalls of referring a boutique firm.
• Discussion of best practices.

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