1. THE 7 TH ANNUAL DALLAS CPA SOCIETY EDUCATION CONFERENCE A Panel Discussion Julie Hargrove 7-Eleven, Inc Jim MilesLehigh Hanson, Inc Susan Whittaker FirstGroup America, Inc Carol Salaiz Ecom Atlantic, Inc Tax Director Roundtable

2. Agenda Accounting for income Tax (ASC 740) Running a “Best Practices” Tax Dept Corporate Tax update Q & A

3. Accounting for Income Tax (ASC 740) Facilitator – Jim Miles Deferred Tax Assets -Status when Deferred Taxes are net liability -Status when Deferred Taxes are net assets (Naked or Uncovered) -IFRS v. US GAAP Supporting DTA’s -Timing differences -Projected profits -Tax planning strategies Scheduling Timing Differences -Inclusion of Non-Current Tax Liability -Projected profits - Number of loss years Tax Planning Strategies -Feasibility -Rep letters -Steps towards implementation Other Considerations -Auditors -Industry – Cyclical

4. Running a “Best Practices” Tax Department Facilitators – Carol Salaiz and Susan Whittaker Staffing –In the field or in the department –Organized by type of tax vs line of business vs technical expertise –Flexible hours; telecommuting –Project Management Skills –Compliance vs. Planning –Outsourcing Risk –Communication with Boards and Upper Management –Training and Education –Record Retention –Managing Audits –Succession Planning Relationships: Knowing what’s going on! –Upper Management –Operations –Accounting –Internal Media Effect of Technology –Paper vs electronic workpapers –Direct access to accounting information –Email (the good and the bad)

5. Corporate Tax Update Facilitator – Julie Hargrove Bonus Depreciation for Qualified Property –January 1, 2010 to September 8, 2010 – 50% bonus depreciation –September 9, 2010 to December 31, 2010 – 100% bonus deprecation –January 1, 2011 to December 31, 2011 – 100% bonus depreciation –January 1, 2012 to December 31, 2012 – 50% bonus deprecation –State IRC Conformity Depreciation Rules Uncertain Tax Positions (UTP) –Requires qualified corporations to report UTP on 2010 tax return –Qualified corporations = assets equal or exceed $100 million (reduced to $50 million in 2012 and $10 million in 2014) –Report only current year UTP –Rank UTP by size –Provide a concise description of the tax position Foreign –Foreign Bank Account Reporting –Foreign Tax Credit Splitting Information Reporting –Repeal of Expanded Form 1099 Information Reporting –Payment card reporting

6. Q & A