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

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

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

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 – (the good and the bad)

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

Q & A