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Learning Team: Week 4 Memo to Client Sara Davidson, Iesha Everline, Ajia Gaspard, Ju'Nae McDonald and Danielle Menard ACC/541 Kenneth Burton December 18, 2017 Learning Team: Week 4 Memo to Client According to FASB literature, \"All available evidence, both positive and negative, shall be considered to determine whether, based on the weight of that evidence, a valuation allowance for deferred tax assets is needed. Historical information is supplemented by all currently available information about future years\". FASB Codes 740-10-30-18 and 740-10-30-19 go into specific detail about various types of income that may realize tax benefits. Evidence of these types will determine whether a valuation allowance is still necessary. \"Realization of a deferred tax benefit depends on a company's taxable income. Valuation allowance reduces the total deferred tax assets amount, which represents future tax benefit. Valuation allowance for deferred tax assets indicates the total favorable tax benefit that a company does not expect to realize\" [Kie16]. Per FASB Codification 740-10-30-18 - Income Taxes- Overall- Initial Measurement: \"Future realization of the tax benefit of an existing deductible temporary difference or carryforward ultimately depends on the existence of sufficient taxable income of the appropriate character within the carryback, carryforward period available under the tax law\"[Acc]. According to the FASB Codification 740-10-30-18, there are four sources of income that may be relied upon to remove the need for a valuation allowance. The valuation allowance is determined by reducing deferred tax asset which more likely than not will not be realized. These four sources of income are: a Future reversals of existing taxable temporary differences b Future taxable income exclusive of reversing temporary differences and carryforwards c Taxable income in prior carryback year(s) if carryback is permitted under the tax law d Tax-planning strategies (see paragraph 740-10-30-19) that would, if necessary, be implemented to, for example: 1 Accelerate taxable amounts to utilize expiring carryforwards 2 Change the character of taxable or deductible amounts from ordinary income or loss to capital gain or loss 3 Switch from tax-exempt to taxable investments. (FASB, n.d.) Tax planning strategies are utilized are strategies used to reduce or avoid taxable income. It is important to have a strategy when planning for taxes because you want to make sure you are capitalizing the benefits and minimizing the error. This is for everyone especially the higher income and multiple expenses and deductions. The higher the income the more taxes that is required to be paid and there is a strategy that can follow to avoid paying particular taxes. Using these strategies should help capitalize your money. Contributing to a retirement plan or IRA, funding a flexible spending account (FSA), or deferring compensation income can reduce adjusted gross income (AGI) and prevent a taxpayer from reaching key income thresholds that may result in a higher tax bill. Based upon the information provided, it appears that Kleckner could employ a tax-planning strategy to support reducing its valuation allowance. Kleckner has documents and financial planning organized to employ a tax strategy and reduce or avoid taxable income. Conclusion References Accounting Standards Codification. (n.d.). Retrieved from FASB: https://asc.fasb.org/viewpage Kieso, Donald, Weygandt, Jerry, Warfield, Terry. (2016). Intermediate Accounting. Hoboken: John Wiley & Sons, Inc. Financial Accounting Standards Codification. (n.d.) Income Taxes. Retrived on December 15, 2017 from https://asc.fasb.org/section&trid=2144696#d3e30775-109315