Mr. Thomas Klein CPA
Managing Member, KleinCPA PLLC
Member of the Accounting Council
Council Member Biography
Thomas Klein, CPA, is Faculty Member at the University of Arizona's Eller College of Business. Mr. Klein teaches taxation and financial accounting courses, both at the undergraduate and graduate (MBA, Masters of Accounting) level. He is also Managing Member of KleinCPA PLLC, serving clients with revenues of $25 million to $20 billion as well as development stage companies. Mr. Klein was National Firm Director at Deloitte & Touche. He has 25 years of experience in the practice of public accounting (audit, taxation, financial accounting). Mr. Klein's teaching interests in the tax area include corporate, multistate, and multinational (international) taxation, and mergers and acquisitions. His interests in the financial accounting area include earnings management, accounting for income taxes (FAS 109/ASC 740), options, business combinations, and the statement of cash flows. His industry experience includes healthcare and retail. (This is me - Update Profile)
Employment History
- 2001 - Unspecified
- Faculty Member, Accounting & Taxation, University of Arizona - CC
- 2001 - Unspecified
- Managing Member, KleinCPA PLLC
- 1988 - 2001
- National Firm Director, DELOITTE & TOUCHE L.L.P.
- 1984 - 1988
- Superviser, Grant Thornton/Frazer & Torbet
GLG NewsSM Analyses by Thomas Klein
GLG News is now G+ Insights
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G+ is a community for professionals, academics and entrepreneurs to connect through online discussions and in-person meetings. You will continue to see G+ Insights (formerly GLG News) here as well as on the G+ website, where you can share and discuss the G+ Insights you read.
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Obama Expected to Sign Generous NOL Carryback Bill on Friday
November 5, 2009
Congress Passes Unemployment Bill With Tax Items | www.journalofaccountancy.com
On Thursday, Congress sent a bill to the White House containing enhanced net operating loss (NOL) carryback opportunities for most companies. The bill contains a provision extending the NOL carryback period from two years to five years for losses incurred in 2008 or 2009. President Obama is expected to sign the bill on Friday which would result in the immediate filing for refunds by many companies.
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Obama Administration Moves Foreign Earnings Tax Deferral Reform to Back Burner
October 13, 2009
Business Fends Off Tax Hit | online.wsj.com
Once again, a proposal to reform how a U.S. based multinational company's foreign earnings are taxed has failed to gain congressional support. Similar proposals introduced over the past twenty years have consistently failed to gain traction. The current proposal was part of the Obama administration's fiscal year 2010 budget which made reference to additional tax revenues in excess of $200 billion related to the reform of corporate taxation on foreign earnings.
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Security Writedowns Today May Lead to Massive P&L Charges Later for C, MER and Others
April 21, 2008
A Way Charges Stay Off Bottom Line | online.wsj.com
Depending upon management's classification of a security (i.e., either "trading" or "available for sale"), a charge may or may not appear on the income statement in the same period as the write-down on the balance sheet. If the security is classified as a trading security, the charge on the income statement will occur in the same period as the write-down. However, if the security is classified as available for sale, the charge bypasses the income statement and is taken directly to stockholders equity. If the value of the security does not recover prior to its liquidation, the charge typically is taken in the year of liquidation. The potential charge for write-downs related to available for sale securities can be quantified by looking at the statement of stockholders equity, particularly other comprehensive income.
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Investors Punish GM Stock, in Part on Large Deferred Tax Adjustment.
November 7, 2007
GM Posts Huge Loss | online.wsj.com
Investors fled General Motors following the release of its Q3 results. The reported loss for the quarter was $38.96 billion of which 99% of the loss ($38.6 billion) resulted from the write-down of deferred tax assets. Have investors overreacted to the noncash charge or is the decline in market value justified?
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Despite Protests, FASB Will Not Defer Effective Date of New Tax Accounting
January 17, 2007
FASB to Implement Tax Changes Without Delay | www.msnbc.msn.com
The FASB received over 400 letters representing more than 1,000 companies’ concerns about implementation issues related to FASB Interpretation #48 (FIN 48). The vast majority of the letters requested a deferral of the effective date of the new Interpretation; fiscal years beginning after December 15, 2006 (i.e., the quarter ending December 31, 2007 for calendar year companies). The FASB voted overwhelmingly not to defer the effective date. This means that most companies' financial statement will be affected beginning Q1 of 2007.
GLG Study Groups with Thomas Klein(?)
| Study Group Name | No. Members |
|---|---|
| Accounting, Finance, and Tax Professors (US) | 475 |
| Tax Professionals (US) | 446 |
| US GAAP Academic Specialists | 182 |
| Corporate Income Tax Specialists (US) | 66 |
| Pension Accounting Specialists | 37 |
GLG Live Meetings with Thomas Klein(?)
Recent Seminars
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May 12, 2011 | New York
Seminar: Dissecting the Income Tax Footnote (New York) -
November 1, 2007 | Boston
GLGi: Uncertain Tax Positions - New Guidance Impacting the Bottom Line -
October 31, 2007 | New York
GLGi: Uncertain Tax Positions - New Guidance Impacting the Bottom Line
GLG Webcasts & Teleconferences
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