French Larry Taylor - FAS 109
French Larry Taylor is a tax professional who works at KPMG’s Dallas Federal Tax practice. He is a partner in the firm, and the West Region Leader for its Tax Accounting Methods practice. He also worked for a time at the firm’s office in Washington, DC in the Accounting Methods practice there.
In addition to this, he works extensively in the FAS 109 practice. FAS 109, which is now known as ASC 740, is a set of financial accounting and reporting standards. All companies must adhere to these standards when reporting income for tax purposes. Companies must record their income tax expense for domestic, foreign, state and local income.
The purpose of accounting for income taxes is to recognize, first, the amount of the taxes that are either due to the government, or refundable for a given year, and second, deferred tax liabilities and assets for future tax consequences. Under the rules, a current tax liability or asset is recognized for estimated taxes are those that are either payable or refundable. A deferred tax liability or asset is one that is recognized for the estimated future tax effects.
French Larry Taylor attended the University of North Texas as a graduate student and received his Master’s degree in Taxation. He is a member of the American Institute of Certified Public Accountants and serves on its Minority Initiative Committee. He is also a member of the Texas Society of Certified Public Accountants, and of the University of Texas Accounting Advisory Board, and the Austin College Advisory Board
French Larry Taylor - Accounting Policies
French Larry Taylor is a prominent tax consultant who lives and works in Dallas, Texas. He works in the Dallas office of, and is a partner in, KPMG LLP, an audit, tax and advisory firm that is part of KPMG International, a global network of tax firms.
His responsibilities with KPMG include leading the West Region of its Tax Accounting Methods practice, and he is committed to helping his client companies achieve greater tax efficiency. Those clients who understand how their accounting policies impact their tax burden are better positioned to take advantage of the tax breaks they are entitled to, and in the process improve their cash flow.
French Larry Taylor provides clients with a wide ranging analysis of their accounting policies, to review opportunities related to deferral of income, the accelerations of expenses, and the reduction of inventory values. He is a specialist in the Section 199 deduction, which is a tax break for companies that perform their manufacturing within the borders of the United States. It was established by the American Jobs Creation Act of 2004 in an effort to reduce the tax burden of domestic manufacturers, and to consequently make investments in their factories more attractive.
French Larry Taylor has a Master’s degree in Taxation from the University of North Texas. He is a member of the American Institute of Certified Public Accountants and the Texas Society of Certified Public Accountants, and is a member of the University of Texas Accounting Advisory Board.
French Larry Taylor - Mentoring High School Students
French Larry Taylor is a professional tax consultant who works at the firm KPMG LLP in Dallas, Texas. His responsibilities include working with a broad range of clients, including public and private corporations. He is a specialist on the Section 199 deduction in corporate tax law.
When he isn’t at work he enjoys taking part in activities that allow him to give back to the community. One of the things he is most committed to is mentoring high school students. The relationships that are formed between mentors and their mentees can lead to short and long term benefits to both, as well as society at large.
Mentoring can be a huge help to young people who are facing challenging life transitions. This is especially true of the mentor-mentee relationships that last for more than a year and feature a lot of contact. One of the most gratifying benefits to mentors is the knowledge that what they do is making a difference. Studies show that young people with mentors have increased high school graduation rates, a better attitude about their educations, have healthier interpersonal relationships, and make better lifestyle choices. Mentors, too, report boosts in their own self-esteem, having better senses of accomplishment, and better insights into childhood, adolescence and young adulthood through the young people they are mentoring.
French Larry Taylor is a native of Tyler, Texas. He did his undergraduate studies at Austin College, where he received a Bachelor’s degree in Business and Public Relations. He did graduate work in Taxation at the University of North Texas, where he earned a Master’s degree.
French Larry Taylor - The Section 199 Deduction
French Larry Taylor is a tax consultant who works in the Dallas office of the KPMG tax firm. He is the firm’s West Region leader for Tax Accounting Methods Practice. He also manages large tax outsourcing compliance projects, and specializes in the Section 199 deduction of the Federal tax law.
The Section 199 deduction, also known as the domestic manufacturing deduction or the U.S. production activities deduction, is a tax break for American businesses whose manufacturing is done within the United States. It is a more than ten-year-old deduction that was established by the American Jobs Creation Act of 2004. In its first three years, Section 199 provided a three percent deduction on qualified production activity, and from 2007 to 2007 provided a six percent deduction. Beginning in 2010, the deduction was fully phased in at nine percent. Consequently, more businesses are finding it worthwhile to calculate and substantiate the deduction.
The activities that are eligible for the Section 199 deduction include the manufacture, production, growth or extraction of tangible personal property by the taxpayer; the production of electricity, natural gas or water; architecture and engineering services; and the construction of real property. The Domestic Production Gross Receipts that result from the property produced must be owned by the producer who is taking the Section 199 deduction.
French Larry Taylor holds a Masters degree in Taxation from the University of North Texas and is a former adjunct professor at UNT. He also earned a Bachelor’s degree in Business and Public Relations from Austin College.