Accounting for income taxes is now a complex set of standards with computational difficulties and confusion. Particularly concerning private companies. Durring this course we'll take a practical approach to navigating the maze, simplify basic calculations, and clarify financial statements. Includes a review of the impact of the 2017 Tax Reform Act on calculations.
Target Audience
CPAs, accountants and financial professionals.
Course Objectives
Develop a practical approach for the application of the basic elements of income tax accounting under FASB codification 740
We will dispel the myths surrounding deferred income taxes, and provide useful approaches and numerous computations
Identify basic recurring transactions that result in book-tax differences for private companies, and how to accumulate the needed information to simplify the computations
Recognize tax positions taken in tax returns and how those positions are to be evaluated for purposes of accruing the related tax benefits in the financial statements
Subjects
Sample Schedule M calculations
Sample work papers for deferred tax computations
Comprehensive two-year example and computations
Review and analysis of recurring temporary differences
Identification of the sources to compute “cumulative temporary differences”
