Description

Mastering income taxes remains one of the more difficult financial statement line items for accountants and auditors alike. When the PCAOB required critical audit matters to be reported in 2019, the most common topic for S&P 500 firms was taxes. But this difficulty does not have to extend to you. This course will provide you with the basic knowledge necessary to understand the complexities of this challenging topic. Through discussions and the use of exercises, this course will analyze the authoritative literature to provide a thorough understanding of such topics as deferred taxes, income tax expense, uncertain tax positions, and other classification and disclosure requirements. We will also explore some specialized areas of income tax accounting, such as intraperiod allocations of income tax expense, global minimum tax developments, and the financial reporting impact of the One Big Beautiful Bill Act (OBBBA) signed into law in July 2025, and review finalized and emerging updates to ASC 740, including expanded disclosure requirements under ASU 2023-09.

In summary, this course is the place to be to enhance your accounting for income taxes IQ.

Instructor: Jason Carney, CPA, PMP, CISA

Target Audience

Practicing CPAs and their staffs, both in public accounting and business and industry – controllers, accountants, and other financial accounting personnel involved in financial statement preparation and review

Course Objectives

Identify and calculate the deferred tax asset or liability for an entity

Determine when and how to report uncertain tax positions

Calculate and report the components of income tax expense

Develop appropriate income tax disclosures

Comprehend recent and proposed changes to accounting guidance for income taxes

Subjects

The sources of deferred tax assets and liabilities

Calculating the deferred tax asset or liability

Reporting income-tax expense and balance sheet items

Defining, analyzing, and reporting uncertain tax positions

Classification of deferred tax assets and liabilities

Disclosure requirements

Finalized and proposed changes to ASC 740, including ASU 2023-09, CAMT, and global tax transparency initiatives

Prerequisites

Experience in financial accounting and reporting