Income Tax Accounting

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Overview

11.0 Credits
ONLINE

This CPE course assists you in understanding the rules of ASC 740, Income Taxes, and how these rules establish guidelines for accounting for income taxes, including income tax expense, classification of deferred tax accounts, and related disclosures. Additionally, this course contains case studies to give you a practical look at how to account for different deferred tax scenarios. You will also receive a comparison of the accounting for income taxes under both U.S. GAAP and IFRS.

Objectives

  • Recall the principles of ASC 740
  • Recall how to calculate income tax expense and deferred tax liabilities and assets
  • Identify steps necessary to determine the valuation allowance
  • Identify components of proper documentation of deferred income taxes in the workpapers, as well as required disclosures within the financial statements

Major Topics

  • Theoretical concepts of ASC 740
  • Identifying and measuring temporary differences
  • Identifying tax differences and a four-column worksheet
  • Tax benefits for carrybacks and carryforwards
  • Accounting for uncertainty in income taxes
  • Reporting and disclosure under ASC 740
  • ASC 740-20 intraperiod tax allocation
  • Case studies and examples illustrating theory and concepts

Designed For

Tax Staff Training, Level 3 training identifies the more difficult areas for experienced tax compliance specialists. Those with approximately 3 years of tax compliance experience.
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