Accounting for Income Taxes for Private Companies 26-27

Overview

Accounting for income taxes is a complex set of standards with computational difficulties and confusion. Particularly concerning private companies. This course will take a practical approach to navigating the maze, simplify basic calculations, and clarify financial statements. Includes a review of the impact of recent tax reform on calculations.

Highlights

• 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"
• Sample workpapers for analysis of tax positions

Prerequisites

 None

Designed For

 CPAs, accountants and financial professionals.

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

Preparation

 None

Notice

The June date will be presented live, with all subsequent dates offering a rebroadcast. For rebroadcasts, the Instructor will be available via the chat feature.