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
