Accounting for Income Taxes
Today's complex business environment has made accounting for income taxes more complex as well.
This two day seminar is designed to help participants understand and apply the income tax accounting guidance in ASC 740. Relevant aspects of the new tax reform will be discussed throughout the seminar.
The first day introduces a conceptual foundation of accounting for income taxes. It explains how to reconcile differences between four sets of flows: cash flows, GAAP income, taxable income, and more likely than not taxable income. The second day moves to more complex concepts, such as valuation allowances, accounting for tax contingencies and interim tax allocations. It also covers specific topics such as business combinations, foreign operations, and compensation.
This intermediate seminar is offered in addition to our Advanced Accounting for Income Taxes seminar, which assumes you have mastered the topics in this seminar. Read the course descriptions for both seminars to choose which is best suited to your needs.
- Permanent vs. taxable and deductible temporary differences and how they affect the effective tax rate
- Difference between taxes payable (refundable), tax contingencies, and deferred tax liabilities (assets), tax disclosures
- Taxes and other comprehensive income
- Tax credit carryforwards and tax loss carry forwards
- Common sources of permanent and temporary differences
- Valuation allowance for deferred taxes
- An introduction to tax contingencies
- Interim period taxes for quarterly reporting
- Deferred taxes and business combinations, share-based compensation, and foreign operations