Income Tax Accounting

This course contains the framework of the rules of ASC 740 and how these are manifested in accounting for income taxes, including the statement of financial position classification of deferred tax accounts and disclosures. The course includes case studies of actual scenarios.

Learning Objectives

Learning Objective: 

When you complete this course you will be able to:

  • Calculate income tax expense for financial statement purposes
  • Identify and classify deferred tax assets and deferred tax liabilities
  • Complete a worksheet that provides documentation for the reporting and disclosure requirements and for the preparation of required journal entries
  • Account for operating loss carryforwards and tax credit carryforwards
  • Compute the valuation allowance with consideration given to items that are allowed to reduce the need for an allowance
  • Apply concepts to practical situations

Topics Discussed

Topics Discussed: 
  • Permanent and timing differences
  • Income tax expense
  • Effective tax rate
  • Current income tax liability
  • Deferred income tax assets and liabilities
  • Tax basis balance sheet
  • Uncertain tax positions
  • Tax benefits for carryforwards
  • Reporting and disclosure under ASC 740
  • ASC 740-20 intraperiod tax allocation

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COURSE CODE

TSE.ITA

FIELD OF STUDY

Taxes

CPE CREDIT HOURS

8

KNOWLEDGE LEVEL

Intermediate

INTENDED AUDIENCE

Staff and senior associates in public accounting who assist clients with income tax calculations and disclosures

PREREQUISITE

Basic knowledge of ASC 740

ADVANCED PREPARATION

None

DELIVERY METHOD

Group Live
Self-Study On-Demand

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(U.S.) AICPAstore.com

(Outside the U.S.) CGMAstore.com


CONTACT A TRAINING REPRESENTATIVE:


1-800-634-6780 Option 1
aicpalearning@aicpa.org

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