Mastering Accounting for Income Taxes (AIT4)

Overview

Since its inception nearly 30 years ago, many have continued to struggle with applying the current model for accounting for income taxes, ASC 740. But this does not have to be you. This course will provide you with the basic knowledge necessary to understand the complexities of this challenging topic. Through discussions and use of exercises, this course will analyze the authoritative literature to provide a thorough understanding of such topics as deferred taxes, income tax expense, uncertain tax positions and other classification and disclosure requirements related to income taxes. We will also explore some specialized areas of income tax accounting, such as intra-period allocations of income tax expense and accounting for changes in tax laws and rates, and we will review proposed updates to ASC 740 disclosures on which the FASB is contemplating. In summary, this course is the place to be to enhance your accounting for income taxes IQ.

Major Topics:

• The sources of deferred tax assets and liabilities
• Calculating the deferred tax asset or liability
• Reporting income-tax expense and balance sheet items
• CARES Act accounting implications
• Defining, analyzing, and reporting uncertain tax positions
• Classification of deferred tax assets and liabilities
• Disclosure requirements
• Recent and proposed changes to the accounting and disclosure requirements for income taxes

Learning Objectives:

• Identify and calculate the deferred tax asset or liability for an entity
• Determine when and how to report uncertain tax positions
• Calculate and report the components of income tax expense
• Develop appropriate disclosures
• Comprehend recent and proposed changes to accounting guidance for income taxes