Deferred Income Taxes A Practical Approach

Instructor

Eugene
Ristaino

Accounting for Income Taxes has evolved into a complex set of standards that have caused computational difficulties and confusion to all practitioners, particularly relating to private companies. This program has been developed by Gene Ristaino, CPA/ABV/CFF, MT, ABAR from numerous years of experience with previous standards, including the original "income statement" approach (APB #11) and the transition to the current "asset and liability" approach (FASB #109) currently reflected in FASB codification 740. The course provides a practical approach to navigate through the maze and simplify the basic calculations and financial statement presentation.

Learning 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. The program will provide an in-depth analysis of the basic recurring transactions that result in book-tax differences, primarily for private companies, and how to accumulate the needed information to simplify the computations. Additionally, we will provide a discussion and samples of 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.

Major Topics

• 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

• Impact of 2017 tax reform on the deferred tax computations

CPE Credits Available

4 CPE

4: Accounting

Things to Know About This Course

Course Level

Intermediate

Professional Area of Focus

Accounting

Prerequisites

Basic understanding of income tax accounting

Advanced Preparation

None

Intended Audience

Internal CPAs and CPAs currently providing accounting and auditing services to private companies; you will be able to assist the company with the various computations and analysis necessary to properly record and disclose income taxes in the financial statements.

Provider

GSCPA