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The essential accounting for income taxes is to recognize tax liabilities for estimated income taxes payable, and determine the tax expense for the current period. This webinar will address most issues specifically covered in FASB Statement No. 109 (ASC 740.10) dealing with current and deferred income taxes. It will put the focus on unusual one-time entries (i.e. large unexpected gains and/or losses such as tax effects of repatriation dollars) that need to be made as a result of tax law changes.
Key Learning Objectives
- The balance sheet approach to accounting for income taxes
- The handling (from creation to write-off) of deferred tax assets and deferred tax liabilities
- Need for a valuation account in certain circumstances
- Specific examples of differences - temporary and permanent
- Special topics such as accounting for net operating losses, multiple tax rates etc
- AMT
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Paul J. Sanchez, CPA
Mr. Sanchez, CPA, CBA, CFSA, CGMA conducts a small CPA practice in Port Washington, New York. He is also the owner of Professional Service Associates (PSA), a consulting and professional training and development business servicing corporate clients (auditors, controllers, etc.), CPA firms, professional associations and others.
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