Accounting for Income Taxes

Course Description:

Corporations must file income tax return following the guidelines developed by the IRS. Since GAAP and tax regulations differ in a number of ways, so frequently do pretax financial income and taxable income. In consequence, the amount that a company reports as tax expense will differ from the amount of taxes payable to the IRS. This course covers the basic guidelines that companies must follow in reporting income taxes and the disclosure requirement associated with deferred taxes, reviewing some of the concepts and items discussed in ASC 740, Income Taxes.

Learning Objectives:

Upon successful completion of this course, participants will be able to:

• Recognize the four types of temporary difference and identify how these difference may arise
• Identify permanent differences and distinguish between permanent and temporary differences
• Recognize the impact of difference expenses and investment and how they affect deferred income tax
• Define accounting procedures for a loss carryback and a loss carryforward