2018 - Accounting for Income Taxes – A Timely Refresher and Update

OVERVIEW
• 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
WHY SHOULD YOU ATTEND
Attendees will take away valuable information such as:
• Knowledge of the balance sheet approach for accounting for income taxes.
• A historical accounting for why the profession changed from an income statement approach to the balance sheet approach.
• A complete understanding of what are deferred tax assets and deferred tax liabilities.
• A grasp of the difference between temporary differences and permanent differences.
• Circumstances that require use of a valuation account.
AREAS COVERED
• Accounting for current provision
• Accounting for deferred provision
• Temporary difference and how they “turn around” or reverse
• Permanent difference and how they are ignored for deferred tax purposes
• Net operating losses – carry backs, carry forwards
• Tax rate considerations
• Future rates/revisions of future rates
• Special issues
• Multiple temporary differences
• Multiple tax rates
• AMT
• Intra-period tax allocation
LEARNING OBJECTIVES
• The historical problems associated with accounting for income taxes.
• How the balance sheet approach dramatically changed income tax accounting.
• The fundamentals surrounding the accounting for income taxes.
• Future activities and their impact on deferred tax assets and/or liabilities.
• The different handling of temporary differences and permanent differences.
• The creation of deferred tax balance sheet accounts.
• Need for a valuation account when it is more likely than not that the net deferred tax asset will not be realized in full.
• Basic provisions of SFAS 109 (ASC 740-10).
WHO WILL BENEFIT
• Tax accountants
• Auditors – internal
• Auditors – external
• Senior management
• CPAs – External
• Financial statement preparers
• Financial statement reviewers
• Controllers’ personnel
• Directors
• Audit committee members
• Treasury personnel
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