Accounting for Income Taxes – A Timely Refresher and Update

Recorded Session
90 Minutes
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This 90-minute webinar covers the following topics:

  • 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.
  • An 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.

AREA COVERED

Topic area covered include:

  • 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

Attendees will learn the following:

  • 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?

  • Senior bank management
  • Selected directors on the Board
  • Controllership personnel
  • Audit committee members
  • Internal auditors
  • External auditors
  • Primary regulators
  • Risk managers
  • Financial statement preparers

Attendees will take away valuable information such as:

  • Knowledge of the balance sheet approach for accounting for income taxes.
  • An 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.

Topic area covered include:

  • 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

Attendees will learn the following:

  • 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).
  • Senior bank management
  • Selected directors on the Board
  • Controllership personnel
  • Audit committee members
  • Internal auditors
  • External auditors
  • Primary regulators
  • Risk managers
  • Financial statement preparers
Webinar Option
Transcript (PDF Transcript of the Training)
Downloadable Recorded Session
Training CD
 

Speaker Profile

ins_img Paul J. Sanchez

Paul J. 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. He was an assistant professor at Long Island University - C.W. Post Campus as well as an adjunct lecturer at City University of New York. Prior to starting PSA, he was the Vice President-Professional Development for the Audit Division of a regional bank and Director of Professional Practices and Vice President of a …

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