Introduction to ASC 740/FAS 109: 3 Steps to Easier Tax Provision Preparation (Currently Unavailable)

Author: Shamen Dugger

Ms. Dugger will spend Part 1 guiding you through a three-step process to help simplify understanding of complex ASC 740/FAS 109 concepts.

ASC 740/FAS 109 (Accounting for Income Taxes) is an often-challenging area to understand for non-tax provision professionals. Mitigate ASC 740/FAS 109 challenges and build a solid ASC 740/FAS 109 foundation in this 2-part online CPE seminar with tax expert Shamen Dugger, CPA, J.D.

Publication Date: December 2017

Designed For
Tax professionals who want a basic understanding of ASC 740/FAS 109 concepts and the tools to prepare basic tax provisions will benefit from this seminar.

Topics Covered

• Permanent/temporary book vs. tax differences
• Deferred tax accounting
• Valuation allowance
• Deferred tax assets/liabilities
• Current vs. deferred tax expense/(benefit)

Learning Objectives

• Evaluate and apply complex ASC 740/FAS 109 concepts via a three step process
• Recogize complex tax provision preparation via a three step process
• Evaluate and leverage a tax provision template for use in basic tax provision preparation
• Identify challenges in applying ASC 740
• Recognize the basic calculation for tax provision
• Differentiate examples of a permanent difference
• Identify examples of a temporary difference
• Describe the journal entry to record income tax benefit / refund
• Identify steps of simplification
• Differentiate ASC topics prescribes the accounting and reporting requirements with respect to income taxes
• Describe federal alternative minimum tax and Federal deferred tax provision to return true-ups
• Identify journal entries to record tax expense

Level
Overview

Instructional Method
Self-Study

NASBA Field of Study
Accounting (2 hours)

Program Prerequisites
None

Advance Preparation
None