Accounting for the Tax Cuts and Jobs Act

Author: Pat Patterson

CPE Credit:  2 hours for CPAs

On December 22, 2017, the U.S. federal government enacted a tax bill, H.R.1, An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018 (Tax Cuts and Jobs Act). Because of the Tax Cuts and Jobs Act, stakeholders need to know how to implement the changes on the following financial reporting issues
Current Generally Accepted Accounting Principles (GAAP) requires that deferred tax liabilities and assets be adjusted for the effect of a change in tax laws or rates. This on-demand course will explore the implementation of GAAP for this effect as follows:

Implementation issues related to the Tax Cuts and Jobs Act and income tax reporting:

  • If private companies and not-for-profits can apply SEC Staff Accounting Bulletin (SAB) 118
  • Whether to discount the tax liability on the deemed repatriation
  • Whether to discount alternative minimum tax credits that become refundable
  • Accounting for the base erosion anti-abuse tax
  • Accounting for global intangible low-taxed income
  • Publication Date: June 2018

    Designed For
    CPAs in public practice, business, and other accounting occupations that have a need to know how to implement the new provisions.

    Topics Covered

    • Requirements GAAP for changes in tax laws and/or rates for adjustments in deferred tax liabilities and assets
    • SEC Staff Accounting Bulletin 118 and its application to private companies and not-for-profits, if any
    • Discounts on repatriations
    • Discounts on alternative minimum tax credits
    • Base erosion anti-abuse tax accounting
    • Accounting for global intangible low-taxed income
    • Other matters deemed appropriate

    Learning Objectives

    • Recognize current Generally Accepted Accounting Principles (GAAP)
    • Differentiate requirements for adjustments to deferred tax liabilities and assets for the effect of a change in tax laws or rates
    • Identify SEC Staff Accounting Bulletin 118 and its application to private companies and not-for-profits
    • Recognize and apply discounts when necessary

    Level
    Update

    Instructional Method
    Self-Study

    NASBA Field of Study
    Accounting (1 hour), Auditing (1 hour)

    Program Prerequisites
    A general understanding of GAAP and deferred taxes.

    Advance Preparation
    None

    Registration Options
    Quantity
    Fees
    Accounting for TCJA
    ATCJA Promotion $39
    Regular Fee $49

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