Tax Provision Preparation Series (Currently Unavailable)
This series, in simple and practical terms, shows how to prepare a basic tax provision. This series includes ASC 740 accounting, tax differences affecting tax provisions, schedules and concepts included in tax provisions, how tax provisions impact financial documents, and how to use basic tax provisions strategically.
This course develops a deeper understanding of the more common book/tax differences found in a basic tax provision (i.e., share based compensation, capitalization & cost recovery, accruals, allowances, & reserves, and revenue recognition).
This course addresses additional schedules and concepts that are found in basic tax provisions beyond the six core schedules.
This course addresses the typical documentation related to the tax provision, as well as how to leverage the basic tax provision model from a strategic analysis perspective.
This course addresses the impacts of the tax provision adjusting journal entries on the general ledger, trial balance, and financial statements. Internal controls also are evaluated in terms of mitigating tax provision risk relative to the financial statements.
Even at a basic level, ASC 740 (previously FAS 109), Accounting for Income Taxes, is a challenging pronouncement to master and apply in terms of preparing the corporate tax provision. Therefore, a three step process is recommended to mitigate the complexity surrounding ASC 740/FAS 109 rules and their respective application in preparing a basic corporate tax provision.
Total: 5 courses (14 CPE hours)
