Practical Application of ASC 740/FAS 109: Concepts in Building a Basic Tax Provision (Currently Unavailable)

Author: Shamen Dugger

Ms. Dugger will spend Part 2 of the course leveraging the ASC 740/FAS 109 concepts learned and practiced in Part 1 of the course to build a basic tax provision. 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
CPAs, attorneys, EAs, return preparers, and other professionals in businesses and public practice who are impacted directly or indirectly by ASC 740/FAS 109 concepts and tax provisions

Topics Covered

• Taxable Income Schedule
• Deferred Inventory
• Current/Deferred Tax Expense Calculation
• Rate Reconciliation
• Tax Account Rollforward/Adjusting Journal Entries
• Income Tax Footnote/Financial Statements Impacts

Learning Objectives

• Recognize and apply the step by step preparation of the six core tax provision schedules
• Identify key concepts with practical application of ASC 740/FAS 109
• Differentiate temporary difference related to capitalization and cost recovery
• Describe permanent tax adjustment items
• Recognize adjustments adjusted against regular federal income tax after federal tax credits
• Calculate total income tax expenses
• Differentiate statements regarding various diagnostic issues related to the practical application examples
• Identify cumulative timing differences with respect to deferred inventory at the federal level
• Recognize when adjustments against pre-tax income when determining regular federal income tax after federal tax credits should be made
• Recognize total current state tax expenses
• Identify the source of tax account movements
• Recognize the source with respect to federal cumulative timing differences

Level
Intermediate

Instructional Method
Self-Study

NASBA Field of Study
Accounting (2 hours)

Program Prerequisites
Basic understanding of ASC 740/FAS 109 concepts

Advance Preparation
None