Accounting for Income Taxes - Best Practices and Updates to Know before Tax Filing Deadline, April 2019

Date: Friday, 22 February 2019 | Time: 11:30 AM PST, 02:30 PM EST | Duration: 90 Minutes
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This webinar explains via examples how to comply with the balance sheet approach to recording income tax expense and deferred tax assets and liabilities in accordance with GAAP. It provides clear, unequivocal explanations about the details required to properly account for income taxes. It focuses on the following:
Accounting for Income Taxes
Product ID: 508986
  • The balance sheet approach to accounting for income taxes
  • 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
Objectives of the Presentation
  • Accounting for current provision
  • Accounting for deferred provision
  • Temporary differences and how they "turn around" or reverse
  • Permanent differences 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
Why Should you Attend
Attendees need to master this important topic which has come back into the forefront with the recent "Tax Cuts and Jobs Act of 2017 (Public Law 115-97)," Specifically how to account for deferred tax assets and liabilities must be handled very carefully. Tax accountants, controllers, treasury auditors and others must know the intricacies of income tax accounting. This webinar provides that knowledge needed.

Who will Benefit
  • Tax accountants
  • Auditors - internal
  • Auditors - external
  • Senior management
  • CPAs - External
  • Financial statement preparers
  • Financial statement reviewers
  • Controllers' personnel
  • Directors
  • Audit committee members
  • Treasury personnel
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Instructor Profile:
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 money-center bank, where he directed the professional practice development and training for internal auditors. He also was on the technical staff of the Auditing Standards and Examinations Divisions of the AICPA. He practiced public accounting in the New York office of Deloitte where he also was a firm recruiter and in-house professional development instructor. He was an owner and auditing and accounting seminar leader for the Person/Wolinsky CPA Review Courses, a company that prepared candidates to pass the Uniform CPA Examination. He is a frequent lecturer and seminar leader for accounting, auditing, banking, risk assessment and other professional presentations. He is the author of the textbook, "Accounting Basics for Community Financial Institutions" (Financial Managers Society, 2nd edition, Chicago, 2009) and the "Ideas an Analysis Letter: The Sanchez Take" (see www.sanchez-psa.com). As a contributing author, his chapter on 'An Auditor's Approach to Risk-Based Auditing: What to Audit and When,' is included in the textbook, "Effective Auditing for Corporates: Key Developments in Practice and Procedures," (Bloomsbury Information, Ltd, London, 2012).
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