Accounting for Income Taxes
Field of Study:
Corporations must file income tax return following the guidelines developed by the IRS. Since GAAP and tax regulations differ in a number of ways, so frequently do pretax financial income and taxable income. In consequence, the amount that a company reports as tax expense will differ from the amount of taxes payable to the IRS. This course covers the basic guidelines that companies must follow in reporting income taxes and the disclosure requirement associated with deferred taxes.
After completing this section, you should be able to:
- Recognize the four types of temporary differences and identify how these differences may arise.
- Identify permanent differences and distinguish between permanent and temporary differences.
- Recognize the impact of different expenses and investment and how they affect deferred income tax.
- Define accounting procedures for a loss carryback and a loss carryforward.
- List the situations where disclosures are required.
- Give examples of indefinite reversal of deferred taxes.
Recommended CPE credits:
Type of delivery method:
Final examination expiration date:
The program participant will have one year from the date of purchase to complete the course and final examination.
Web CPE is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org