This 90-minute webinar covers the following topics:
- The balance sheet approach to accounting for income taxes
- The 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
WHY SHOULD YOU ATTEND?
Attendees will take away valuable information such as:
- Knowledge of the balance sheet approach for accounting for income taxes.
- An historical accounting for why the profession changed from an income statement approach to the balance sheet approach.
- A complete understanding of what are deferred tax assets and deferred tax liabilities.
- A grasp of the difference between temporary differences and permanent differences.
- Circumstances that require use of a valuation account.
AREA COVERED
Topic area covered include:
- Accounting for current provision
- Accounting for deferred provision
- Temporary difference and how they “turn around” or reverse
- Permanent difference 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
- Intra-period tax allocation
LEARNING OBJECTIVES
Attendees will learn the following:
- The historical problems associated with accounting for income taxes.
- How the balance sheet approach dramatically changed income tax accounting.
- The fundamentals surrounding the accounting for income taxes.
- Future activities and their impact on deferred tax assets and/or liabilities.
- The different handling of temporary differences and permanent differences.
- The creation of deferred tax balance sheet accounts.
- Need for a valuation account when it is more likely than not that the net deferred tax asset will not be realized in full.
- Basic provisions of SFAS 109 (ASC 740-10).
WHO WILL BENEFIT?
- Senior bank management
- Selected directors on the Board
- Controllership personnel
- Audit committee members
- Internal auditors
- External auditors
- Primary regulators
- Risk managers
- Financial statement preparers
Attendees will take away valuable information such as:
- Knowledge of the balance sheet approach for accounting for income taxes.
- An historical accounting for why the profession changed from an income statement approach to the balance sheet approach.
- A complete understanding of what are deferred tax assets and deferred tax liabilities.
- A grasp of the difference between temporary differences and permanent differences.
- Circumstances that require use of a valuation account.
Topic area covered include:
- Accounting for current provision
- Accounting for deferred provision
- Temporary difference and how they “turn around” or reverse
- Permanent difference 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
- Intra-period tax allocation
Attendees will learn the following:
- The historical problems associated with accounting for income taxes.
- How the balance sheet approach dramatically changed income tax accounting.
- The fundamentals surrounding the accounting for income taxes.
- Future activities and their impact on deferred tax assets and/or liabilities.
- The different handling of temporary differences and permanent differences.
- The creation of deferred tax balance sheet accounts.
- Need for a valuation account when it is more likely than not that the net deferred tax asset will not be realized in full.
- Basic provisions of SFAS 109 (ASC 740-10).
- Senior bank management
- Selected directors on the Board
- Controllership personnel
- Audit committee members
- Internal auditors
- External auditors
- Primary regulators
- Risk managers
- Financial statement preparers
Speaker Profile
![ins_img](/Speaker_Pics/Paul-J.-Sanchez.jpg)
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 …
Upcoming Webinars
![](/static/images/default-webinar-info.jpg)
Work Well Remotely: Healthy Habits at Home
![](https://247compliance.com/static/images/excel-data.jpg)
3-Hour Excel Automation Boot Camp: Top Ten Excel Functions …
![](https://247compliance.com/static/images/73.jpg)
Project Management for administrative professionals
![](/static/images/default-webinar-info.jpg)
4-Hour Virtual Seminar on Transformational Leadership - The…
![](https://247compliance.com/Speaker_Pics/csd.jpg)
IRS Form 1099 Reporting: Compliance Requirements
![](/static/images/default-webinar-info.jpg)
Understanding Emerging Payments Fraud and Risk Management
![](https://247compliance.com/Speaker_Pics/laboratory-3827743_960_720.jpg)
![](/static/images/default-webinar-info.jpg)
Navigating FDA Inspections: From SOP to 483
![](https://247compliance.com/static/images/fatal-errors.jpg)
Implementing an Effective Human Error Reduction Program
![](/static/images/default-webinar-info.jpg)
![](/static/images/default-webinar-info.jpg)
Fair Debt Collection Practices Act (FDCPA)
![](https://247compliance.com/static/images/pharma-trend.jpg)
Sunshine Act Reporting - Clarification for Clinical Research
![](https://247compliance.com/Speaker_Pics/student-849821__340.jpg)
![](/static/images/default-webinar-info.jpg)
SOPs - How to Write Them to Satisfy those Inspectors
![](/static/images/default-webinar-info.jpg)
Complying with the NEW I-9 and E-Verify Regulations - The I…
![](/static/images/default-webinar-info.jpg)
TIN Matching to Reduce Your B-Notices and Eliminate Propose…
![](https://247compliance.com/static/images/sick.jpg)
Stressed Out: How to Handle Conflict, Difficult People and …
![](https://247compliance.com/Speaker_Pics/food-2373415_960_720.jpg)
California Meal and Rest Breaks: What You Dont Know Can Cos…
![](https://247compliance.com/Speaker_Pics/office-3295556__340.jpg)
![](/static/images/default-webinar-info.jpg)
![](https://247compliance.com/Speaker_Pics/ver.jpg )
Harassment, Bullying, Gossip, Confrontational and Disruptiv…
![](https://247compliance.com/static/images/hr-employee.jpg)
Using Behavior Based Interviewing for Finding the Best Matc…
![](https://247compliance.com/Speaker_Pics/currency-3118767_960_720.jpg)
Why EBITDA Doesn't Spell Cash Flow and What Does
![](/static/images/default-webinar-info.jpg)
Diversity, Equity and Inclusion in the Workplace - Celebrat…
![](/static/images/default-webinar-info.jpg)
![](/static/images/default-webinar-info.jpg)
Gossip-Free: Leadership Techniques to Quell Office Chatter
![](/static/images/default-webinar-info.jpg)
Form 1099 Update 2024: Latest Forms, Rules and Reporting Re…
![](/static/images/default-webinar-info.jpg)
Your Workplace Culture for 2024: If You Don't Get It Right,…
![](https://247compliance.com/static/images/fda-ai.jpg)
FDA Regulation of Artificial Intelligence/ Machine Learning
![](https://247compliance.com/static/images/peer-to-boss.jpg)
![](https://247compliance.com/static/images/emotional-intelligence.jpg)
Emotional Intelligence: Mastering the Emotions of Great Lea…
![](https://247compliance.com/static/images/travel-expenses.webp)
Dealing With Difficult People In Life & Work
![](/static/images/default-webinar-info.jpg)
Onboarding is Not Orientation: How to Improve Your New Hire…
![](/static/images/default-webinar-info.jpg)
Employee or Independent Contractor – U.S DOL Announces 2024…
![](https://247compliance.com/Speaker_Pics/qalification.jpg)
Effective Onboarding: How to Welcome, Engage, and Retain Ne…
![](/static/images/default-webinar-info.jpg)
I-9 Audits: Strengthening Your Immigration Compliance Strat…
![](/static/images/default-webinar-info.jpg)
Re-imagine Finance & Accounting Made Simple. Three Webinars…
![](/static/images/default-webinar-info.jpg)
Leadership: Strategic Planning and Decision Making
![](/static/images/default-webinar-info.jpg)
Tattoos, hijabs, piercings, and pink hair: The challenges …
![](/static/images/default-webinar-info.jpg)
Understanding the incredible uses and fallbacks of ChatGPT