Prepare Corporate Income Tax Accruals for Financial Statements under the Tax Cuts and Jobs Act
On December 22, 2017, the Tax Cuts and Jobs Act introduced significant change to the U.S. tax system. It also includes the most substantial international tax reform in decades, and is a major overhaul of the Internal Revenue Code. Tax reform will have a major impact on financial reporting, and particularly as it relates to Accounting Standards Codification (ASC) Topic 740 Income Taxes. Reporting entities are required to record the impact of tax reform in the period that includes the enactment date.
Join this session, where public accounting expert Samuel A. Monastra will provide an overview of the new accounting considerations of ASC Topic 740 Income Taxes, in regard to changes in the Internal Revenue Code as a result of enactment of the Tax Cuts and Jobs Act. Accordingly, this session will be a practice aid to preparing accruals of corporate income taxes for the company financial statements, in accordance with Generally Accepted Accounting Principles (GAAP).
This session will help you:
Prepare income tax accruals for financial statements
Prepare the reporting disclosures for the notes to the financial statements
Account for significant changes in income tax rate between old vs. new tax laws
Account for other significant changes in tax code; old vs. new tax law
Identify temporary and permanent timing differences
Account for taxation of foreign earnings and additional tax on international payments
Samuel A. Monastra, CPA has more than 20 years of experience in public accounting. He is a recognized expert in financial reporting with a particular emphasis on Revenue Recognition, IASB/ FASB Convergence, IFRS, Business Combinations, Asset Impairments, and Financial Statement Disclosures. Samuel h...