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Demystifying the Magic of Deferred Taxes

  • CIA
  • CMA
  • CPA (US)
  • IAP
  • QIAL
accounting for deferred tax assets CPE course

2 Credits

$20

Subject Area

Accounting

Webinar Qualifies For

2 CPE credit of Accounting for all CPAs

2 CPE credit for Certified Management Accountants (CMA)

2 CPE credit for Certified Internal Auditors (CIA)

2 CPE credit for Qualification in Internal Audit Leadership (QIAL)

2 CPE credit for Internal Audit Practitioner (IAP)

2 General Educational credit for Tax Professionals / Bookkeepers / Accountants

Upcoming Webinars

Course Description

A business may issue financial statements with one profit or loss figure while filing a tax return with a different ending result. These reporting variations are due to differences between the accounting standards and tax regulations.

A business needs to account for deferred taxes when there is a net change in its deferred tax liabilities and assets during a reporting period. The amount of deferred taxes is compiled for each tax-paying component of a business that provides a consolidated tax return.

This online continuing education course covers the essential guidelines to be followed when dealing with temporary differences, carrybacks and carryforwards, and whether to recognize deferred tax assets and liabilities.

Major Topics Covered in this online CPE webinar:

  • Identify the existing temporary differences and carry forwards.
  • Determine the deferred tax liability amount for those temporary differences that are taxable, using the applicable tax rate.
  • Determine the deferred tax asset amount for any carry forwards involving tax credits.
  • The difference between taxes payable (refundable), unrecognized tax benefit liabilities, and deferred tax liabilities (assets).
  • Tax credit carry forwards and tax loss carry forwards.
  • Valuation allowance for deferred taxes.
  • Disclosures

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Learning Objectives

  • To recognize situations in which a firm is taking a tax position and specify the accounting implications of doing so.
  • To describe the various items that can impact the applicable tax rate.
  • To recognize the various disclosures related to income taxes.
  • To determine the deferred tax liability amount for those temporary differences that are taxable, using the applicable tax rate.
  • To determine the deferred tax asset amount for those temporary differences that are deductible, as well as any operating loss carryforwards, using the applicable tax rate.
  • To determine the deferred tax asset amount for any carryforwards involving tax credits.

Who Should Attend?

  • Accounting and audit managers/practitioners
  • Accounting Firm
  • Accounting Managers
  • Accounts Director
  • Bookkeepers & Accountants & Tax Preparers
  • Certified Management Accountant
  • Certified Public Accountant
  • CFO/Controller
  • Chief Accounting Officer
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Director of Accounting
  • Senior Accountant
  • Young CPA

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