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Accounting & Tax Implications of Goodwill

Accounting & Tax Implications of Goodwill

1 Credit

$20

Subject Area

Taxes

Webinar Qualifies For

1 CPE credit of Taxes for all CPAs

1 CE credit of Federal Tax Related Matters for Enrolled Agents ( IRS Approved : GEHNZ )

1 CE credit of Annual Filing Season program (AFSP)( IRS Approved : GEHNZ )

1 CPE credit for Certified Management Accountants (CMA)

1 CPE credit for Certified Internal Auditors (CIA)

1 CPE credit for Internal Audit Practitioner (IAP)

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

1 CE credit of Federal Tax for Maryland Tax Preparers

1 CE credit of Federal Tax for Oregon Tax Preparers

1 General Educational credit for Tax Professionals / Bookkeepers / Accountants

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Before starting this self study program, please go through the instructional document.

Overview

  • Accounting Implications
    5 mins
  • ASU 2014-02 Cont'd
    9 mins
  • ASU 2019-06
    19 mins
  • Other Standards
    27 mins
  • What is Goodwill?
    35 mins
  • 7 Asset Classes
    45 mins

Course Description

Goodwill is an intangible asset that is associated with the purchase of one company by another. Specifically, goodwill is the portion of the purchase price that is higher than the sum of the net fair value of all of the assets purchased in the acquisition and the liabilities assumed in the process. The value of a company’s brand name, solid customer base, good customer relations, good employee relations, and proprietary technology represent some reasons why goodwill exists

A challenge of goodwill accounting is that it’s treated one way under tax accounting and another under GAAP (“book”) accounting therefore it is a hot topic for both GAAP and tax purposes. On the financial reporting side, FASB has been wrestling with how goodwill, once recognized, comes off the balance sheet. FASB is now offering amortization for private entities and non-profits in lieu of goodwill impairment testing. We expect future standard setting for all entities in the near future.

On the tax side, the sticking point is related to how much goodwill should be recognized at purchase and how the purchase price is allocated between assets.

This online CPE/CE course will cover these topics and more as it explores both the accounting and tax implications of goodwill.

Key topics covered in this online CPE/CE webinar:

  • Accounting for Goodwill
  • When should Goodwill be tested for impairment?
  • What is Goodwill impairment loss?
  • How to simplify the test for goodwill impairment?
  • What are the two phases of Goodwill impairment?
  • What are the tax implications of Goodwill?

 

Click for more webinars on | Accounting & Auditing |Tax Updates

Learning Objectives

  • To recognize how the tax basis of Goodwill is assigned in an acquisition using the residual method
  • To identify the purpose of Form 8594 and when it should be filed
  • Discern when personal goodwill should be allocated to a corporate shareholder
  • To identify private company and nonprofit alternatives to goodwill impairment testing
  • To recognize recent changes to goodwill impairment testing

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Cloud Accountants
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Senior Accountant
  • Staff of Accounting Firm
  • Young CPA

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