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Live Webinar

100-minute live streaming program
  • April 24
  • 1:00 - 2:40 pm EST

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OnDemand Webinar
Audio & Reference Manual

Accounting for Income Taxes Under ASC 740

April 24

Gain an improved understanding of the technical requirements under ASC 740 and better advise your clients.

This topic will update the tax department and accounting department personnel responsible for the reporting of income taxes in the financial statements.

Learning Objectives

- You will be able to discuss ASC 740 introduction/theory.

- You will be able to review permanent vs. temporary difference.

- You will be able to identify valuation allowance.

- You will be able to describe accounting for uncertainty in income taxes.

What Is ASC 740?

ASC 740 is the set of standards responsible for accounting for income taxes and determining a company’s effective tax rate. A thorough understanding of ASC 740 requirements is essential for any accountant working in an organization adhering to Generally Accepted Accounting Principles.

One key part of ASC 740 compliance is determining whether or not an organization has uncertain tax positions — such as any interpretation of earnings that is less than what the IRS is likely to assess independently or uncover during an audit. This involves a comprehensive process of identification and measurement, both for the current fiscal year and for any years prior.

ASC 740 Training

Determining the taxable income of a business or nonprofit is never simple. For example, if a business is historically profitable and is expected to return to profitability soon, it can sustain a period of operating at a loss without its value being affected. Failing to properly consider these factors has the potential to put an organization into an uncertain tax position.

This program contains a basic overview of several topics relevant to the identification of uncertain tax positions. Students will learn:

  • ASC 740 basics — What is it, how it works and who is responsible for adhering to it
  • Income tax computation — How does ASC 740 require that current and deferred incomes taxes be calculated?
  • Valuation allowances — What evidence must be weighed to determine an accurate valuation?
  • Accounting for uncertainty — How likely is it that a tax position will be sustained on examination?

Lorman Education Services' ASC 740 training course has been developed based on the input of several recognized experts in the field of corporate tax strategy.

We are pleased to offer continuing education offerings for accounting professionals on a variety of topics. We keep all courses up-to-date with current laws, and we tailor them to the learning needs of busy working professionals. Browse our offerings today to get started!

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Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Overview of ASC 740

Computing Current and Deferred Income Taxes Under ASC 740

Valuation Allowance

Accounting for Income Tax Uncertainties

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More Program Information

Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

No credit available.

Live Webinar Registration

  • AIPB 2.0
     
  • This program is acceptable for 2.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
     
  • Enrolled Agents 2.0
     
  • This program qualifies for 2.0 hours of Continuing Education Credit for enrolled agents under Treasury Department Circular #230 Section 10.6(g).
     
  • CPE 2.0 including Accounting 2
     
  • Lorman Education Services 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 web site: www. learningmarket.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.0 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Accounting for 2.0 hours. Prerequisite: basic knowledge of taxation. Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
     
  • Lorman Business Center, Inc. is a registered provider for CPA CPE through the State Education Department of New York, Sponsor number: 000640. The following course will carry the subject area of Accounting for 2.0 hours.
     
  • Lorman Business Center, Inc. has registered with the Texas State Board of Public Accountancy as a CPE Sponsor. This registration does not constitute an endorsement by the Board as to the quality of our CPE Program. This program qualifies for 2.0 hours of continuing professional education.
     

Audio & Reference Manual

No credit available.

Who should attend?

This live webinar is designed for accountants, controllers, CFOs, tax managers, presidents, vice presidents, business owners and managers, bookkeepers, and enrolled agents.

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Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Wanda M. Denton, CPA

Wanda M. Denton, CPA

Crowe Horwath LLP

  • Tax partner and leader of the tax accounting services practice in the Chicago market of Crowe Horwath LLP
  • Serves as a national ASC 740 subject matter expert with more than 15 years of experience in public accounting providing value added tax and accounting services to large and middle-market public and private multi-national corporations
  • Extensive experience in accounting for income taxes and uncertain tax positions, mergers and acquisition tax accounting, federal and state income tax compliance and consulting
  • Regularly consults on tax technology process optimization and tax software selection and implementation to ensure an efficient tax reporting process with enhanced documentation of internal controls and processes
  • B.S. degree in accounting, Arizona State University
  • Can be contacted at 630-990-4447 or [email protected]
No photo available

Jerry Fish, CPA

BDO USA, LLP

  • Senior director, Core Tax Services with BDO USA, LLP in the Chicago office working with companies to utilize internal company resources and external specialists to ensure an efficient tax reporting process
  • More than 14 years of corporate tax experience including ASC 740, consolidated c-corporation, tax process improvement and global tax planning
  • Works with companies to ensure they pay an equitable share of tax while balancing the tax risks related to compliance and financial reporting
  • Prior to BDO, Jerry was a senior manager with Grant Thornton for four years specializing in tax accounting and risk advisory services assisting clients ranging in size from $50M to $75B in revenue with all aspects of their global tax footprint, to reduce tax risk and increase efficiency in tax reporting, planning and compliance
  • Member of the American Institute of Certified Public Accountants, Chicago Tax Club and Illinois CPA Society
  • M.S. degree in taxation, DePaul University; B.S. degree in accounting, Southern Illinois University
  • Can be contacted at 312-856-9100 or [email protected]
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Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

All of your training, right here at Lorman.

Pay once and get a full year of unlimited training in any format, any time!

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Product ID: 400089
Published 2016, 2017
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