Show navigation

Available in:

OnDemand Webinar
Audio & Reference Manual
MP3 Download

Accounting for Income Taxes Under ASC 740

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.


Runtime: 98 minutes

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!

Purchase Options

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.

Agenda

Overview of ASC 740

Computing Current and Deferred Income Taxes Under ASC 740

Valuation Allowance

Accounting for Income Tax Uncertainties

Purchase Options

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

This course was last revised on April 24, 2017.

Call 1-866-352-9540 for further credit information.

  • 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).
     
  • AL CPE
     
  • This course is acceptable for 1.5 live credit hour(s) through the Alabama State Board of Public Accountancy.
     
  • GA CPE
     
  • This program is applicable for CPE credit. *The Georgia State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • IA CPE
     
  • This program is applicable for CPE credit. *The Iowa State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • IN CPE
     
  • This program is applicable for self study CPE credit. *The Indiana State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • KY CPE
     
  • This Ondemand program is applicable for CPE credit. *The Kentucky State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • MA CPE
     
  • This Ondemand program is applicable for CPE credit. *The Massachusetts State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • MD CPE
     
  • This course is not pre-approved for CPE credit in your state however, it is applicable. *Please check the rules and requirements in your state for compliance.
     
  • ME CPE
     
  • This Ondemand program is applicable for CPE credit. *The Maine State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • MI CPE
     
  • This Ondemand program is applicable for CPE credit. *The Michigan State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • MO CPE
     
  • This Ondemand program is applicable for CPE credit. *The Missouri State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • MT CPE
     
  • This Ondemand program is applicable for CPE credit.* *The Montana State Board of Accountancy has final authority on the acceptance of individual courses and providers. Please check the rules and requirements for CPE compliance and calculate the amount of credit hours you can claim for self study courses.
     
  • ND CPE
     
  • This Ondemand program is applicable for CPE credit. *The North Dakota State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • NH CPE
     
  • This Ondemand program is applicable for CPE credit. *The New Hampshire State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • NV CPE
     
  • This Ondemand program is applicable for CPE credit.*The Nevada State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • OH CPE
     
  • This Ondemand program is applicable for CPE credit. *The Ohio State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • PA CPE
     
  • This Ondemand program is applicable for CPE credit. *The Pennsylvania State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • TX CPE 2.0
     
  • 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.
     
  • VA CPE
     
  • This Ondemand program is applicable for CPE credit. *The Virginia State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • WA CPE
     
  • This Ondemand program is applicable for CPE credit.* *Please check the rules and requirements in your state for compliance.
     
  • WY CPE
     
  • This Ondemand program is applicable for CPE credit. *The Wyoming State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     

Audio & Reference Manual

No credit available.

MP3 Download

No credit available.

Purchase Options

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.

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 wanda.denton@crowehorwath.com
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 jfish@bdo.com
Purchase Options

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.

All of your training, right here at Lorman.

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

  • Live Webinars
  • OnDemand Webinars
  • MP3 Downloads
  • Course Manuals
  • Audio Recordings*
  • Executive Reports
  • White Papers and Articles
  • Sponsored Live Webinars

Additional benefits include:

  • State Specific Credit Tracker
  • Members Only Newsletter
  • All-Access Pass Course Concierge

* For audio recordings you only pay shipping

Questions? Call 877-296-2169 to speak with a real person.

Sign Up Today
With This Course

Access to all training products for one year
$699/year

Unlimited Lorman Training

With the All-Access Pass there is no guessing what you will need for your yearly training budget. $699 will cover all of your training needs for an entire year!

Easy Registrations

Once you purchase your All-Access Pass you will never be any further than one-click away from attending any Lorman training course.

Invest in Yourself

You haven't gotten to where you are professionally by luck alone; it's taken a lot of hard work and training. Invest in yourself with the All-Access Pass.

Product ID: 400089
Published 2017
Purchase Options

Available in Multiple Formats

Purchase this course and learn on your schedule!