FMN Accounting  |  Format: Flash

Accounting for Income Taxes: After the Tax Cuts and Jobs Act

Course Overview
The overall model of accounting for income taxes under ASC 740 continues to rely on an accountant�s professional judgment about an enterprise�s future earnings. According to Kenn Heaslip of the Loscalzo Institute, the enactment of the Tax Cuts and Jobs Act, with its sharply lower tax rates, will have a major impact on your balance sheet. Existing deferred tax assets will need to be computed at the new tax rate, resulting in lower deferred tax asset values as well as an increased income tax expense

Learning Objectives
Upon successful completion of this segment, you should be able to:

  • Identify the steps involved in accounting for income taxes;
  • Recognize the issues surrounding the valuation allowance when accounting for temporary versus permanent differences between GAAP and tax income;
  • Identify the changes brought about by the Tax Cuts and Jobs Act as it relates to accounting for income taxes; and
  • Recognize the impact of the change in tax rates on deferred taxes.

    Catalog Number: FMN1257-FM
    CPE Credits: 2 Registry / 2 QAS
    Author: FMN Online
    Advanced Preparation:
    Work experience in financial reporting or accounting, or an introductory course in accounting.
    Course Level: Update
    Field of Study: Accounting
    Content Partner: FMN Online
    QAS: QAS Certified based on 50 minute hours.
    Course Type: Self-Study
    Minimum Passing Grade: 70%
      You are allowed 2 attempts to pass the final exam in a 30 day period. You will be locked out of the final for 30 days after any second failure.
    Soft/Hardware Reqs.:  Adobe Acrobat® Reader for the .pdf files
     Adobe® Flash® Player 9 or higher
     56k or Greater Internet Connection
     Modern DHTML Compatible Browser
     Ram: 256 MB minimum
     Sound card with speakers/headphones
     Windows or Mac OS
    Release/Expiration Dates: Jun 08, 2018 / Jan 13, 2020