ASC 740/FAS 109 Step by Step Instruction - Level Basic

In this full-day online webinar, tax expert Shamen Dugger, J.D., CPA, will help you build a solid ASC 740/FAS 109 foundation. She will guide you step by step through the process while explaining key ASC 740/FAS 109 concepts, such as permanent/temporary book vs. tax differences, deferred tax accounting, and valuation allowances.  In addition to a review of basic ASC 740/FAS 109 concepts, completion of practice examples using the concepts, and direct application of the concepts through core tax provision schedule reviews, additional time will be allocated specifically to hands-on preparation of the core basic tax provision schedules. Ms. Dugger will use examples throughout the seminar to emphasize such ASC 740/FAS 109 concepts and their basic mechanics.

Please Note:  If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to leighanne.conroy@acpen.com.

Basic Course Information

*Enhance transferable skills through a practical understanding of ASC 740/FAS 109

*Simplify complex ASC 740/FAS 109 concepts via a step by step process

*Apply ASC 740/FAS 109 concepts, step by step, in preparing basic tax provision schedules

*Leverage a tax provision template for use in basic tax provision preparation

*The scope of ASC 740/FAS 109

*The basic tax provision calculation, including current and deferred tax expense/(benefit)

*Permanent and temporary book vs. tax differences

*Deferred tax assets, deferred tax liabilities, and valuation allowance

*Mechanics of the basic tax provision, including deferred tax accounting

*Additional impacts to the basic tax provision calculation, including reserves (ASC 740-10/FIN 48), provision to return true-ups, tax attributes

*Schedules included in a basic tax provision, including the taxable income schedule, deferred inventory, current/deferred tax expense, rate reconciliation, tax account rollforward, income tax footnote/financial statement impacts, state tax calculations/apportionment, tax attribute carryforward schedule, FIN 48/ASC 740-10 rollforward, federal/state research credit calculations, IRC Sections 382/383 tax attribute limitations, and SOX 404 internal controls