- NY Credits : 2.0
- TX Credits : 2.0
TCJA and Accounting for Income Taxes
With tax reform and massive changes to corporate taxes, accountants still have to follow ASC 740, Accounting for Income Taxes, to reflect the potential impact on deferred taxes in the financial statements. The SEC has given publicly traded entities a temporary reprieve on the exact calculations, and the FASB has followed suit for private companies. Paul Munter reviews the impact of the Tax Cuts and Jobs Act on the financial statements of corporate entities including the impact of repatriation of earnings, the BEAT and GILTI taxes.
Upon successful completion of this course, the user should be able to:
identify where SAB 118 borrows the measurement period concept from,
identify the timeframe over which to pay the tax on repatriated earnings, and
define GILTI and BEAT.