Bank Accounting: Deferred Income Taxes: It’s Really Just Math! – 2 Part Series
This course is designed for institutions filing federal income taxes as a C Corporation and seeking to gain an understanding of accounting as required under U.S. GAAP. Institutions filing federal tax returns under Sub-chapter S status may not find this course applicable.
Included Webinars
Bank Accounting: Deferred Income Taxes: It’s Really Just Math! – Part 1
Bank Accounting: Deferred Income Taxes: It’s Really Just Math! – Part 2
Series Details
Bank Accounting: Deferred Income Taxes: It’s Really Just Math! – Part 1
The math and formula behind the proper accrual for income tax expense or benefit
The reconciliation of book net income (loss) to taxable net income (loss)
Understanding permanent vs temporary differences between book net income (loss) and taxable net income (loss)
The concept of recognition and measurement under U.S. GAAP
Deferred tax assets vs deferred tax liabilities
Current tax assets vs current tax liabilities
The accounting equation for income taxes with explanative illustrations
Accounting for net operating tax losses (NOLs)
Corporate statutory tax rate vs effective tax rate explained
Illustrations of net income (loss) book-to-tax reconciliation and the key role permanent differences have in that equation
Illustrations related to the accounting for temporary (or timing) book vs tax differences that originate from fixed asset depreciation
Bank Accounting: Deferred Income Taxes: It’s Really Just Math! – Part 2
Illustrations related to the accounting for temporary (or timing) book vs tax differences that originate from the allowance for credit losses, share-based compensation, OREO activities, loan origination fees and costs, and non-performing loans
The purpose of a valuation allowance recorded against an NOL asset or deferred tax asset
The concept of windfall tax benefits originating from share-based compensation arrangements
Illustrations on booking, amortizing, and the tax effects on goodwill and core deposit intangibles resulting from a business combination
The appropriate accounting for taxes between a bank and its holding company and the requirements of a tax sharing agreement
What You’ll Learn
Each webinar in the series will cover specific topics relative to the subject matter.
Who Should Attend
The course is ideal for those who understand the basis of accounting and desire to have a deeper grasp of the concepts behind accounting for federal income taxes as required under U.S. GAAP. This course provides a simplified approach to understanding the accrual and accounting requirements for current and deferred income taxes.
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