TAX-881 Accounting for Income Taxes
Accounting for income taxes and their financial statement impact is one of the most complex aspects of US GAAP and one of the most risky areas prone to financial misstatements and audit issues. This course covers the principals of accounting for income taxes under ASC 740. Topics include calculation of current and deferred taxes, valuation allowance, uncertain tax positions (formerly FIN 48), and issues pertaining to multinational companies including permanently reinvested earnings. The course exposes students to professional tax practice by incorporating a case assignment which includes financial statements and requires the preparation of the adjusting journal entries, the preparation of the tax footnotes to include the deferred asset/liability, the calculation of the effective tax rate, and writing of the related disclosures.
Prerequisite
Student has satisfied all of the following Student has satisfied all of the following Academic Unit (Computed) in the selection list Accounting, Accounting and Business Law, Business Administration, Business Administration Executive, Business Analytics, Business Law and Ethics, Entrepreneurship, Finance, Health Administration, Information System, Information Systems and Operations Management, INTO Sawyer Business School, Management and Entrepreneurship, Management Studies, Marketing, Moakley Center for Public Management, Public Administration, Public Administration and Health Administration, Sawyer Business School, Strategy and International Business Or Programs of Study any in the selection list Business Economics Major BSBA And Student has satisfied all of the following Students who didn't specify one or more of these Programs of Study or Program Foci Continuing and Professional Studies Graduate And Student has satisfied all of the following Student has completed all of the following course(s) TAX 801 - Federal Taxation of Income, TAX 862 - Taxation of Corporations