Tax Accounting for Income Taxes

Catalog description

This course will focus on the initial elections for new taxpayers such as the selection of an accounting method and period (particularly in cases where the accounting and tax records differ), special elections available to taxpayers, installment reporting, inventory methods, and long-term contract accounting. We will also deal with the ways, effect, procedures as well as the IRS rules for a change of accounting method. From there the course will focus on the accounting/tax treatment accorded current and deferred income tax liabilities and expenses with their reporting requirements. Our discussion will include the reporting of uncertain positions under Fin ASC 740 and the IRS. Prerequisite(s): ACt 701 (Federal Tax Issues and Analysis) or equivalent with permission of Chair/Program Director.