This 90-minute webinar covers the following topics:
- The balance sheet approach to accounting for income taxes
- The handling (from creation to write-off) of deferred tax assets and deferred tax liabilities
- Need for a valuation account in certain circumstances
- Specific examples of differences – temporary and permanent
- Special topics such as accounting for net operating losses, multiple tax rates etc.
- AMT
WHY SHOULD YOU ATTEND?
Attendees will take away valuable information such as:
- Knowledge of the balance sheet approach for accounting for income taxes.
- An historical accounting for why the profession changed from an income statement approach to the balance sheet approach.
- A complete understanding of what are deferred tax assets and deferred tax liabilities.
- A grasp of the difference between temporary differences and permanent differences.
- Circumstances that require use of a valuation account.
AREA COVERED
Topic area covered include:
- Accounting for current provision
- Accounting for deferred provision
- Temporary difference and how they “turn around” or reverse
- Permanent difference and how they are ignored for deferred tax purposes
- Net operating losses – carry backs, carry forwards
- Tax rate considerations
- Future rates/revisions of future rates
- Special issues
- Multiple temporary differences
- Multiple tax rates
- AMT
- Intra-period tax allocation
LEARNING OBJECTIVES
Attendees will learn the following:
- The historical problems associated with accounting for income taxes.
- How the balance sheet approach dramatically changed income tax accounting.
- The fundamentals surrounding the accounting for income taxes.
- Future activities and their impact on deferred tax assets and/or liabilities.
- The different handling of temporary differences and permanent differences.
- The creation of deferred tax balance sheet accounts.
- Need for a valuation account when it is more likely than not that the net deferred tax asset will not be realized in full.
- Basic provisions of SFAS 109 (ASC 740-10).
WHO WILL BENEFIT?
- Senior bank management
- Selected directors on the Board
- Controllership personnel
- Audit committee members
- Internal auditors
- External auditors
- Primary regulators
- Risk managers
- Financial statement preparers
Attendees will take away valuable information such as:
- Knowledge of the balance sheet approach for accounting for income taxes.
- An historical accounting for why the profession changed from an income statement approach to the balance sheet approach.
- A complete understanding of what are deferred tax assets and deferred tax liabilities.
- A grasp of the difference between temporary differences and permanent differences.
- Circumstances that require use of a valuation account.
Topic area covered include:
- Accounting for current provision
- Accounting for deferred provision
- Temporary difference and how they “turn around” or reverse
- Permanent difference and how they are ignored for deferred tax purposes
- Net operating losses – carry backs, carry forwards
- Tax rate considerations
- Future rates/revisions of future rates
- Special issues
- Multiple temporary differences
- Multiple tax rates
- AMT
- Intra-period tax allocation
Attendees will learn the following:
- The historical problems associated with accounting for income taxes.
- How the balance sheet approach dramatically changed income tax accounting.
- The fundamentals surrounding the accounting for income taxes.
- Future activities and their impact on deferred tax assets and/or liabilities.
- The different handling of temporary differences and permanent differences.
- The creation of deferred tax balance sheet accounts.
- Need for a valuation account when it is more likely than not that the net deferred tax asset will not be realized in full.
- Basic provisions of SFAS 109 (ASC 740-10).
- Senior bank management
- Selected directors on the Board
- Controllership personnel
- Audit committee members
- Internal auditors
- External auditors
- Primary regulators
- Risk managers
- Financial statement preparers
Speaker Profile

Paul J. Sanchez, CPA, CBA, CFSA, CGMA conducts a small CPA practice in Port Washington, New York. He is also the owner of Professional Service Associates (PSA), a consulting and professional training and development business servicing corporate clients (auditors, controllers, etc.), CPA firms, professional associations and others. He was an assistant professor at Long Island University - C.W. Post Campus as well as an adjunct lecturer at City University of New York. Prior to starting PSA, he was the Vice President-Professional Development for the Audit Division of a regional bank and Director of Professional Practices and Vice President of a …
Upcoming Webinars

The Importance of the first 5 seconds when presenting

Project Management for administrative professionals

How to Reduce Human Error in a GMP Manufacturing Floor

Trump’s Executive Orders on DEI and Disparate Impact, and t…

How Accountants Can Use Chat GPT Effectively


The OBBBA Era & Beyond: Your 2025 Playbook for Compliance a…

Pivot tables beginner to advanced + 20 advanced Pivot table…

Changing Behavior: Why Rewards and Punishments Often Aren't…

Launch Your Career: The Ultimate Guide for Emerging Profess…

ChatGPT Unlocked: A Beginner’s Guide to AI and ChatGPT

Managing Toxic & Other Employees Who Have Attitude Issues

Data Integrity – In compliance with CSA, 21 CFR Part 11, Sa…

Effectively Handle Toxic People for Better Productivity and…

Re-imagine Finance & Accounting Made Simple. Three Webinars…

Employee Handbooks: 2025 Critical Issues

Better Business Writing-How to Write Right

The five qualities every successful leader must develop



How to Lead and Manage a Narcissistic Employee

Use of AI and GPT for Finance Professionals

ChatGPT and Project Management: Leveraging AI for Project M…

Analytical Method Validation Under Good Laboratory Practic…

Harassment, Bullying, Gossip, Confrontational and Disruptiv…

Excel What-If-Analysis Decision-Making Tools

How to Write Contracts for Procurement Professionals

Maximizing Productivity with ChatGPT: AI Solutions for HR, …

I-9 Audits: Strengthening Your Immigration Compliance Strat…

Dealing With Difficult People: At Work & In Life

Excel - Reporting Simplified - Learn Pivot Tables from Scra…



Retention Starts Here: Stop Losing Your Critical Talent and…

Turning Workplace Conflict into Positive Connection

Project Management for Non-Project Managers - How to commun…


The Business Case for LGBTQIA+ Inclusion in the Workplace: …

Conquer Toxic People - Learn To Protect Yourself And Get Yo…


AI-Powered Change Leadership Operationalizing AI: Practical…

AI and Human Resources: The Great Opportunity!

Cyber Security Incident Response Team Training Program

Transforming Anger And Conflict Into Collaborative Problem …


The Courage to Speak: Overcoming Fear and Owning the Room

Finance & Accounting 101 Simplified

6-Hour Virtual Boot Camp on Microsoft Power BI