CPA Exam (FAR): Income Taxes, In a Snap!

Income Tax Expense - Current

• Calculation for Income Tax Expense for Current's Year's Taxable Income

• Journal Entry for Income Tax Expense

• Adjustment for Estimated Taxes Paid

• Use of AICPA-based Multiple Choice Question

Permanent Differences

• 3 Step Method to Identifying Temporary and Permanent Differences

• Review of Differences Between Book and Tax

Temporary Differences

• 3 Step Method to Identifying Temporary and Permanent Differences

• Review of Differences Between Book and Tax

Deferred Taxes: Basics

• 3 Step Analysis to Determining DTA or DTL

• Calculating DTA or DTL

• Journal Entry to Record Deferred Taxes

• Use of AICPA-based Multiple Choice Question

Deferred Taxes: Multiple Tax Rates and Change in Tax Rate

• Calculating Deferred Taxes with Multiple Tax Rates

• Journal Entry to Record Deferred Taxes

• Calculating Deferred Taxes when Change in Tax Rate

• Adjusting Journal Entry to Record Change in Tax Rate

• Use of AICPA-based Multiple Choice Questions

Net Operating Losses (NOLs)

• Calculations for NOLs in the Year of Loss and Later Years

• Journal Entries in the Year of Loss and Later Years

• Use of AICPA-based Multiple Choice Question

Valuation Allowance for DTA

• Identifying Valuation Allowance

• Journal Entries for Valuation Allowance

• Use of AICPA-based Multiple Choice Question

Deferred Taxes: Presentation, Disclosures and IFRS

• Presentation of Deferred Taxes on the Balance Sheet

• Presentation of Taxes on the Income Statement

• General Disclosures Required for Deferred Taxes

• Differences for Deferred Taxes Between U.S. GAAP and IFRS

Deferred Taxes: AICPA Multiple Choice Question

• Approach for Solving Deferred Tax Multiple Choice Questions

• Methodical Analysis of Deferred Tax Problem