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Accounting for Income Taxes after a Sweeping Tax Reform

The enactment of the Tax Cuts and Jobs Act (TCJA) — the first major tax legislation enacted in more than 30 years — only adds another layer of complexity to the uncertainties and constant changes inherent to tax legislation. This special report discusses the primary objectives of Topic 740, summarizes the complexities of preparing the deferred income tax provision, highlights the income tax accounting implications brought on by the TCJA that affect most US corporate entities, provides a deep dive into the disclosures required under Topic 740, and includes a discussion of the FASB and SEC developments following the enactment of the TCJA.

Special Report: Accounting for Income Taxes after a Sweeping Tax Reform

Checkpoint Catalyst: US GAAP

Checkpoint Catalyst: US GAAP (Generally Accepted Accounting Principles) is the next generation of online research that gives practical insight and expertise on accounting topics that are complex, undergoing changes, or challenging to apply — including revenue recognition, leasing, financial instruments, and accounting for income taxes. Research is approached from a fresh new perspective where content is always delivered in context along with powerful insight into related issues, so you’ll never miss an important detail.

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GAAP Reporter with FASB Codification

GAAP Reporter with FASB Codification is a unique research resource designed to help accounting and financial reporting professionals ensure compliance with GAAP. Our expert authors provide in-depth, section-by-section guidance, interpretation, and analysis on the entire breadth of the Financial Accounting Standards Board’s (FASB) Codification, as well as updated coverage to reflect any new changes issued by FASB.

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SECPlus Advanced from Thomson Reuters is the newest addition to the SEC Compliance product suite on Checkpoint, building on the strength of its popular SECPlus filings research solution with powerful new search, filtering, and document comparison capabilities. SECPlus Advanced lets you search and retrieve filings faster and with greater precision, navigate and filter results on the fly, instantly access relevant editorial analysis and primary source content and related comment letters and responses, and run detailed comparisons of documents. Find and create peer groups to benchmark and evaluate best practices in financial reporting, or use Create-a-Chart to chart and compare standardized financial fundamentals extracted from peer financial statements. Stay current on new compliance topics and recent EDGAR disclosures with SECPlus Filings Highlights. Use the SECPlus WG&L Analysis and FRM Source Materials templates to locate analysis and primary sources relating to specific forms, form sections, and topics.

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Checkpoint Learning Webinar: Introduction to Accounting for Deferred Income Taxes

An introduction to the topic of Accounting for Deferred Income Taxes (FASB ASC 740-10). Accounting objectives and the four basic principles applied to achieve those objectives will be covered.

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Checkpoint Learning Online Course: TCJA and Accounting for Income Taxes

With tax reform and massive changes to corporate taxes, accountants still have to follow ASC 740, Accounting for Income Taxes, to reflect the potential impact on deferred taxes in the financial statements.

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Thomson Reuters ONESOURCE Direct Tax is designed to help today’s tax departments move confidently into the future with cutting-edge tools for a broad range of tax and finance workflows. ONESOURCE Direct Tax gives you the very best suite of direct tax tools, from easier provision through more accurate and defensible deliverables — built on modern, secure, scalable, cloud-ready services and powered by a unified platform that helps transform your tax one workflow at a time.

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