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GAAP and Financial Reporting for Selected Income Tax Issues including Changes Made by the OBBBA

GAAP and Financial Reporting for Selected Income Tax Issues including Changes Made by the OBBBA

$49.95$49.95
  • SKU : SF2100
  • OUR PRICE :$49.95
  • CREDIT HOURS : 4
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GAAP and Financial Reporting for Selected Income Tax Issues including Changes Made by the OBBBA
 
     
Course Description:  
The objective of this course is to address various tax issues related to GAAP including changes made by the One Big Beautiful Bill Act (OBBBA) of 2025.
 
Topics include an analysis of adjustments required to be made to deferred income tax assets and liabilities, including those assets related to net operating losses,  accounting for the change from an S to a C corporation,  GAAP accounting for bonus and Section 179 depreciation, changes made by OBBBA to the formula for the interest deduction limitation, presenting the tax benefit of an NOL carryover, GAAP for the research and experimental cost,  accounting for the PTE tax and ERC,  new income tax disclosures, and more.

 		  
Learning Objectives:
 		  
Upon successful completion of this course, participants will be able to:
  • Identify a factor that primarily explains the decline in the federal effective taxes-paid rate for C corporations under OBBBA beginning in 2025
  • Review the tax treatment for domestic research and experimental (R&E) expenditures found in OBBBA of 2025
  • Review how to present  the tax benefit from using an NOL on the income statement:
  • Identify a feature of Section 1202 Stock that was expanded by the OBBBA to encourage C corporation conversion or formation
  • Recall how to present the adjustment of the deferred tax asset and liability from a change in tax status from S to C corporation
  • Recall when an auditor must quantify the effect of a GAAP departure in the audit report
  • Identify types of carryforwards for which deferred tax assets must be recognized
  • Review the disclosures that are required by a nonpublic entity when it has not recorded any uncertain tax positions
  • Recall how an entity should account for the PTE tax on its financial statements
  • Review the rule as to whether a Company is  required to allocate consolidated income tax expense to its single-member LLCs that do not pay taxes
  
Course Number: SF2100
NASBA Field of Study: Accounting
Level:                     Overview
Author/Instructor: Steven C. Fustolo
Publication Date: January 2026  
CPE Credits: 4  
Program Prerequisites: Basic understanding of U.S. GAAP  
Advanced Preparation: None

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