Apr 3, 2024
This 2-part webinar is designed for banks filing federal income taxes as a C Corporation. Banks filing federal tax returns under Sub-chapter S status may not find this course applicable.
Designed for bankers seeking an understanding of accounting for Federal Income Taxes as required under U.S. GAAP, this series will provide participants with an overview of requirements under Accounting Standards Codification (ASC) No 740, Income Taxes, and the practical application to a bank’s financial statements. Exercises and exhibits illustrating common bank current and deferred tax accounting journal entries and period-end balances will be provided.
Specific discussions and accounting examples for transactions and activities will be covered as described below.
Wednesday April 3rd, 2024
2:30 pm - 4:30 pm EST
The math and formula behind the proper accrual for income tax expense or benefit
The reconciliation of book net income (loss) to taxable net income (loss)
Understanding permanent vs temporary differences between book net income (loss) and taxable net income (loss)
The concept of recognition and measurement under U.S. GAAP
Deferred tax assets vs deferred tax liabilities
Current tax assets vs current tax liabilities
The accounting equation for income taxes illustrated as a 3-legged stool
Accounting for net operating tax losses (NOLs)
The difference between the statutory tax rate and a bank’s effective tax rate
Illustrations of a book to tax reconciliation and the key role permanent differences have in that equation
Illustrations related to the accounting for temporary (or timing) book vs tax differences that originate from fixed asset depreciation.
Who Should Attend
The course is designed for those who understand the basis of bank accounting and desire to have a deeper understanding of the concepts behind accounting for federal income taxes as required under U.S. GAAP. Participants will find this course provides a simplified approach to understanding the accrual and accounting requirements for current and deferred income taxes.
Ms. Dopjera, a Certified Public Accountant, has 40 years of experience focused on accounting and regulatory reporting for financial institutions. During the first 18 years of her career, Ms. Dopjera held various positions with responsibility across all operational areas, including accounting, internal audit, Call Report preparation and review while working for community as well as regional banks.
Available Upgrades
AyZha Hazelwood, Education Meeting Coordinator
Ahazelwood@indiana.bank
317-387-9380