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

  • ITEM SKU
    8560
  • CPE Hours
    4
  • Full Course Price
    $39.50
Exam Questions: 20
Course Level: Basic
Pages: 118 | Content: 110, Supplemental: 8
NASBA Area of Study: Accounting
Not Acceptable for: Enrolled Agents
Version: 8560

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 the 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. PLEASE NOTE: Not accepted for Enrolled Agents. All course material provided. No prerequisites. Course level: Basic.

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Course Information

Table of Contents
  • Impact of the OBBBA Tax Changes for Businesses
  • R&E costs under the OBBBA 2025
  • NOL Carryforwards and Deferred Tax Assets
  • Higher Interest Rates and the Limitation on Interest Deduction – OBBBA
  • Risk of Unrecorded Sales Tax Liabilities – Wayfair Decision
  • Accounting for the Change to C Corporation
  • Accounting for Bonus and Section 179 Depreciation in GAAP Financial Statements
  • Deferred Tax Asset Recorded on Other Carryovers
  • Presenting Deferred Tax Assets and Liabilities on the Balance Sheet
  • Income Tax Disclosures When There are No Uncertain Tax Positions – Nonpublic Entities
  • Accounting and Disclosures for the ERC: 2025
  • Accounting and Disclosures for the Pass-Through Entity (PTE) Tax
  • Accounting Allocating Tax Expense to Non-Tax Subsidiaries
  • New Income Tax Disclosures: ASU 2023-09: Income Taxes (Topic 740) – Improvements to Income Tax Disclosures
Objectives
  • To identify a factor that primarily explains the decline in the federal effective taxes-paid rate for C corporations under the OBBBA beginning in 2025
  • To review the tax treatment for domestic research and experimental (R&E) expenditures found in the OBBBA of 2025
  • To review how to present the tax benefit from using an NOL on the income statement
  • To identify a feature of Section 1202 stock that was expanded by the OBBBA to encourage C corporation conversion or formation
  • To recall how to present the adjustment of the deferred tax asset and liability from a change in tax status from S to C corporation
  • To recall when an auditor must quantify the effect of a GAAP departure in the audit report
  • To identify types of carryforwards for which deferred tax assets must be recognized
  • To review the disclosures that are required by a nonpublic entity when it has not recorded any uncertain tax positions
  • To recall how an entity should account for the PTE tax on its financial statements
  • To review the rule as to whether a company is required to allocate consolidated income tax expenses to its single-member LLCs that do not pay taxes

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