Topics covered include: Permanent/temporary book vs. tax differences; Deferred tax accounting; Valuation allowance; Deferred tax assets/liabilities; Current vs. deferred tax expense/(benefit). Upon completing this course, you should be able to: Evaluate and apply complex ASC 740/FAS 109 concepts via a three step process; Recogize complex tax provision preparation via a three step process; Evaluate and leverage a tax provision template for use in basic tax provision preparation; Identify challenges in applying ASC 740; Recognize the basic calculation for tax provision; Differentiate examples of a permanent difference; Identify examples of a temporary difference; Describe the journal entry to record income tax benefit / refund; Identify steps of simplification; Differentiate ASC topics prescribes the accounting and reporting requirements with respect to income taxes; Describe federal alternative minimum tax and Federal deferred tax provision to return true-ups; Identify journal entries to record tax expense.