About this course

This course is an introduction to deferred tax functionality in PowerTax. It will cover detailed steps and procedures. The focus is on regulated entities and the build-up of deferred income taxes related to bonus depreciation, tax repairs, and mixed service costs. Any company that wants assurance their deferred taxes are on a solid footing, does a full allocation of book depreciation and book activity in calculating deferred taxes, or just wants their staff to have a fundamental understanding of deferred income taxes would benefit from this course.

Topics:

• PowerTax Deferred Tax Module Navigation and Data Organization
• Deferred Tax – Theory and Concepts
• Book Depreciation and Deferred Tax Turnaround
• Book Allocation Setup
• Deferred Tax Schema Assign Window
• Deferred Tax Processing
• Reporting and Verifying Results

Objectives:

At the end of this course, you will be able to:

• Operate and navigate PowerTax Deferred Tax Module
• Demonstrate understanding of deferred tax theory and concepts
• Demonstrate understanding of PowerTax Deferred Tax Module and the systems capabilities
• Demonstrate understanding of PowerTax Deferred Tax Module data and data organization
• Demonstrate the ability to incorporate new activity into the system
• Review data and verify results

Intended Audience:

Any user who wants to understand how to use PowerTax, including the deferred tax functionality.

Additional Information:

Prerequisites: Familiarity with tax depreciation and basic deferred tax concepts.

Advanced Preparation: None

Program Level: Basic

Delivery Method: Group Live or Group Internet Based

CPE Credits = 8 credits possible (4 Tax-Technical, 4 Accounting-Technical)