The Missing Tax Accounting Guide - Part 1

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About the author:
Trent Green is an independent corporate tax advisor, author, conference speaker, and CPE instructor through his company, Tax Director Services (

Before starting Tax Director Services, Trent was the Head of Tax for PROS, a $160M publicly traded company headquartered in Houston, TX. Before joining PROS, he was a Tax Director in PwC's Raleigh office. Before joining PwC, Trent was the Head of International Tax for SAS, a $2.7 billion multinational software corporation operating in more than 50 countries.

Trent began his career in public accounting with Coopers & Lybrand (PwC) working on a variety of corporate, partnership, and individual income tax issues. He has a Bachelor of Arts, Business Minor, and Master of Accounting degrees from UNC-Chapel Hill. Trent has taught CPE for the NCACPA since 2009, and he is regularly asked to present at CPA conferences.

Trent has extensive experience working with youth through church and community service, and he lives with his family in Apex, North Carolina.

Trent's Green's full professional profile is on LinkedIn at

The Missing Tax Accounting Guide - Part 1

A Plain English Introduction to ASC 740 Tax Provisions

Authored by Mr. Trent Green

This book explains the "how" and "why" of tax accounting concepts and mechanics according to ASC 740 (U.S. GAAP) using a clear, practical, and understandable language and methods. The book contains a series of tax provision examples that start with a trial balance, work through tax provision calculations, develop the necessary tax accounting entries to close the books, and shows how all of this ultimately supports the tax-related figures and explanations and in the financial statements and footnotes.

Because this book starts at the ground level, requiring no prior knowledge of tax provision concepts, the following will benefit:

* Tax professionals who need to know how to prepare (and audit) tax provisions, as well as the journal entries and workpapers necessary to close the books and to support the financial statements
* Audit and other assurance professionals who want to more effectively communicate and coordinate with the client's Tax Group, as well as their internal own tax specialists who help them audit the tax provision
* Accounting Managers, Controllers, CFOs, and others with a medium to advanced knowledge of financial accounting outside of tax who want a deeper understanding of tax accounting, tax provisions, and the financial reporting implications
* CEOs, Presidents, Board Members, executives, and finance professionals who want to be more knowledgeable about their company's tax position and profile
* Investors and financial analysts who want to better understand the tax-related figures and disclosures in a company's financial statements

This book assumes that readers are familiar with the basics of accounting, how to read and understand financial statements and have a high-level knowledge of tax adjustments to U.S. GAAP to arrive at taxable income (e.g. book vs. book depreciation, the 50% disallowance for meals and entertainment expenses, etc.).

* Start off the book by diving into an example of how a tax provision works
* Understand the difference between tax accounting and tax compliance
* Learn what makes up the "total tax expense" (or provision) of a company, and how to compute a tax provision, as well as the relationship between the tax provision and the financial statements
* Understand the relationship between the tax return ("compliance") and the tax provision (ASC 740 tax accounting)
* Gain insight into how to effectively interact with financial statement auditors as they examine a tax provision, as well as to better understand what they are looking for and why
* Learn about book/tax differences, permanent differences, and temporary differences, what the concepts mean, and how to handle them
* Understand what gives rise to deferred tax expenses, deferred tax benefits, deferred tax assets, and deferred tax liabilities, as well as how to account for them in tax provision calculations

Reinforce and deepen your understanding of these concepts throughout the book by referring to detailed examples, workpaper illustrations, and sample journal entries. This book is the "missing guide" you have been looking for! It is your bridge from overly simplistic (or advanced) tax accounting training and materials to the foundational knowledge necessary to learn, understand, and apply the complex rules of ASC 740 in the real world.

Publication Date:
1542924162 / 9781542924160
Page Count:
Binding Type:
US Trade Paper
Trim Size:
8.5" x 11"
Full Color
Related Categories:
Business & Economics / Accounting / General

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