Hey everyone Tad Stephens here to make a quick video on a new course that we just got on the tax cuts in Jobs Act so let’s get to it.

I’ll share my screen, when you’re looking at our site on any page you have the Courses menu.  Go to the Tax Cuts and Jobs Act link under the categories column and you will get a list of our four Tax Cuts and Jobs Act courses.

The new course is the one at the bottom titled The Impact Of The Tax Cuts And Jobs Act On GAAP and Financial Reporting.  Click that link and you will go to the course by Mr. Stephen C Fustolo.  Steven is a CPA and MBA out of Massachusetts.

The objective of this course is to inform the reader of the impacts the changes made by the Tax Cuts and Jobs Act have on GAAP in financial reporting.  You can the summary and go down the learning objectives.

  • Recognize how an entity should account for deferred tax accounts under the Tax Cuts and Jobs Act
  • Identify how the ASU 2018-02 election is made to reclassify the tax-effect on accumulated other comprehensive income
  • Recall the adjustment that is made when an entity converts from S to C corporation status
  • Recognize the type of like-kind exchange that qualifies for nonrecognition of gain or loss under GAAP
  • Identify a way in which an entity can account for bonus depreciation under GAAP.
  • Recall the overall impact that the reduction in the corporate tax rate is having on SEC companies
  • Recognize whether SEC companies are permitted to discount tax liabilities pertaining to repatriated income
  • Recall when an entity is required to disclose the tax years open for examination

The course contents follows and if you scroll down a bit you can see here it’s a pretty short course, only one chapter and two CPE Credit Hours long.  It has two sections, and each follows below.

Chapter 1 – The Impact of the Tax Cuts and Jobs Act on GAAP and Financial Reporting


  1. GAAP Impact of Tax Changes Made by the Tax Cuts and Jobs Act
  2. Tax Rate Change Impact on Deferred Income Taxes
  3. ASU 2018-02: Income Statement—Reporting Comprehensive Income (Topic 220) Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income
  4. Revaluing Deferred Tax Assets from NOLs
  5. Impact of Indefinite NOL Carryover Period on Deferred Tax Asset Valuation Accounts

Review Questions and Suggested  Solutions

  1. Accounting for the Change from S to C Corporation
  2. New Limitation on Interest Deduction
  3. Elimination of Like-Kind Exchanges on Personal Property
  4. Accounting for Bonus and Section 179 Depreciation in GAAP Financial Statements
  5. Overall Impact of Reduction in Tax Rate on SEC Companies

Review Questions and Suggested  Solutions

  1. SEC Staff Accounting Bulletin (SAB) No. 118
  2. FASB Staff Q&A: Topic 740, No.  2: Whether to Discount the Tax Liability on the
    Deemed Repatriation
  3. Other Tax-Related Issues
  4. Deferred Tax Asset Recorded on Other Carryovers
  5. Presentation of Tax Benefit of NOL Carryover
  6. Presenting Deferred Tax Assets and Liabilities on the Balance Sheet—FASB’s
    ASU 2015-17
  7. Fixing the Disclosures in Uncertain Tax Positions for Nonpublic Entities

Review Questions and Suggested  Solutions



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Again, any questions let us know and have a great rest of your day!