Future Income Taxes: Essential Concepts and How They Function

Future income taxes are upcoming tax costs or savings due to discrepancies between financial statements and tax returns.
Accounting Today

IASB proposes leeway for deferred tax accounting under OECD rules

The International Accounting Standards Board proposed amendments to its income tax standard to provide temporary relief from accounting for deferred taxes arising from the imminent implementation of ...
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What Is a Deferred Tax Asset?

A deferred tax asset is usually an item on a company's balance sheet that was created by the early payment or overpayment of taxes. They are financial assets that can be redeemed in the future to ...
AOL

Understanding Deferred Tax Assets: Calculations, Applications, and Real-World Examples

Anyone who has run a business of any size understands how confusing and, at times, complex the tax code can seem. So deferred tax assets (DTAs) can be challenging. However, understanding them is ...
AOL

Deferred Tax Assets vs. Deferred Tax Liabilities: What's the Difference?

When it comes to a company’s taxes, there are two important categories to understand: assets and liabilities. Tax liability is anything that a person or company owes taxes on, such as income or ...
Accounting Today

IRS warns: Deferred payroll taxes due in December

The Internal Revenue Service is sending notices to taxpayers who deferred their Social Security taxes last year, warning them that half the taxes will be due by the end of this year. In an email to ...

Accruals Explained: How Accrual Accounting Works with Examples

Discover how accruals affect company finances, with insights into the accrual accounting method, its applications, and ...