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 ...
Nasdaq

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 ...
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 ...
JD Supra

“But wait, there’s more.” – Rev. Proc. 2020-39 provides guidance on the proper treatment of excess deferred taxes, and other normalization issues

On August 14, 2020, the Internal Revenue Service (IRS) issued Rev. Proc. 2020-39 to provide guidance on the proper treatment of excess deferred taxes under the normalization provisions of section ...