Current Taxes Payable and Deferred Tax Assets and Liabilities The current taxes payable or refundable amount appearing on an entity’s balance sheet at the end of the year represents the gross income tax payable or refundable, as adjusted for any payments made or refunds received during the year
ACCT4356 Chapter 14 Flashcards | Quizlet A) Temporary differences causing taxable income in future periods to be higher than book income in future periods create deferred tax liabilities B) Temporary differences causing taxable income in future periods to be lower than book income in future periods create deferred tax assets
16. 5 Income statement presentation of income taxes - Viewpoint When a business combination has occurred during the year, deferred tax liabilities and assets, net of the valuation allowance, are recorded at the date of acquisition as part of the purchase price allocation
Accounting for income taxes — AccountingTools The essential accounting for income taxes is to recognize tax liabilities for estimated income taxes payable, and determine the tax expense for the current period
To Accrue or Not to Accrue Distributions: That Is the Question | Wipfli When should year-end distributions be accrued? Accruing distributions at year-end can be beneficial when the goal is to align distributions with income earned during the fiscal year — especially when owners rely on those funds to pay their personal income taxes
Publication 538 (Rev. January 2022) - Internal Revenue Service You can elect to use a 52-53-week tax year if you keep your books and records and report your income and ex-penses on that basis If you make this election, your 52-53-week tax year must always end on the same day of the week