How to record Deferred Tax Assets & Liabilities - IRS Form 1120
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3 سال پیش
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A "C" corporation files Form
A "C" corporation files Form 1120 and pays federal income taxes at the entity level. This is in contrast to a pass-through entity (partnership, S corporation, or DRE) that does not pay taxes directly, because the owners are ultimately responsible for reporting their allocable share of income and paying taxes.
If you prepare financial statements for your "C" corporation, you'll need to record the federal tax provision at year-end.
The provision consists of current and deferred income tax expenses (benefits), and a provision for deferred tax assets, liabilities, and current taxes payable.
In this video, I examine a simple example where a corporation calculates its tax provision with one temporary tax difference.
For a larger database of tutorials, please visit our website and search for your question:
https://knottlearning.com/
DISCLAIMER: The information provided in this video may contain information about tax, financial, and legal topics. Such materials are for informational purposes only and may not reflect the most current developments. These informational materials are not intended and should not be taken as tax, financial, or legal advice. You should contact an advisor to discuss your specific facts and circumstances. Self-help services may not be permitted in all states or jurisdictions. The use of these materials does not create an attorney-client or confidential relationship. This video does not include information about every topic or issue related to these informational materials.
#DeferredTaxes #Form1120 #TaxProvision #Accounting
If you prepare financial statements for your "C" corporation, you'll need to record the federal tax provision at year-end.
The provision consists of current and deferred income tax expenses (benefits), and a provision for deferred tax assets, liabilities, and current taxes payable.
In this video, I examine a simple example where a corporation calculates its tax provision with one temporary tax difference.
For a larger database of tutorials, please visit our website and search for your question:
https://knottlearning.com/
DISCLAIMER: The information provided in this video may contain information about tax, financial, and legal topics. Such materials are for informational purposes only and may not reflect the most current developments. These informational materials are not intended and should not be taken as tax, financial, or legal advice. You should contact an advisor to discuss your specific facts and circumstances. Self-help services may not be permitted in all states or jurisdictions. The use of these materials does not create an attorney-client or confidential relationship. This video does not include information about every topic or issue related to these informational materials.
#DeferredTaxes #Form1120 #TaxProvision #Accounting
3 سال پیش
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