Corporations must file an income tax return following the guidelines developed by the IRS. Since GAAP and tax regulations differ in several ways, so frequently do pretax financial income and taxable income. Consequently, the amount that a company reports as a tax expense will vary from the amount of taxes payable to the IRS.
This course covers the basic guidelines companies must follow in reporting income taxes and the disclosure requirement associated with deferred taxes, reviewing some of the concepts and items discussed in ASC 740, Income Taxes.
