{ "media_type": "text", "post_content": "ASC740 question. Can someone give an quick example of journal entries when you recognize an UTP. I always thought it’s DR Tax Expense, CR UTP/ Tax Contingency Reserves. When does it hit the payable account?", "post_id": "619c5c8f9eb928003890f1c8", "reply_count": 4, "vote_count": 4, "bowl_id": "599555b669a73a0010aab3ac", "bowl_name": "Tax Bowl" }

ASC740 question. Can someone give an quick example of journal entries when you recognize an UTP. I always thought it’s DR Tax Expense, CR UTP/ Tax Contingency Reserves. When does it hit the payable account?

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The UTP is a tax liability. So if the UTP is recognized, you would debit UTP(current tax payable if you don’t have a separate UTP account). The credit depends on how the UTP went away. If due statute expiration for example, credit current tax expense. If due to settlement, credit cash

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Ok it is semantics but UTP is recognized when you get the benefit. Not when you set UPN the liability. Yes, setting up a liability or not recognizing the benefits is dr tax expense cr UTP or current tax payable. It could be an offset to an NOL also.

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Yes u had it right. Debit tax expense credit fin 48 liability

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