Can someone walk me through a provision
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Yes. There are differences between book income computed under GAAP and taxable income computed under the Internal Revenue Code. We call these book/tax differences or M-1 adjustments. These differences are described as either favorable or unfavorable and temporary or permanent. Temporary differences must be accounted for on the balance sheet as either deferred tax assets or deferred tax liabilities because in the future they will flip. For example, depreciation for book will eventually equal depreciation for tax over the life of the asset. Today we need to account for that future benefit or burden on the balance sheet. On the income statement we book a tax provision (an expense) which does not account for these temporary differences.
When you have direct access to thousands of accounting professionals, seems logical to leverage the network
so that's a question for your manager.
Omg, stop and ask your manager- please don't take advice from a social networking site...
You guys already know you would think your staff is incompetent if they asked you things like this. I can't ask my manager, he thinks I know what I'm doing for some reason
And fin 48
UTP http://www.pwc.com/us/en/cfodirect/multimedia/videos/uncertain-tax-positions-fundamentals.html
@OP has way too many questions for this app. Ask a person in real life.
It will not end well if you go along like you know everything and don't ask questions to your manager... If he is a good manager, he will take the time to explain things to you.
Can you look in CPA Becker books? I thought they had pretty good description for this topic at a basic level.
It is just multiplication by 35% right? Good grief! Go find your firm's ASC 740 guide. PWC does a nice job
Sure what's up. How can I help.
Dont forget r2ps
I don't understand the temps and perms and ETR. Why don't temps or perms affect tax expense? And why don't perms show up on the balance sheet?
And are UTPs DTL/As?
I can follow prior year workpapers just fine I just want to be able to articulate the concepts at a high level and I can't
And EY3 I don't try to pretend like I know everything, but I do try to avoid asking questions that I KNOW will make me look stupid
EY4 that's a good suggestion thank you
Nobody expects auditors (non tax specialists) to understand the tax provision and how it is calculated. Thats why one of your procedures is invariably to involve a tax specialist (just as you would someone from valuation for any FV analyses).
The only thing especially as a staff you should try to understand is how it impacts the 10-k/10-q