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Deferred Tax Liabilities Presented By: JOEL M PAIS MBA - 2011Aloysius Institute of Management and Information Technology (AIMIT)
Definition A tax liability that a company owes and does not pay  at that current point, although, it will be responsible  for paying it at some point in the future. This is often  caused by a difference in a company's balance sheet,  due to the differences between accounting practices  and tax regulations. Occasionally, a company will  have a difference in their taxable income and income  before tax due to these differences, resulting in a  Deferred tax liability.
Explanation Deferred tax liability is responsibility for taxes that are owed, but not yet paid.  There are certain circumstances in which companies or taxpayers may incur tax liability but not pay the taxes right away.  They record this as a liability on their accounts so that they have a more complete picture of their finances.  High deferred tax liability can indicate that a person or company is using unusual accounting practices and can be a cause for concern.
Journal entries         Income Tax Expense                 20,000        Deferred Tax Asset                     4,000           	Income Taxes Payable            24,000
Fa - deffered tax liabilities

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Fa - deffered tax liabilities

  • 1. Deferred Tax Liabilities Presented By: JOEL M PAIS MBA - 2011Aloysius Institute of Management and Information Technology (AIMIT)
  • 2. Definition A tax liability that a company owes and does not pay at that current point, although, it will be responsible for paying it at some point in the future. This is often caused by a difference in a company's balance sheet, due to the differences between accounting practices and tax regulations. Occasionally, a company will have a difference in their taxable income and income before tax due to these differences, resulting in a Deferred tax liability.
  • 3. Explanation Deferred tax liability is responsibility for taxes that are owed, but not yet paid. There are certain circumstances in which companies or taxpayers may incur tax liability but not pay the taxes right away. They record this as a liability on their accounts so that they have a more complete picture of their finances. High deferred tax liability can indicate that a person or company is using unusual accounting practices and can be a cause for concern.
  • 4. Journal entries         Income Tax Expense                 20,000        Deferred Tax Asset                     4,000           Income Taxes Payable            24,000