Deferred Income Tax Liability financial definition of Deferred Income Tax Liability. Deferred Income Tax Liability finance term by the Free Online Dictionary.

Deferred Income Tax

On a balance sheet, a tax that a company will owe on its income, but that has not yet been assessed. Because of differences between tax regulations and the Generally Accepted Accounting Principles, income may be recognized on a balance sheet for accounting purposes, but not for tax purposes. However, that income will eventually be recognized for tax purposes and income tax will then be assessed. This tax is called deferred income tax, and is recorded as a liability on the balance sheet.

deferred income tax

A liability created by income recognized for accounting purposes but not for tax purposes. The liability recognizes future taxes due when earned income is later reported for tax purposes. Use of accelerated depreciation for reporting to the Internal Revenue Service and straight-line depreciation for reporting to stockholders is one of the major reasons a firm includes deferred income taxes as a liability on its balance sheet.

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individual retirement account IRA Nonqualifying Annuity Tax-Free Income Tax-Sheltered Income Wraparound Annuity	As in the scenario above, a deferred income tax liability would result as amortization is deducted for income tax purposes. Hot topics in FAS 109 by Raines, Donna; Pitts, Jennings; Leder, Zack; Sutton, Claire; Thrasher, Bennett / The Tax Adviser Had the issue been expected to occur over more than a year, a long-term receivable would have been set up with a corresponding long-term deferred income tax liability account shown. Self-insured? There may be a better option: most major U.S. ... by Purfey, Kenneth J. / Financial Executive At the point of collection: Cash 4,000 Accounts receivable 4,000 At year end: Income tax expense 31,200 Deferred tax liability 1,200 Income taxes payable 31,200 Deferred income tax benefit 1,200 The debit to the deferred income tax liability results from the decrease in the temporary difference. SFAS 109 Accounting for Income Taxes: An Overview With Examples by Martin Jr., Vernon M. / The National Public Accountant	Defensive Buy Defensive Investment Strategy Defensive Securities Defensive Security Defensive Stock Deferment Period Deferred Account Deferred Acquisition Costs Deferred Annuities Deferred Annuity Deferred Call Deferred Call Period Deferred Charge deferred charges deferred commission Deferred Compensation deferred contracts Deferred Credit Deferred Dividend Deferred Equity deferred exchange Deferred Futures deferred gain deferred income Deferred Income Tax Deferred Income Tax Liability Deferred Interest Deferred Interest Bond Deferred Liability deferred maintenance Deferred Nominal Life Annuity Deferred Payment Annuity Deferred Payment Option deferred payments Deferred Premium Option Deferred Profit Sharing Plan Deferred Sales Charge Deferred strike option Deferred Tax Expense Deferred-Interest Bond deficiency Deficiency Agreement Deficiency Dividend deficiency judgment Deficiency Letter Deficit Deficit comercial Deficit de recursos Deficit estructural Deficit estrutural deficit financing	deferred data item Deferred Delivery Deferred Deposit Loan Act deferred diagnosis Deferred Discrepancy Deferred Dividend Deferred Dividend Insurance Deferred Dividends Deferred Enforced Departure deferred entry Deferred Entry of Judgment Deferred Equities Deferred equity deferred exchange Deferred Expenditures Deferred expense Deferred expense Deferred expense Deferred Financing Costs Deferred futures Deferred Gain Deferred gratification deferred grazing deferred grazing Deferred income Deferred Income Tax Deferred Income Tax Liabilities Deferred Income Tax Liability Deferred Income Taxes Deferred Interest Deferred interest bond Deferred Interest Bonds Deferred Interest Obligation Deferred Item List Deferred Liabilities deferred liability Deferred Life Annuity Deferred maintenance Deferred maintenance Deferred maintenance Deferred maintenance Deferred Maintenance And Repair Deferred Maintenance Item Deferred Maintenance List Deferred Mode Image Processing deferred mount Deferred Nominal Life Annuities Deferred nominal life annuity Deferred Non-Recurring Charges deferred payment deferred payment Deferred Payment Annuities Deferred Payment Annuities Deferred payment annuity Deferred payment annuity Deferred Payment Gift Annuity Deferred Payment Loan Agreement Deferred Payment Option

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individual retirement account
IRA
Nonqualifying Annuity
Tax-Free Income
Tax-Sheltered Income
Wraparound Annuity

As in the scenario above, a deferred income tax liability would result as amortization is deducted for income tax purposes.

Hot topics in FAS 109 by Raines, Donna; Pitts, Jennings; Leder, Zack; Sutton, Claire; Thrasher, Bennett / The Tax Adviser

Had the issue been expected to occur over more than a year, a long-term receivable would have been set up with a corresponding long-term deferred income tax liability account shown.

Self-insured? There may be a better option: most major U.S. ... by Purfey, Kenneth J. / Financial Executive

At the point of collection: Cash 4,000 Accounts receivable 4,000 At year end: Income tax expense 31,200 Deferred tax liability 1,200 Income taxes payable 31,200 Deferred income tax benefit 1,200 The debit to the deferred income tax liability results from the decrease in the temporary difference.

SFAS 109 Accounting for Income Taxes: An Overview With Examples by Martin Jr., Vernon M. / The National Public Accountant

Defensive Buy

Defensive Investment Strategy

Deferred Acquisition Costs

Deferred Annuities

Deferred Annuity

Deferred Call