Provision for income taxes

(redirected from Income Tax Provision)

Provision for income taxes

An amount on the P & I statement that estimates a company's total income tax liability for the year.

Provision for Income Taxes

In a financial statement or personal budget, an estimate for one's total income tax liability for a given year. This is especially important when the government or an employer does not automatically deduct estimated tax payments from paychecks or other revenue. Generally speaking, one must set the provision for income taxes aside and pay it quarterly or annually.
References in periodicals archive ?
5 million for the third quarter of 2015 compared with income before income tax provision of $10.
Loss before income tax provision for the second quarter of 2012 was $104,000 compared to a loss of $3,183,000 in the prior year quarter.
The third quarter 2009 results benefited from the realisation of one-time tax benefits in Hawaiian's income tax provision.
During the 1990s, tax practitioners at national and international CPA firms concentrated on selling tax planning strategies that affected their clients' financial statements, either through a reduction in the income tax provision or an increase in pretax income.
Probably no other state income tax provision is so universally distasteful to American business.
The new measures that include international taxation provision, personal income tax provision and corporate income tax provisions are expected to have wide implication for companies engaged in business in Canada and their employees.
The effective income tax rate for the second quarter of 2015 was negatively impacted due to increases in reserves taken on tax positions, non-deductible regulatory charges, as well as lower operating results of the international businesses (which benefit from lower tax rates) and by the size of these factors relative to income before income tax provision.
If the company elects out of the installment method and reports the entire gain in the current year, no deferred tax assets or liabilities exist and a current federal income tax provision of $153,000 is recorded in connection with the net gain.
During the year end close process, the Company identified two required adjustments while preparing its income tax provision.
The Company defines adjusted earnings per share as income before income tax provision plus amortization, less adjusted income tax provision and other, which is comprised of earnings allocated to participating securities, divided by the weighted average diluted shares outstanding.
A taxpayer filing under the automatic-change procedures does not have to wait for IRS approval before filing its return or preparing its income tax provision.
Subsequent to the announcement of the unaudited 2007 operating results, and as part of the final evaluation of various tax liability considerations, it was further determined that the income tax provision announced for the fourth quarter and year 2007 operating results had included a tax benefit totaling $1.