Provision for income taxes

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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 ?
These estimated impacts to PriceSmart's income tax provision are based on PriceSmart's current knowledge, assumptions and interpretations of the impact of Tax Reform.
1 Excluding the effect of the non-cash, non-operating and non-recurring income tax provision, net income for the three months ended December 31, 2017 was $15.
Analysts and investors frequently use a company's ETR to analyze its performance, leading companies to stress the calculation of the income tax provision under Topic 740 almost as much as they emphasize cash savings from income tax planning.
Once again the bank was able to earn a higher net income after taxes in the current year than its net income before income tax provision the prior year.
The Freedom Bank of Virginia (OTCQX: FDVA), a community-oriented bank with locations in Fairfax, Reston and Vienna, Virginia, has reported net income before income tax provision of USD2.
In a disclosure to the Philippine Stock Exchange, the firm said the drop in profit is due mainly to lower metal prices, increased depreciation, higher financing charges, and higher income tax provision in 2014 following the expiration of the income tax holiday incentive of Carmen Copper Corporation in October 2013.
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.
Hananel has over 35 years of experience of tax consulting, compliance, financial statement income tax provision reviews end the management and administration of multi-national client accounts and a staff of professionals.
The third quarter 2009 results benefited from the realisation of one-time tax benefits in Hawaiian's income tax provision.
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.
2M income tax provision was recorded, principally as a result of the Tax Cuts and Jobs Act of $31.