Provision for income taxes

(redirected from Income Tax Provisions)

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 ?
The bill amends both the New York State and New York City corporate income tax provisions. The new rule will apply to taxable years beginning on or after January 1, 2018.
The rules governing income taxes assessed on trusts and estates are quite distinct from other income tax provisions because they combine fiduciary accounting rules, some of which differ across jurisdictions, with federal income tax law.
In 2018, then-Chairman Brady advocated for "Tax Reform 2.0," which focused primarily on individual income tax provisions, and for further refinements to the international tax provisions added by the TCJA.
The senator lamented that the BIR Memorandum Circular, issued in the wake of concerns on the TRAIN's income tax provisions, only 'caused confusion' as it specifically stated that the medical insurance premiums paid by employers for their employees, whether rank-and-file or managerial or supervisory, and their dependents shall be included as part of bonuses and benefits, and therefore shall be subject to income and fringe benefit tax.
To note, RMC 50 was originally issued to clarify concerns on the income tax provisions of the said law.
RMC 50-2018 was issued last May 11 to clarify certain provisions of Revenue Regulations 8-2018 and 11-2018, which were issued to implement the TRAIN law's income tax provisions.
The USDA ERS report estimates the impact of current Federal income tax provisions on farm households by using 2016 tax-year data.
Today, at least 12 income tax provisions are designed to provide tax benefits for the pursuit of education.
tax and related laws, including certain key federal income tax provisions applicable to multinational companies such as Oil States.
"They (Investigative agencies) will examine if there is any violation of any income tax act, income tax provisions or any such offences which falls in the preventions of money laundering act, Singh said.
Now, what are these Income tax provisions? And how is the income of political parties taxed?
This report summarizes the plan, analyzes key components of the individual income tax reforms, estimates the budgetary impact of the plan's individual income tax provisions, estimates the effective marginal tax rate (EMTR) on new investment under the plan, and briefly discusses its corporate tax reforms.