Provision for income taxes

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 ?
GAAP and non-GAAP income taxes in the second quarter of 2019 include a provision for income taxes on Vertex's pre-tax income using an estimated effective tax rate approximating statutory rates.
The provision for income taxes reflects an annual tax rate of negative 1 percent for 2017, compared with 30 percent for 2016.
The provision for income taxes totaled $1,597 for the second quarter of 2019 compared to a provision for income taxes of $2,342 for the same quarter of 2018.
GAAP provision for income taxes and decrease earnings per share.
GAAP results for Q2 2019 included income before provision for income taxes of $542 million, an increase of 114% from Q2 2018, and net income attributable to The Carlyle Group L.P.
The cumulative change in deferred tax expense caused a 70 percent decline in the overall provision for income taxes, resulting in net income for the segment to more than double to $17.1 billion in 2018.
The bank blamed the 85 percent decrease in its trading gains and the 47 percent increase in their provision for income taxes as the culprits behind the lower net income during the year.
Adjusted net income1 for fiscal year 2018, which excludes a nonrecurring charge to provision for income taxes, was $171.5 million, or $2.90 per diluted share, compared to $145.2 million, or $2.46 per diluted share.
Trading gains fell by 59 percent year-on-year while on the expenditure side, provision for income taxes rose by 55 percent.
Provision for income taxes was $6.0 billion compared to $821 million 4Q16, with an estimated charge of $5.5 billion from U.S.
The loss for the quarter of USD 2,063,000, or USD 0.38 per share, included an estimated one-time, non-cash charge of USD 3,070,000, or USD 0.57 per share, recorded in the Provision For Income Taxes line, related to the enactment of the Tax Cuts and Jobs Act (Tax Reform).
Fourth quarter results were impacted by a USD400,000 net charge to the provision for income taxes related to a revaluation of the net deferred tax asset associated with the passage of the Tax Cuts and Jobs Act.