deferred income tax

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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25 per share, for the remeasurement of ALLETE's deferred income tax assets and liabilities resulting from the Tax Cuts and Jobs Act (TCJA) that was enacted on December 22, 2017.
United States : ALLETE, Inc. Reports 2017 Earnings of $3.38 Per Share; Initiates 2018 Earnings Guidance; Expects Significant Growth from Non-Regulated Businesses
5 million attributable to the changes in the carrying value of deferred income tax items was partially offset by a $769,000 reduction in current-year income tax expense attributable to the noted reduction in the Company's income tax rate.
Kearny Financial Corp. reports net income
9B, due to revaluation of deferred income tax balances.
Exxon Mobil reports Q4 EPS 88c ex-tax reform & impairments, consensus $1.04
5% to USD162,306 from USD327,734; the 2016 amount includes a USD270,000 non-cash deferred income tax expense (with a corresponding decrease to CCOM's deferred tax asset).
CCOM Group reports Q3 2016 results
The first item the board is proposing is elimination of the exception in ASC Section 740-10-25, Recognition, that prohibits recognizing current and deferred income tax consequences for an intra-entity asset transfer until the asset or assets have been sold to an outside party.
Changes are proposed for accounting for income taxes under FASB ASC
The first item the board is proposing is elimination of the exception in ASC Subtopic 740-10, Recognition, that prohibits recognizing current and deferred income tax consequences for an intra-entity asset transfer until the asset or assets have been sold to an outside party.
FASB proposed two standards changes that are designed to reduce complexity in accounting for income taxes
Excluding transaction costs associated with the acquisition of Virtek Communication and a change to the deferred income tax valuation allowance, quarterly adjusted net income was USD1.
KVH Industries reports increased earnings in Q3 2010
5 million benefit from the reversal of the valuation allowance related to deferred income tax assets.
Jupitermedia expansion continues unabated; financial results
Deferred income tax accounting: Opinions of Canadian accountants.
On discounting deferred income taxes
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. corporations use self-insurance, but 'tax insurance' may offer a better answer for risk avoidance and improve both balance sheet and income statement ratios
The second way is to convert a regular IRA or a rollover IRA into a Roth IRA by paying any deferred income tax.
TAX-DEFERRED VEHICLES THAT WILL LAST A LIFETIME
While the standardization of recording of the impairment in value of fixed assets should increase the comparability of financial reporting, it may also bring about a significant, decrease in the amount of reported deferred income tax liabilities.
Finally a reduction in deferred income taxes?

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