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What occurs when income before income tax from the income statement exceeds taxable income from from the income tax returned filed with IRS?
Wiki User
∙ 14y ago
Happens all the time, in fact everytime, both ways.
Tax Accounting is different that Financial Accounting (or GAAP), which is different from IFRS, which is different from managment....etc. The different systems consider different things income and expense...or recognize them at different times. (Most, but not all difference from Financial to Tax are just in timing...but many are permanent too).
The timing differences give rise to deferred tax assets and liabilities.
Wiki User
∙ 14y ago
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