źródło: Daily Health Study
What is a tax provision?
A income tax provision is the total income tax expense for the reporting period. This includes income taxes from the federal, state, local and foreign governments. ASC 740 Income Tax Provision includes current and deferred income taxes.
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Current income tax expense (benefit), includes income tax payable (receivable), for the current period, based on current tax law applying to current period loss or taxable income.
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The future tax expense (benefit), also known as deferred income tax expense, is the expected future tax expense (benefit), resulting from activities in past or current periods. These benefits (future expenses) are caused by temporary differences in tax and book values for certain items.
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ASC 740 is applicable to all entities, but only to entity-level taxes. Only jurisdictions with income-based taxes at the entity level can have passthrough tax provisions. Therefore, the ASC 740 provision to income taxes is usually only applicable to C-corporations.
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How can a corporation calculate its income-tax provision under ASC740?
To get the total ASC740 income tax provision, add the current and deferred tax provisions.
The current income tax provision is equal to the taxes reported on current-year returns, if any, plus adjustments for previous year returns. The current income tax provision cannot exclude any uncertain tax benefits, unless the relevant tax authority is more likely to maintain the underlying situation.
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Before filing the tax return, companies may use the current income tax provision to prepare financial statements. This calculator can be used to estimate the current income tax provision.
Begin with pretax GAAP income.
Negative permanent differences can be added or subtracted.
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Add or subtract the net difference in temporary differences.
Subtract usable loss carryforwards.
Multiply this result by the tax rate (21% federal tax on Ccorporations).
Subtract usable taxes credits, tax credit carrying forwards, and the benefit from current year loss carrybacks.
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What is the difference between permanent and temporary?
Permanent differences between GAAP income and tax amounts are not reverseable. Permanent differences exist between GAAP income and tax. Nondeductible expenses, GAAP income, and certain credit effects are all exempted from tax. Federal tax includes interest on municipal and state bonds (tax-exempt income), entertainment costs (nondeductible expenses) and fines (nondeductible expenses). Permanent differences can affect the current provision, and thus the effective tax rate according to ASC 740. Because they are not reverseable in the future, they do not create deferred taxes assets or liabilities.
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In the future, temporary differences between GAAP tax amounts and tax amounts will be reversed. Consider an asset that has a 10 year useful life, no salvage value, and costs $100,000. To claim $100,000 tax depreciation, a company employs bonus depreciation rules. The straight-line method is used for GAAP purposes. This results in $10,000 in book depreciation. Temporary difference of $90,000.
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What disclosures and reporting are required by ASC 740?
The income statement will contain the total ASC 740 provision regarding income tax. Companies can choose to report current or deferred tax expense separately on their income statement.
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ASC 740 requires that the balance sheet net all deferred taxes assets and liabilities that can be offset for tax purposes. This usually means they are related to the same jurisdiction for one entity. Companies must however disclose the total amount of deferred and unpaid tax liabilities.
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dailyhealthstudy
For women's health, tips for heart, mind, and body - https://www.mpolska24.pl/blog/for-womens-health-tips-for-heart-mind-and-body
If you want to avoid problems such as strokes and heart disease, there is an easy way.
Get more fruits and vegetables.
Whole grains are better than refined ones. Brown rice is better than white. Switch to whole-wheat pasta
Consider lean proteins such as poultry, fish and beans.
Reduce your intake of processed foods, sugar, salt, saturated fat, and other unhealthy food.
Flexibility is key to eating well, according to Joyce Meng, MD assistant professor at UConn Health's Pat and Jim Calhoun Cardiology Center. You can follow a strict diet plan if you prefer. It's okay if you don't like following a strict diet plan.
Tricia Montgomery (52), founder of K9 Fit Club knows firsthand the benefits of a healthy diet and lifestyle. Her favorite things are eating healthy food and making small, frequent meals. She says, "I don’t deny myself anything." "I still enjoy dessert, key lime pie, yum!" -- I love frozen gummy bears and moderation is the key.
Get regular checkups. Your doctor will keep track of your medical history so that you can stay healthy. If you are at high risk of osteoporosis (a condition that weakens bones), your doctor may recommend more vitamin D and calcium.
You may be recommended by your doctor to have screening tests done to monitor your health and detect conditions before they become serious.
Be open to communication. Meng said, "If you have any questions, ask your doctor." "Ensure you are satisfied with the information." Talk to your doctor if you have concerns about any medication or procedure.
Reduce Stress
It can be very detrimental to your health. It is impossible to avoid it all, but there are ways you can reduce the effects. Do not take on too many responsibilities. Set limits for yourself and others. It is okay to say no.
To relieve stress, try:
Deep breathing
Meditation
Yoga
Massage
Exercise
Healthy eating
Talking to a friend or family member.
Develop healthy habits
You can prevent problems from coming your way tomorrow if you make the right decisions today.
Brush your teeth twice daily and floss each day.
Don't smoke.
Limit your alcohol. Limit your alcohol intake to 1 drink per day.
Take your medication exactly as prescribed by your doctor.
Get better sleep. Try to sleep for at least 8 hours. Talk to your doctor if you are having trouble sleeping.
Keep out of direct sunlight between 10 a.m. and 3 p.m.
Wear your seatbelt.
Meng suggests that you take time each day to invest in your own health.
Montgomery was able to see the benefits. Montgomery says that she has overcome health issues, is happy, and has a positive outlook. She says that her life has been forever transformed.
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