Can Form 1120 Schedule M 3 Assets 2019-2024

So, chapter 16 is about accounting for book tax differences. The accounting for both tax differences is largely summarized by having a tax expense journal entry. Before, we simplified the tax expense journal entry where we just said and had tax expense and crude for the period and we had some tax payable or I'm sorry taxable taxes payable. In reality, tax expense, which is calculated with book income, and taxes payable, which is calculated with IRS return income, it's not going to match up. In order for us to reconcile between these two variables, we end up creating fillers. Rate, we have plugs when we have gains or losses on sale, and so different tax liabilities and different tax assets are sort of plugs that explain the difference between tax expense and taxes payable. That's just a broad idea. We'll also talk about other things related to these VTA's and DTLS evaluation allowance account, which is something that's attached to a DTA. I will also talk about net operating losses, which are a very particular type of DTA and the consequences of those for accounting. As I said in my preamble, there's a lot of times when what we record in book income is not the same as what we're going to do for taxable income. Certainly, you've heard us talk about this, either myself or Dr. S, about methods that are only allowable under tax purposes or the alignment of methods, such as life of conformity between book purposes and tax purposes. So, you know the accrual system is going to give rise to a lot of cases in general where revenues don't equal inflows of cash and expenses do not equal outflows of cash. The IRS is more cash-driven, not completely cash-driven, but they are more cash-driven in...