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Accounting for income taxes involves being able to explain the difference between Tax Expense and...

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Accounting

Accounting for income taxes involves being able to explain the difference between Tax Expense and Taxes Payable that are reported on a corporate financial statements based on accrual accounting. Please help by explaining the reason this can be a complicated issue. As well as what are temporary and what are permanent differences between financial reporting and tax reporting and why does this matter? Thank you.

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