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What qualifies as an income tax under US GAAP? 5 things to know
- 2:04 - Definition of income taxes. We start with an important first step: knowing what qualifies as an income tax.
- 3:46 - Withholding taxes. Withholding taxes are common. Kassie helps us understand how to determine whether withholding taxes are within the scope of ASC 740 and the different models to follow.
- 6:44 - Tax credits and other benefits. Jenn explains how it's not always clear if credits and incentives are in the scope of the income tax guidance. It can take some detective work to get to the right answer.
- 10:22 - Partnerships and other non-taxable entities. Legal form alone isn’t always determinative. We discuss what else to consider when figuring out if you need to apply income tax accounting.
- 14:11 - The evolving tax landscape. Jenn provides some final reminders.
About our guest
PwC. All rights reserved. PwC refers to the US member firm or one of its subsidiaries or affiliates, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.