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White paper

Accounting for income taxes: Book vs. tax basis differences

Dec 12, 2023
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Audit Financial reporting Income taxes

This whitepaper is the first in a series of whitepapers to be used as a resource in understanding and analyzing the accounting for income taxes under FASB Accounting Standards Codification (ASC) 740, Income Taxes. This whitepaper addresses how to identify temporary and permanent differences and net operating loss and tax credit carryforwards, which is one of the many aspects of accounting for income taxes. This whitepaper does not address every aspect of accounting for income taxes and should therefore be read in conjunction with ASC 740, Income Taxes.

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