Discussion Post: Accounting for Deferred Tax Assets and Liabilities
o Discuss the difference between an income tax expense and an income tax payable, demonstrating an understanding of the difference between GAAP and tax reporting. Identify three temporary differences and discuss how the deferred tax asset or deferred tax liability is recorded and consumed. Identify three permanent differences and discuss the reporting of permanent differences.
The response must include a reference list. Using Times New Roman 12 pnt font, double-space, one-inch margins, and APA style of writing and citations.