What are Deferred Taxes? Deferred taxes refer to the postponement of income taxes to future periods due to differences in…
The provision for income taxes serves as a crucial element in financial reporting, representing the anticipated income tax liability that…
What is Withholding Tax? Withholding tax is a tax levied on income, such as wages, interest, or dividends, that is…
What is a Dividend? A dividend is a distribution of a portion of a company’s earnings, decided by its board…
What is Income Tax Expense? Income tax expense is the amount of tax that a company owes on its taxable…
What is Directors’ Remuneration? Directors’ Remuneration (also referred to as Directors’ Compensation or Directors’ Fees) refers to any and all…
Loan Forgiveness Loan forgiveness is a situation in which a creditor, such as a bank or government entity, decides not…
Loan Received by a Business Obtaining a loan from a bank or other financial institution is a common way for…
What is an Owner Contribution? When a business is first starting out, its owners or co-founders may need to invest…