Income tax accounting is required to recognize the income taxes payable and the tax expenses for the current period. For the purpose of this post, approach your position as either an auditor or tax professional and elaborate on the key components associated with taxation, such as accounting profit, tax profit, current tax expense, and deferred tax asset/liability. Why are each of these components important to understand in your role as an auditor or tax professional?

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As an auditor or tax professional understanding the key components associated with taxation is crucial for ensuring accurate financial reporting and c... View the full answer