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January 22, 2009

Publisher's Note
Yvonne Olson’s article 10 ways CPAs (and their assistants) recognize tax season is a grand start to a lengthy list that all accountants immersed in tax work could build and embellish.  We invite you to add to the merriment, which you can do at the bottom of Yvonne’s tally on the Post Comments tab.  Why not make it a game or contest at your firm/company?  Get your co-workers involved and add to the scroll!  

I am very guilty of #2, the constant re-heating of the coffee mug.  Some of the others on the list, frankly, kinda scare me.  Post your additions to 10 Ways to Recognize Tax Season!

Rob Nance
AccountingWEB, Inc.

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How to account for income tax expense with a credit

We calculated our income tax expense for 2008. It is 1,500,000. We have a 3,000,000 deferred income tax asset which we can use to offset our income tax expense in 2008. I am uncertain whether our tax expense would be recorded as 1,500,000 because that is the amount we would need to pay if we didn't have the DTA, or whether it would be 0 because we are using the tax asset credit.
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