Generally accepted accounting principles (GAAP) are in some common instances dissimilar from accounting for income taxes. These dissimilarities give rise to differences between income reported on the financial statements (book income) and the income used to compute the actual tax liability (tax income). These differences may be temporary or they may be permanent. Read the article, The Tax Versus Book Accounting Gap (Links to an external site.)Links to an external site. (Kenkel and Fitzwater, 2012) to answer the following questions: Compare and contrast temporary and permanent differences between book and tax income. What is the basic cause of the differences between book and tax income? Why do you think GAAP doesnt just change accounting principles to align with tax laws? (http://articles.extension.org/pages/65092/the-tax-versus-book-accounting-gap) <<<< USE EXTERNAL LINK IN PARENTISIS

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