Income tax expenses for any corporation are the largest expense item on an income statement (Dennis-Escoffier & Fortin, 2020). To understand how tax expenses and deferred taxes are determined, you must also understand the implications of misrepresentation. As a professional accountant, you are entrusted with the most accurate reporting of a companys financial condition. By not doing so, a company may be subject to serious penalties. How might you develop your knowledge and skills in understanding business expenses for your future clients?

For this Discussion, you will examine how a corporations reported financial accounting tax expense differs from actual taxes paid.