income taxes payable definition
A current liability account which reflects the amount of income taxes currently due to the federal, state, and local governments.
A current liability account which reflects the amount of income taxes currently due to the federal, state, and local governments.
Harold Averkamp (CPA, MBA) has worked as a university accounting instructor, accountant, and consultant for more than 25 years. He is the sole author of all the materials on AccountingCoach.com. Read more about the author.