When Form 1120 C Deferred 2023-2024

Afternoon everyone. So, topic overview now. Tax, I suppose this is one of those areas where people don't necessarily like the word. Generally, it denotes having to give up money to someone, and generally, that's what tax is. Obviously, taxes are taking a little quite a topical thing at the moment with the release of the budget on Tuesday, so some play around what happens here. There have been tax cuts for small businesses and accelerated depreciation things that are going on. The only thing that we are worried about in this topic are income taxes. No other taxes have been dealt with here. So, we're going to look at what income taxes are, we're going to look at the accounting issues around income taxes, and we're going to look at the regulation around income taxes. So, looking at what current tax liabilities, what deferred tax assets and liabilities, and a few technical issues for small companies. And if they're reporting small companies, they're going to have to potentially deal with this. So, tax rate changes, what happens with deferred losses, losses, and asset evaluations. And then at the end of it, there are some theoretical things which are worthwhile talking about. Now, I suppose a good point around this is this topic and cash flows next week are not about accounting policy choices. This is not about accountants going, "Well, we've got this lease asset and how do we account for it?" Or, "We've got property, plant, equipment, how long do we do the depreciation for?" The issue around this is just what this means and how to actually come up with these numbers. It is not about management going, "Well, we can account for our two income taxes in this particular way." It is not a policy choice...