Misconception · MIS:provision-equals-return

Mistaken idea “The income tax provision is the filed tax return”

Mistaken reasoning: This mistake treats a financial reporting close as return preparation.

Updated Aug 21, 2026 Review due Nov 8, 2026

Why this is mistaken

The return supports current tax. The provision also measures future consequences, realization, uncertainty, statement allocation, and disclosures.

Where to watch

When this mistake may appear

  • A return amount appears in the workpaper.
Check your work

Your work may contain this mistake if:

  • Copy the return tax to total tax expense and omit deferred, allocation, and disclosure controls.