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re: I’ll bet not one if you tax nerds can tell me how much income tax NYT

Posted on 9/29/20 at 6:45 pm to
Posted by Jorts R Us
Member since Aug 2013
17551 posts
Posted on 9/29/20 at 6:45 pm to
quote:

I see that tax benefit and tax liability are similar in 2017. Did those offset to give you the zero amount owed?


Had to jump off my phone before I went blind.

Go to EDGAR and pull up the 2017 10-K. The ticker is NYT. If you go to footnote 12, you'll see their current federal tax benefit is 252k. Now, that's not going to line up with anything on the tax return because frick-you-in-the-ear accounting for income tax rules, but it is indicative especially compared against the surrounding years (i.e. it is much lower).

That coupled with this
quote:

We had an income tax receivable of $25.4 million as of December 31, 2017 versus accrued income taxes payable of $1.9 million as of December 25, 2016.


is what leads me to think their tax bill tax year was lower than normal. The receivable itself could just be because of a large overpayment, but the fact that it's coupled with next to little current fed expense allows me to make an inference. I would caution however, that 2017 is murky because of the impacts of the TCJA.
This post was edited on 9/29/20 at 6:47 pm
Posted by Robin Masters
Birmingham
Member since Jul 2010
35949 posts
Posted on 9/29/20 at 6:48 pm to
You tax dudes are wizards. Just reading your post makes my head hurt.

Thanks!
Posted by Jorts R Us
Member since Aug 2013
17551 posts
Posted on 9/29/20 at 6:51 pm to
quote:

You tax dudes are wizards. Just reading your post makes my head hurt.


It's stupid complicated and a lot of CPAs don't get it either. Wish I could explain it better but hard to do over a message board.
Posted by Jcorye1
Tom Brady = GoAT
Member since Dec 2007
76373 posts
Posted on 9/29/20 at 7:01 pm to
quote:

CPAs don't get it either


Present and accounted for. I would rather get eye cancer than do taxes. Internal controls all day.
Posted by Jorts R Us
Member since Aug 2013
17551 posts
Posted on 9/29/20 at 7:22 pm to
quote:

Present and accounted for. I would rather get eye cancer than do taxes. Internal controls all day


Ew.
Posted by Loserman
Member since Sep 2007
23151 posts
Posted on 9/29/20 at 7:47 pm to
quote:

Zero


quote:

Actually the correct number.

Companies don't pay INCOME TAX, individuals do.

Companies pay taxes on their earnings


Technically Companies don't even pay taxes on their earnings.

Because technically a company can't pay a tax.

The owners of the company actually pay the tax. Owners being everyone who owns or has stock in the company
They pay it in reduced earnings from their stocks.

Even the employees of a company pay the tax. They pay it in reduced wages.
The consumers of the goods and or services of the company pay the tax too.
They pay it in higher prices of the goods or services.
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