The total amount of tax owed in a given period, by individuals and organizations, to federal, state, and local governments. For businesses, tax liabilities are short-term liabilities recorded on a balance sheet and paid within a year.
The total amount of tax owed in a given period, by individuals and organizations, to federal, state, and local governments. For businesses, tax liabilities are short-term liabilities recorded on a balance sheet and paid within a year.