This paper comprehensively reviews the Accounting for Income Taxes (AFIT). It begins by identifying four distinctive aspects of AFIT and briefly covering the rules surrounding AFIT. It then reviews the existing studies in detail and offers suggestions for future research. We emphasize the research questions that have been addressed (most of which relate to whether the tax accounts are used to manage earnings and whether the tax accounts are priced by equity market participants). We also highlight areas that have not received as much research attention or warrant future analysis.