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Hugh Ault and Brian Arnold, in their book "Comparative Income Taxation", have observed that in The Netherlands, where financial accounting is known as "commercial accounting", there is a substantial divergence between those and the tax books. "[D]ifferences between tax and commercial accounting rules arise where the tax instrument is employed ...
The National Taxonomy of Exempt Entities (NTEE) is a used by the Internal Revenue Service (IRS) and NCCS to classify U.S. tax-exempt organizations.A specialist from the IRS assigns an NTEE code to each organization exempt under I.R.C. § 501(a) as part of the process of closing a case when the organization is recognized as tax-exempt.
Different factors, including tax deductions for depreciation, can lead to an adjusted or recomputed basis for the asset. ( See IRC § 1016 and IRC § 1245(a)(2)(A)). An adjusted basis under IRC 1016 is the original basis of a piece of property plus any increases for improvements to the property or any decreases for depreciation deductions ...
An asset depreciation at 15% per year over 20 years. In accountancy, depreciation refers to two aspects of the same concept: first, an actual reduction in the fair value of an asset, such as the decrease in value of factory equipment each year as it is used and wears, and second, the allocation in accounting statements of the original cost of the assets to periods in which the assets are used ...
The Governmental Accounting Standards Board establishes standards for ACFR preparation. [6] Governments do not use the terms profit and loss to describe the net results of their operations. The difference between revenues and expenditures during a year is either a surplus or a deficit. Since making a profit is not the purpose of a government, a ...
Experience Might Lead To a Bigger Return Tax preparers have a wealth of information that you might not ever be able to tap into. What this means is that a seasoned tax preparer can find potential ...
People sometimes use the terms “tax avoidance” and “tax evasion” interchangeably, but in the eyes of experts and the government there’s one big difference between the two: legality ...
Deferred tax is a notional asset or liability to reflect corporate income taxation on a basis that is the same or more similar to recognition of profits than the taxation treatment. Deferred tax liabilities can arise as a result of corporate taxation treatment of capital expenditure being more rapid than the accounting depreciation treatment ...
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