Tax Accounting

Brief Description

Tax accounting is how a company determines its tax liability, which can differ from a company's financial accounting practices for determining its assets and liabilities on a balance sheet. Tax accounting is used by companies to help them make the proper tax calculations and prepare tax documents in time for filing season.

Reason To Contract Service

Tax accounting is used by companies to:
1. Make the proper tax calculations
2. Prepare tax documents in time for filing
3. Ensure compliance with tax and financial regulations to avoid penalties
4. Benefit from tax programs that can save them money on their taxes

Common Industries

All

Authorities For Further Research

ASC Topic 740, Income Taxes
U.S. Code: Title 26 · Subtitle A
Code of Federal Regulations: Title 26, Subtitle A

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