Are you looking for reputable tax accounting homework help? Tax accounting is concerned with filing of tax returns and payments for a business or individual. Tax accounting is applicable to different entities required by law to remit taxes. Businesses, individuals and corporate entities are required by law to submit different kinds of taxes depending on the nature of activities carried out. The purpose of tax accounting is to be able to trace and associate income to the source for taxation purposes. It is also important to note that taxable income differs from accounting income due to different treatment of inter period allocation and methods for income determination.
Many students have difficulty when handling with tax accounting tasks due to the detailed and complicated calculations. We offer tax accounting homework help that will simplify the calculations for you. Our experts are well experienced and informed on tax accounting principles from different countries.
Tax accounting principles and GAAP
When accounting for tax, tax principles are applied as opposed to other kind of accounting which applies the general accepted accounting principles. Tax principles tend to vary from one country to another while the generally accepted accounting principles are the same.
Under GAAP, compilation of accounting statements is done in accordance to established accounting procedures, principles and standards. GAAP standards provides for a set of concepts and standards that are specific to a given industry in the economy. On the other hand, tax accounting deals with those transactions that affect the company tax liability. Tax principles are governed by Internal Revenue Service (IRS). IRS ensures that companies abide to the laid tax accounting as laid out in the law.
Tax accounting for a business
Tax accounting for a business is complicated and detailed depending on the nature of activities carried out by the organization. More information has to be analyzed by a tax expert in order to track the income generated and determine the tax obligation of the company. Tax accounting for business becomes complicated in case of outgoing funds directed to certain business obligations for instance payment of dividends. Big organizations usually have a position for tax accountant who oversees the tax obligations of the company, in small organizations tax accounting can be carried out by the financial accountant.
Tax accounting for tax exempted organizations
Tax accounting is compulsory for tax exempted organizations. It is a requirement by law for all organizations to file for tax annual tax returns at the end of a specific time period. Tax exempted organizations are required to file for information regarding to their source of income such as donations and grants and how the income has been used in the organization.
Tax accounting for an individual
The tax accounting for individual is simple as compared to that of a business; this is due to the simplified nature of information involved. Individual tax payers are required by law to file for tax returns for a specific time period. The individual tax transactions arise due to transactions which are associated with income gain such as employment, investment gains and tax deductions. Individual tax obligation varies depending on the level of income or profits.
Temporary difference and permanent difference
It is normal for the amount recorded as a tax expense to differ from actual amount paid to revenue authority. The difference can be classified as either temporary or permanent difference.
Refers to tax difference that result from different time recognition of an income activity or an expense. Temporary difference arises due to the manner in which a company handles prepaid expenses and incomes. Other sources of temporary difference include accounting for depreciation and amortization, inventory valuation and difference in accounting statements arising from fluctuation of foreign currencies.
Permanent tax difference arises due to the income items which are included in financial accounts but not for taxation purposes. Some items can be recorded in the financial statements and books but are not included on tax returns. Causes of permanent tax difference include fines and penalties from violation of law, interest income on tax exempted securities and life insurance payments.
Tax accounting homework help
We provide tax accounting homework help for our clients in different countries. Our experts are well informed and proficient on different tax regulations in different countries. In addition, we also provide tax accounting homework help in diverse tax topics like corporate tax, property tax, value added tax, direct tax, indirect tax and wealth tax among many others. Our work is well original, well researched and delivered within the required deadlines.