Author: F. Michael Cochrane Publisher: ISBN: 9781860129377 Category : Corporations Languages : en Pages : 465
Book Description
This text is a comprehensive guide to the taxation implications arising from the use of accounting principles and accounting standards in the preparation of financial statements and the effect on such statements of transactions undertaken for tax purposes.
Author: LexisNexis Publisher: Tolley ISBN: 9780754535744 Category : Accounting Languages : en Pages :
Book Description
Since 1998 financial reporting has diverged into three systems – IFRS for listed and AIM companies, FRS for private companies and the simplified FRSSE regime for small to medium-sized business. Tolley's Accounting Principles for Tax is the only book on the market that incorporates all three systems in one handy volume, explaining clearly where the tax treatment of revenue and profits diverges under each system.
Author: David Collison Publisher: Tolley ISBN: 9780754554332 Category : Languages : en Pages : 326
Book Description
Tolley's Accounting for Tax Professionals provides an accessible introduction to the accounting rules relevant to tax professionals in the UK. This practical handbook uses worked examples to demonstrate how accounting principles are applied to financial statements in different circumstances, as well as identifying common issues which may arise.This book also offers extensive coverage of the various accounting standards, highlighting how accounting requirements differ from the previous UK GAAP regime or where there are difficult tax-related issues.Whether you are a limited company, partnership or sole trader, this book has the relevant guidance required.
Author: F. Michael Cochrane Publisher: ISBN: 9780754500728 Category : Consolidation and merger of corporations Languages : en Pages : 102
Book Description
This work seeks to enable non-accountants and non-tax specialists to look at a set of accounts and understand the tax implications of the entries for any corporate financial deal. It brings together accounting principles and tax law and explains the practical implications in layperson's terms.
Author: Mark McLaughlin (Tax consultant) Publisher: ISBN: 9780754512936 Category : Taxation Languages : en Pages : 338
Book Description
This spiral-bound book folds flat to allow easy comparisons to be made between the tax principles explained on the left hand pages and the worked examples illustrating them set out on the right. The concept behind the Taxation 2001 series is easy access. It provides fast answers to key tax problems for the smaller firm of accountant looking for clear and concise tax advice. Covering direct taxes, it looks at: income tax; corporations tax; capital gains tax, and inheritance tax. The work is designed to accompany the more detailed Tolley Tax Annuals which comprise Tolley's Income Tax, Tolley's Corporation Tax, Tolley's Capital Gains Tax, Tolley's Inheritance Tax, and Tolley's National Insurance Contributions.
Author: Frank L. Brunetti Publisher: ISBN: 9780808052555 Category : Languages : en Pages : 0
Book Description
Federal Tax Accounting advises tax preparers, accountants, attorneys, and other professionals about timing issues, i.e. when an item, such as income, deduction, or credit may be reported on a tax return. Tax accounting rules govern the tax incidents of when tax events must be taken into account for federal income tax purposes. The when question is the subject of this book. In general, tax accounting is not concerned with whether an item is includable in income or deductible or even with the character of the item but when it may be reported. One may ask "how can a book''s sole subject be when? Consider the following issues which relate to timing: . Under the annual accounting doctrine, should tax accounting be transactional or periodic? . Should an item of income be considered income upon receipt even though the taxpayer might be obligated to return the item? What if the item is in dispute; should it be picked up as income or be deferred? . If a taxpayer takes a deduction in a previous year but recovers the item in a subsequent year, should the item recovered be income? . If the taxpayer dissolves his corporation and recognizes capital gain and is obligated to pay a liability of the corporation, is the deduction ordinary or capital? . What tax year should a partnership, S corporation, personal holding company or regular corporation use? What are the alternatives for the taxpayer? Can taxpayers make elections to use tax years other than those that are required? . If the taxpayer is using an erroneous tax year, how is the error corrected? . What are the requirements for choosing methods of accounting? . How does a taxpayer adopt a method of accounting? . Should the taxpayer be using the cash method of accounting; if so how should the taxpayer maintain his books? How should the books clearly reflect income? . When a taxpayer receives a promissory note, does the taxpayer have income? Can the taxpayer defer income? . If a taxpayer is involved in a commercial transaction and deposits the money in escrow until the following year, when does the taxpayer have income? . If a taxpayer decides to prepay some year-end expenses, can the taxpayer take a deduction before the expenses are utilized? . What are the rules for the taxpayer who is required to use the accrual method of accounting? . Is title important to an accrual method taxpayer? . What if the income is recognized but may not be collected; can the accrual taxpayer not report income? . If an accrual method taxpayer receives prepaid income, must it always recognize income? . How does prepaid income relate to generally accepted accounting principles and financial accounting? . If a taxpayer is using an erroneous method of accounting, can it change to a proper method or must it seek permission from the Commissioner? . What if the Commissioner determines that a taxpayer is using an improper method of accounting; what are the consequences? . What are the rules for the sale of containers, routable spare parts, COD sales, consignment etc.? . Can small businesses which sell merchandise use the cash method under certain circumstances? . If a taxpayer is required to use the uniform capitalization rules under IRC §263A what exceptions are there? . What is the small reseller exception? . What is the small producer exception? . How does a taxpayer determine ending inventory including additional uniform capitalization costs? . If a taxpayer is a reseller, what items will be purchasing cost, labor costs, and handling cost? . What are the simplified methods for determining additional IRC §263A cost to ending inventory? . How are these methods implemented? . What are the tax accounting rules for multiple businesses? Can a business maintain two separate methods of accounting? . What are the interest capitalization rules required under IRC §263A? . If the taxpayer is engaged in an installment sale, will the installment sale be qualified under IRC §453? . What are the exceptions to IRC §453? . How is installment gain determined? . If the taxpayer engages in a contingent payment sale, how is the sale reported? . Can dealers engage in installment sales? . What are the related party rules that impact tax accounting (including installment sales)? . What are the rules required for non-dealers who sell property for more than $5 million? . What are the rules for long-term contracts, manufacturing contracts, and construction contracts? . How is the completed contract method implemented? . How is the percentage of completion method implemented? . Which taxpayers who are producing goods are permitted a domestic production deduction? How is the domestic production deduction computed and applied? . How does time value of money transaction impact tax accounting transactions? . What is the AFR? . Are private annuities available? . How are self-canceling notes determined and utilized? . How is personal interest handled for tax accounting purposes? . How is investment interest determined and handled for tax accounting purposes? . What are the original issue discount rules applicable to tax accounting? . What are below-market loans and what are the issues related thereto? This and much more is the subject of Federal Tax Accounting. Tax accounting rules are found in all areas of federal income tax. These rules often involve many issues that are visible and, in some cases, invisible, governing items that are includable in income, deductible or creditable. Many of the issues that arise in an audit depend on resolution of tax accounting issues. As a result tax accounting issues have become more and more important and receive more scrutiny in determining tax policy. Tax practitioners need to have a thorough understanding of tax accounting to be able to analyze and solve tax problems. Over the years tax accounting has become more and more complex as the need for revenue has increased. The tax accounting rules do not always match up with generally accepted accounting principles and, in fact, often deviate from them. The goal of tax accounting is to produce income and to protect government revenue as opposed to informing the public of information necessary for a financial decision. Tax accounting is not transactional but periodic which means that on an annual basis taxpayers must determine whether they have income or losses. There are several ameliorative provisions such as net operating losses, the tax benefit rule, etc.. which may balance out certain tax accounting principles. Indeed, a substantial portion of every tax problem that practitioners face inevitably involves a tax accounting issue.
Author: Mark McLaughlin Publisher: ISBN: 9780754517139 Category : Inheritance and transfer tax Languages : en Pages : 348
Book Description
This spiral bound book folds flat to allow easy comparisons to be made between the tax principles explained on the left hand pages and the worked examples illustrating them set out on the right. The concept behind the Tax Essentials series is easy access - it provides fast answers to key tax problems and is ideal for the smaller firm of accountant looking for clear and concise tax advice. Covering the essentials of direct taxes, this volume looks at income tax, corporation tax, capital gains tax, and inheritance tax. It is designed to accompany the more detailed Tolley tax annuals which comprise Tolley's Income Tax, Tolley's Corporation Tax, Tolley's Capital Gains Tax, Tolley's Inheritance Tax and Tolley's National Insurance Contributions.