Question

How will you process accounting data to comply with tax reporting requirements?

How will you process accounting data to comply with tax reporting requirements?

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Accounting data must be processed to comply with taxation reporting requirements. To fulfill it is vital to maintain up-to-date tax modules in the accounting systems, with all outputs (such as ledgers, accounts and reports) reviewed for completeness and accuracy, including procedures to deal and detect with system output or accuracy errors. It should regularly checking that the procedures and policies related to data are up to date with current tax laws. Also regularly reviewing the arrangements related to tax governance will help to ensure to comply with tax reporting requirements

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
how does the electronic commerce interface assist a taxpayer to comply with reporting requirements? (50-150 words,...
how does the electronic commerce interface assist a taxpayer to comply with reporting requirements? (50-150 words, Australia environment)
Write a 2,500 word paper explaining the role of the BAS agent—what a tax or BAS...
Write a 2,500 word paper explaining the role of the BAS agent—what a tax or BAS agent must do with regard to preparation and lodgement of BAS and IAS forms. Explain what GST is, how the BAS applies and why it is used. In the paper answer these questions: What legislation needs to be complied with and what procedures need to be followed to comply with legislation, regulations and the Code of Professional Conduct? What is a tax agent service?...
Let's talk a little about the difference in tax and financial reporting and the impact IFRS...
Let's talk a little about the difference in tax and financial reporting and the impact IFRS could have. In the United States, in particular, fair presentation under GAAP sets the standards for financial accounting. GAAP is adjusted, if you will, to comply with tax accounting. More specifically, taxable profits must be adjusted from GAAP presentation to tax accounting in order to facilitate accurate tax reporting at year's end. From an accounting perspective, do you think tax accounting and financial accounting...
What are the requirements for both the corporation and shareholder in order to comply with the...
What are the requirements for both the corporation and shareholder in order to comply with the statute? rovide an example a how a new corporate formation can benefit from IRC 351.
What are the general requirements regarding income, investments, and dividends with which a REIT must comply...
What are the general requirements regarding income, investments, and dividends with which a REIT must comply to maintain its tax-exempt status?
Discuss the impact of adopting IFRS reporting on equity-based accounting for financial reporting and tax payments....
Discuss the impact of adopting IFRS reporting on equity-based accounting for financial reporting and tax payments. Then, recommend a strategy for companies adopting IFRS to minimize the impact of the accounting treatment. Examine the potential results of measuring the fair market value of the equity-based compensation at the grant date on financial statements under GAAP only. Provide recommendations you would make to minimize any distortions in fair market value
49.When reporting an a change in accounting principle, major disclosure requirements include: Select one: a. The...
49.When reporting an a change in accounting principle, major disclosure requirements include: Select one: a. The nature of the change in accounting principle. b. The method of applying the change. c. A description of any prior period information that has been retrospectively adjusted. d. All of the above. 48When discussing a lease, lease document preparation fees and commissions are included as part of Select one: a. initial direct costs. b. executory costs. c. bargain renewal options. d. internal costs. 49.When...
Managerial accounting provides data for all of the following major objectives, except: Group of answer choices...
Managerial accounting provides data for all of the following major objectives, except: Group of answer choices determining the cost of products. compliance with tax reporting requirements. the planning and control of costs. supporting management planning
Discuss the requirements for the tax year- end and accounting methods that may be required/adopted by...
Discuss the requirements for the tax year- end and accounting methods that may be required/adopted by S Corporations.
The life-cycle reporting process : 1- matches the company's normal fiscal year reporting. is used only...
The life-cycle reporting process : 1- matches the company's normal fiscal year reporting. is used only when yearly costs are not definable. tracks costs, but not revenues, from the beginning to the end of a product's or service's life. usually includes several accounting reporting periods. is the same as traditional accounting reporting. . .
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT