Essay on Tax Law And Accounting - 1395 Words

Tax Law and Accounting In todays society income taxes are something in which almost everyone is familiar. However, the tax law and general purpose of income taxes is something in which the general society gives little thought. In addition, few tax preparers are aware that differences exist between the Generally Accepted Accounting Principles (GAAP) and tax accounting, not to mention the ramifications of avoiding or evading to proper complete the reporting of income taxes. This paper will discuss the objectives of modern tax law, the differences between Generally Accepted Accounting Principles (GAAP) and tax accounting as well as the differences between tax evasion and tax avoidance. Objectives of Modern Tax Law William Perez explains†¦show more content†¦Throughout the history of the United States various Acts and Amendments have been enacted to help the government to constitutionally and effectively collect income taxes. The Sixteen Amendment to the Constitution gave Congress the power to lay and collect taxes on income (Pope, Anderson, Kramer, 2007, page 1-2). In 1954, a codification of the tax laws went into effect and was known as the Internal Revenue Code of 1954. Throughout the years various amendments to the Code have taken place. However, the major structure of tax law has been consistent throughout the years. Tax law is structured to include the criteria of equity, certainty, convenience, and economy as well as a fifth criterion of simplicity (Pope et al., 2007, page 1-11). All in all, the objective of modern income tax statutes is to provide a means for the United States to collect monies on income earned by the citizens and/or businesses of the country to help pay for the numerous expenses that the United States amasses. GAAP and Tax Accounting Differences George Plesko points out that Generally Accepted Accounting Principles (GAAP) were established by the Financial Accounting Standards Board (FASB) to help report the financial position of an organization through the use of financial statements. On the other hand, reporting taxes was intended as a means to collect revenues in an equitable and efficient manner (2002, page 1,  ¶ 1). Plesko also suggests that while financial accountingShow MoreRelatedTax Law and Accounting Paper1300 Words   |  6 PagesTax Law and Accounting Paper In today’s financial world, preparation and reporting of income taxes has become one among the other main reasons why individuals and businesses are keeping and maintain their financial records. However, there has been some controversy between tax laws and accounting under the General Accepted Accounting Principles (GAAP). Simply because IRS is not always agrees with GAAP’s principles and thus creates its own tax laws. This paper will discuss the objectives of modernRead MoreReasons for Low Pass Rates in Financial Accounting, Management Accounting and Tax Law Amd Practice at the Chitungwiza/Harare Region of the Zimbabwe Open University3431 Words   |  14 PagesFACULTY OF COMMERCE AND LAW(DEPARTMENT OF BANKING AND FINANCE) RESEARCH TOPIC: A STUDY TO DETERMINE THE REASONS For LOW PASS RATES IN MANAGEMENT ACCOUNTING AND TAX LAW AND PRACTICE- BACHELOR OF COMMERCE IN ACCOUNTING, BANKING AND FINANCE AT THE HARARE AND CHITUNGWIZA REGION OF THE ZIMBABWE OPEN UNIVERSITY. ABSTRACT: Background: A study of the results of Management Accounting and Tax, Law and Practice for the past three semesters revealed average pass rates of 33 and 35% respectivelyRead MoreTax Law1266 Words   |  6 Pagesof modern income tax statutes. The primary source of US tax law is Congress. Power to initiate tax legislation is vested in the House of Representatives but all tax bills must pass both houses and be signed into law by the President. Many times the details of the legislation are not dictated by Congress, but left to the Treasury Department which adopts regulations (that have the force of law) to spell out the details as well as interpret the statutes and provide guidance on the law. In addition, theRead MoreIRS and Tax Regulations1649 Words   |  7 PagesCompanies have to file tax returns that are in accordance with tax regulations and rules developed by the Internal Revenue Service (IRS). The amounts reported under taxable income and financial income differs. These amounts are different because financial income is based on Generally Accepted Accounting Principles (GAAP) which uses the accrual method to report revenues. Taxable income on the other hand, which is determined by rules and regulations of the IRS, fo llow a modified cash basis to determineRead MoreIfrs And The International Financial Reporting Standards Essay912 Words   |  4 PagesIt is becoming almost impossible to perform any professional accounting functions without being influenced by the International Financial Reporting Standards (IFRS) due to increasing number of international businesses. It seems that IFRS may become a more significant part of America’s financial reporting environment. However, today the public and private companies in America use Generally Accepted Accounting Principle in order to prepare their financial statements, but this will be changed due toRead MoreThe Tax Laws And The Federal Budget1165 Words   |  5 PagesEvery person, organization, company, or non-profit is subject to the tax. tax refers to those taxes obligatory on any cash attained throughout a yr. the govt. taxes our financial gain thus it will have enough cash to get hold of the items we have a tendency to all would like. so as to fits tax laws and rules, an honest understanding of the Federal law, its sources and functions, and therefore the relation with the accounting profession should be achieved. Congress and therefore the President ofRead MoreAccounting Systems At The International Level1387 Words   |  6 PagesAccounting is one of the oldest social sciences disciplines whose development has been affected by a variety of historical, economic, social-cultural and institutional factors. In essence, although the discipline is currently harmonized across different nations, accounting systems have been influenced by different national traits, a factor that also influenced the differences in accounting systems at the international level. In general, the accounting systems in use in different countries have developedRead MoreTemporary Differences1346 Words   |  6 PagesDifferences SFAS No. 109, â€Å"Accounting for Income Taxes,† requires inter-period tax allocation for temporary differences. Required: a. Define the term temporary difference. b. List the examples of temporary differences contained in SFAS No. 109. c. Defend inter-period income tax allocation. a. Temporary Difference – Definition An assumption inherent in an enterprise s statement of financial position prepared in accordance with generally accepted accounting principles is that theRead MoreThe Different Roles Of The Accounting Profession1305 Words   |  6 PagesThe Different Roles of the Accounting Profession Module by: Link-Systems International, Inc.. E-mail the author Summary: Demo/Sample Learning Object in Accounting Note: You are viewing an old style version of this document. The new style version is available here. Links [hide links] Supplemental links Weakly related linkThe Salvation Army Weakly related linkAmazon.com Weakly related linkGoogle Weakly related linkTwitter Weakly related linkVerizonRead MoreThe Key Causes For Tax Evasion1587 Words   |  7 Pagesnormally not do. Motivation is the key cause for tax evasion, since it helps avoid a massive proportion of expenses that would generally be incurred. As illustrated by the case study that was provided by the Australian Financial Review, a small number of people do heavy tax lifting as opposed to the rest of the population. This means that there are a few people that earn a significant amount of money and due to progressive tax rates, the overall amount of tax that this small group of individuals would

Essay About Love Feelings

Essay About Love Feelings Love is patient, love is kind. It does not envy, it does not boast, it is not proud. It is not rude, it is not self-seeking, it is not easily angered, it keeps no record of wrongs. Love does not delight in evil but rejoices with the truth. It always protects, always trusts, always hopes, always preserves. (1 Corinthians 13:1) Love is something wonderful. Love decides everything in this world. It doesn‘t have any conditions or boundaries. We don’t know exactly what love is and where it comes from. But one thing is sure: we are nothing without love! There are times when we feel shy and timid, when we are afraid of expressing the love we feel. Being afraid of embarrassing the other person or ourselves we hesitate to say the actual words â€Å"I love you†. One can say â€Å"I love you† in many ways: by means of nice presents and little notes, smiles and sometimes tears. Sometimes we show our love when we are quiet and do not say a word, at the other times – we speak loud to express it. Sometimes we show our love by impulsiveness. Many times we have to show our love when we forgive someone. The problem with our world is that people don’t learn to listen to each other. They hear the words, but they dont listen to the actions that accompany the words and do not mind the expression on the face. We have to listen to see love in and around us. If we listen attentively we will reveal that we are a lot more loved than we realize; we will find out that the world is a place full of love.

Teen Driving Project Free Essays

Teen crashes are a constant problem in our society. Teens are extremely likely to get into a crash within the first 6 months of driving. Teens forget to scan the road for hazards that may harm them, drive to fast for road conditions or being distracted. We will write a custom essay sample on Teen Driving Project or any similar topic only for you Order Now TeenDiving.com says that distractions, drowsiness, texting, and driving under the influence are the absolute main reasons for teen crashes. Anything from putting you makeup on to drinking alcohol, even to falling asleep, can seriously put your life in danger. An online poll of 16-19 year olds showed that over 50% admitted that they text while driving, this is completely unacceptable. When you know you are doing something that can kill you and you don’t stop. Teens think they are invincible when they truly are not, and that’s what they have to realize to stop they naive behavior. If they are in a crash they have to know that it is important to call the police if it is serious or if anyone is hurt. Also none of the cars should be moved before pictures have been taken or the police say that I is okay. It’s important that you call the police before anyone else. Even if the other drive doesn’t agree, some states mandate it. Then you can call your insurance agent and make any appropriate claims if needed. More teens should take a driver’s ed class to learn more about benefitting their safety. Parents and teachers and even their old siblings can have a huge influence on them. Teens just need to be shown that a crash can be seriously bad for everyone in every way. Whether its some hurt or killed or someone’s money going towards some else car. http://teendriving.com/driving-tips/on-the-road/#avoiding-accidents The problem can be solved by having more teens take drivers ed. I’ve learned so much from this class and it has made me I better driver. I encourage everyone every teenager to take this class. I personally plan to get my friends to sign up so that they can be safe as well. I feel like I can help them be a better driver if they took the class and that they will benefit just as much as I did. How to cite Teen Driving Project, Papers

Teen Driving Project Free Essays

Teen crashes are a constant problem in our society. Teens are extremely likely to get into a crash within the first 6 months of driving. Teens forget to scan the road for hazards that may harm them, drive to fast for road conditions or being distracted. We will write a custom essay sample on Teen Driving Project or any similar topic only for you Order Now TeenDiving.com says that distractions, drowsiness, texting, and driving under the influence are the absolute main reasons for teen crashes. Anything from putting you makeup on to drinking alcohol, even to falling asleep, can seriously put your life in danger. An online poll of 16-19 year olds showed that over 50% admitted that they text while driving, this is completely unacceptable. When you know you are doing something that can kill you and you don’t stop. Teens think they are invincible when they truly are not, and that’s what they have to realize to stop they naive behavior. If they are in a crash they have to know that it is important to call the police if it is serious or if anyone is hurt. Also none of the cars should be moved before pictures have been taken or the police say that I is okay. It’s important that you call the police before anyone else. Even if the other drive doesn’t agree, some states mandate it. Then you can call your insurance agent and make any appropriate claims if needed. More teens should take a driver’s ed class to learn more about benefitting their safety. Parents and teachers and even their old siblings can have a huge influence on them. Teens just need to be shown that a crash can be seriously bad for everyone in every way. Whether its some hurt or killed or someone’s money going towards some else car. http://teendriving.com/driving-tips/on-the-road/#avoiding-accidents The problem can be solved by having more teens take drivers ed. I’ve learned so much from this class and it has made me I better driver. I encourage everyone every teenager to take this class. I personally plan to get my friends to sign up so that they can be safe as well. I feel like I can help them be a better driver if they took the class and that they will benefit just as much as I did. How to cite Teen Driving Project, Papers