February 8, 2008, Newsletter Issue #65: Tax Accounting

Tip of the Week

Tax accounting is defined as the field of accounting that considers the tax consequences and implications of every transaction upon the company's operations. Tax accounting records transactions in compliance with current IRS, local and state tax laws.

Tax accounting includes preparing, amending, and filing corporate and required tax returns on federal, state, and local levels. It involves a variety of fields such as sales & use, payroll, income, franchise, royalties, etc.

Individuals involved in the tax accounting field must stay current with the federal, state, and local tax issues that affect the company. They must understand the legal ramifications of company transactions.

Tax accounting is considered upper level accounting since one must first have a firm understanding of the basic accounting functions.

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