Among the numerous types of law enforced in the United States, the Income Tax Law is definitely one of the most important law that every citizen should know. Aside from the Congress, people can browse the internet and access the web site of Legal Information Institute of the…
Moreover, the article describes the purpose of the income tax and even provides links to sites that stipulates the requirements for filing income tax. Several terms such as “gross income” and “taxable income “ is also given so that common people can understand these terms. The page on Resources leads to a lot of information of sources where different types of taxation can be found. Sources for Federal Income Tax and State Income Tax are given with various links that can provide primary information on the topic. Even recent state judicial decisions are pointed out in this page as well as links to income tax websites and Federation of Tax Administrators. Unfortunately , the page for case example does not have any content yet. This site is my choice since it is reader-friendly, simple to understand and has a good lay-out. As a researcher, it is important that the website I am looking into has clear instructions and does not contain many tabs that would discourage me from further browsing. The site is very accessible and clearly defines terms that is necessary for researching. More importantly, I chose the site because it provides good links that can supplement my research.
Circular 230 clearly applies to tax advisors such as “ attorneys, certified public accountants, enrolled agents, and other persons representing taxpayers before the Internal Revenue Service”.( Par 1. §Sec.10.0). These are the people who can give advice on the filing of Income Tax . Specifically Sec.10.3 stated that aside from attorneys , certified public accountants, and enrolled agents , there are other individuals that are under the scope of Circular 230. These individuals are: enrolled actuaries, enrolled retirement plan agents, government officers or employees as well as state officers and employees. As for the public servants, they should have not violated 18 U.S.C. § 203 or 205 ...
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Today, after the world gained globalization, this issue has been eradicated and guidance materials such as the International Financial Reporting Standards and the Generally Accepted Accounting Principles
(4) Potential investors may also consult the footnotes of financial statements for a more complete picture of our finances, or more information about a certain topic. For example, a company may mention a pension
ect of accounting, the two major parts of financial statements, the Income Statement & the Balance Sheet, are based on balances and concepts such as prudence and going concern. That is one reason why one would rarely see the same cash amount equivalent to the profit of the
Generally accepted accounting principles (GAAP) follow the accrual basis of accounting as a sound method of reporting income, since it matches income with the relevant costs that produced that income. (Larson & Jensen, 2010)
If an organization uses the cash basis
They allow the users of the information presented to make financial decisions, which influence the financial health of organizations.
2. While financial accounting is a statutory requirement for organizations, management accounting is
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