Here is the synopsis of our sample research paper on GAAP (FINANCIAL ACCOUNTING) AND TAX ACCOUNTING. Have the paper e-mailed to you 24/7/365.
Essay / Research Paper Abstract
This 8-page paper focuses on the differences between tax accounting and GAAP accounting (financial reporting). Bibliography lists 5 sources.
Page Count:
8 pages (~225 words per page)
File: D0_MTtaxlaw.rtf
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Unformatted sample text from the term paper:
there are many different types of accounting and different types of tax advisors. Though the one thing these different groups share in common is that they deal with numbers, thats
pretty much where the similarities end. In truth, however, the majority of financial advisors out there dont have formal accounting or tax background
(Brinker, 2005). Basically, financial accounting (which uses generally accepted accounting principles, or GAAP) is vastly different from tax accounting because the needs are different, and, as it turns out, so
are the audiences (Brinker, 2005). Because of this, there can sometimes be problems when it comes to clarifying some financial issues, depending on who is doing the analyzing. For example,
the financial accountant who doesnt have much in the way of tax accounting background could have some trouble reading and interpreting a particular business income tax returns (Brinker, 2005).
In this paper, well examine the difference between the side of financial accountants (and GAAP) and the side of tax accountants. Well try to
find some comparisons between the two sides, and well also try to indicate where these two methods might be at their best. GAAP
As mentioned above GAAP stands for generally accepted accounting principles. GAAP principles are known mostly by financial advisors or financial accountants. Its true that Treasury Regulations under section 446 of
the Internal Revenue Code note that "consistent application of generally accepted accounting principles may be important in determining wether a method of tax accounting clearly reflects income," most experts agree
that 446 isnt necessarily conclusive of this fact (Brinker, 2005). In truth, the courts and the IRS have come to the conclusion that GAAP compliance doesnt have much significance, especially
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