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Financial vs Tax Accounting

SMBAccountant

One type of accounting that is well-known is tax accounting. According to Investopedia, tax accounting is “a structure of accounting methods focused on taxes rather than the appearance of public financial statements”. Tax accounting applies to individuals, businesses, and corporations.

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What is a provision for income tax and how do you calculate it?

ThomsonReuters

What is a tax provision? Simply put, a tax provision is the estimated amount of income tax that a company is legally expected to pay to the IRS for the current year. A tax provision is just one type of provision that corporate finance departments set aside to cover a probable future expense.

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Guide to accountant responsibilities

ThomsonReuters

Types of accountants and niche practice areas There are, of course, various types of accountant jobs and areas of specialty. Furthermore, because CPAs have a responsibility to the users of the client ’ s financial statements, clients expect CPAs to uphold the profession ’ s rules on independence.

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[07/11/21] The Sad State of Accounting

Baruch Lev

Setting uniform accounting and reporting standards for most of the world is a pretty important job, particularly given the poor quality and low relevance of corporate financial statements. No kidding, the accounting for estimates of future cash flows from insurance contracts is the major problem with corporate financial reports?

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