Tax Law and Accounting

Published: 2021-06-29 07:00:30
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Tax Law and Accounting
Defining the objectives of modern income statues, comparison and contrast of General Acceptance Accounting Principles (GAAP) and tax accounting, and differencing of tax avoidance and tax evasion will be the topic of this paper. Controversy of the tax law between accounting and GAAP, understanding these general practices will give a better knowledge of the accounting tax laws and principles.
Defining the objectives of modern income tax statues, six main categories of the government's primary objective of the federal income tax law is to raise revenues for the government economically and socially is: revenue needs, economic effects, social control, justice, administration, and tax consciousness. Majority of government expenses are covered through taxation. The sixteenth amendment in 1913 stated that Congress had the power to collect taxes on income from any source without regards to where income was derived. The modern income tax statutes are to improve the fairness of the federal income tax system, by removing inequalities.
Comparing and contrasting the GAAP and tax accounting, the GAAP consists of the sources of accounting principles, standards and procedures.
The Internal Revenue Code (IRC), Title 26 of the United States Code (26 U.S.C.), the IRC is complex. tax law, passed by Congress, is the recording, analyzing, interpretation and reporting of financial transactions for complying with tax laws and minimizing tax expenditures.

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