tax liability

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  • noun

Words related to tax liability

the amount of tax owed

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References in periodicals archive ?
Deferred tax liabilities are a consideration in the analysis of whether to apply a valuation allowance because taxable temporary differences may be used as a source of taxable income to support the realization of deferred tax assets.
FCDCs reported lower tax liabilities than USCCs by most measures shown in this report.
This also includes internal documents; memoranda; memoranda of all interviews of persons regarding the individual income tax liabilities of the taxpayer; copies of all statements (sworn or otherwise) given by individuals in connection with the investigation of the individual income tax liabilities of the taxpayer; Case Activity record; written reports and recommendations concerning the proposed assessment of additional tax and penalties; and any other information related to the determinations by the government.
will systematically overstate tax expense and tax liabilities (or understate tax as sets) in certain periods and create gains in subsequent periods when the statute of limitations expires (or an examination is concluded and the matter resolved).
This brings the tax liabilities down to the same levels as those of arch-rival BMW, which are 16%.
The Department has advised us that they have identified approximately 100 taxpayers that they strongly believe have outstanding tax liabilities for unmetered electricity and chilled water.
TEI members and their staffs are responsible for ensuring the quality, reliability, and documentation of their companies' internal controls for the proper financial accounting and reporting of tax expense, tax assets, and tax liabilities under section 404 of the Sarbanes-Oxley Act.
The new accounting standards do not change the rules set forth in FAS 109 about deferred tax liabilities.
This is why a key provision in the proposed Economic Stimulus Package has been to repeal the AMT and allow companies with unused AMT credits to carry back these credits to offset tax liabilities they have paid under AMT.
The taxpayer appealed the decision; the Second Circuit held that she was entitled to reduce stock value for potential capital gains tax liabilities, even though no liquidation, or asset sale or distribution, was contemplated by the corporation when the stock was gifted.
Thus, buying a fund with low turnover may mean that you are also buying a fund with potentially huge "hidden" tax liabilities.
Instead, foreclosures, deeds in lieu of foreclosure, bankruptcies and other restructuring have produced sizable gains tax liabilities.
Taxpayers may apply for an Offer in Compromise when they are unable to pay their full tax liabilities to the state, under certain circumstances.
The alternative minimum tax (AMT) is designed to apply to taxpayers with substantial economic income who use tax credits and other tax incentives to reduce their tax liabilities.