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 ?
In the court's view, such tax liability was purely speculative.
In addition, companies currently disclose the most significant components of temporary differences that comprise the deferred tax asset, deferred tax liability, and related valuation allowance accounts.
This left no suitable means of protecting against phantom gains tax liability and led to our request for a ruling to validate a new approach for limiting the tax to the true economic gain realized in a transfer of property to a lender (usually, zero).
These risks, uncertainties, and other factors include, but are not limited to: the risk that the Company's final tax liability adjustment related to the sale of assets and certain liabilities to SeraCare Life Sciences, Inc.
And, the tax liability also is forgiven for military or civilian U.
Even though the Department disagrees with our analysis of the flaws in the proposed "indifference" standard (especially in a corporate context where the actions or omissions of multiple individuals can lead to a "false statement" contributing to a corporate tax understatement), the Department conceded that subjecting individual employees to a penalty of 50 percent of a large corporation's tax liability could be excessive.
The attorney and the CPA met with the IRS and came away with the erroneous belief that the IRS was canceling the tax liability as a result of the meeting.
Provides total visibility into the tax consequences of managing cash and tax liability
66(c) equitable relief and provides a nonexclusive list of circumstances considered for requests of relief from Federal income tax liability or deficiency resulting from the community property laws.
The vagaries of both tax regimes' multitudinous provisions and their application to myriad business transactions and structures make the determination of a company's tax liability far from indisputable.
Under the new rules, which went into effect July 21 and will be in force for three years, taxpayers will receive relief if collection of the liability would create economic hardship or if exceptional circumstances exist that would cause collection of the tax liability to be detrimental to voluntary compliance.
Used today by Fortune 500 companies in retail, financial services, and manufacturing, Liquid Engines' software offers significant benefits, including reduced tax risk, minimized tax liability, increased responsiveness, and decreased administrative costs.
The owner's death, however, does not extinguish the income tax liability associated with IRA distributions; the distribution is income in respect of a decedent (IRD) for income tax purposes.
We believe that the intent of the new relieving provision is to accord the benefit of offsetting of over- and under-payments of tax liability in respect of all taxable periods that are open for assessment or reassessment for amounts owed by, or refundable to, taxpayers as of and after December 31, 1999.
tax code allows a deduction for alimony), nonresident taxpayers must compute their tax liability "as if" they resided in New York.