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It is an alternative to separate entity accounting, under which a branch or subsidiary within the jurisdiction is accounted for as a separate entity, requiring prices for transactions with other parts of the corporation or group to be assigned according to the arm's length standard commonly used in transfer pricing. In contrast, formulary ...
Tax consolidation, or combined reporting, is a regime adopted in the tax or revenue legislation of a number of countries which treats a group of wholly owned or majority-owned companies and other entities (such as trusts and partnerships) as a single entity for tax purposes.
A consolidated financial statement (CFS) is the "financial statement of a group in which the assets, liabilities, equity, income, expenses and cash flows of the parent company and its subsidiaries are presented as those of a single economic entity", according to the definitions stated in International Accounting Standard 27, "Consolidated and separate financial statements", and International ...
Time is running out on tax season for 2014, and according to the Wall Street Journal, the Internal Revenue Service will receive 30 million returns -- or about 20 percent of the total filed -- in ...
Alexander Raths/Shutterstock For the vast majority of Americans, getting married means filing joint tax returns. According to the latest Internal Revenue Service, in the 2011 tax year, 53.3 ...
They state that taxes and tax relief have also been used as a tool for behavioral change, to influence investment decisions, labor supply, consumption patterns, and positive and negative economic spillovers (externalities), and ultimately, the promotion of economic growth and development. The tax system and its administration also play an ...
Filing separately may shelter you from a spouse’s finances, but over time, it could become an increasingly expensive choice. Add up the potential lost savings to reveal when you may want to ...
In the United States, a joint audits are performed by the Internal Revenue Service (IRS) by using various specialists and agents simultaneously in a single tax audit. [2] The state of Maryland has a joint audit committee, composed of members of the State House of Representatives and State Senate, responsible for reviewing the legislative audit. [3]