461(d), which governs the tax year in which a taxpayer can take a deduction for accrued taxes
, any change to a state's tax laws that occurs after Dec.
He said accrued taxes
and premiums owed to the tax administration would be restructured, noting that the arrangement did not come before the Economy Coordination Council yet.
After a responsible person knows of the unpaid tax liability, any money coming into the corporation, from any source, must be paid to satisfy both current and accrued taxes
27) It is important to distinguish between direct payment authorization and the payment of accrued taxes
to the state.
While the law allows a deduction for accrued taxes
, a contested liability is not accrued because it does not meet the requirements of the all-events test for current recognition.
Partners subject to such direct claims bear the economic risk of loss for the accrued taxes
and, therefore, may be required to contribute money to the partnership or make a direct payment to satisfy the tax obligation.
0 million adjustment to accrued taxes
due to certain tax benefits becoming recognizable during the third quarter of 2009.
Short-term liabilities are defined as accrued operating expenses, accrued taxes
and any account payable no more than 90 days old, provided that it is non-interest-bearing for that period.
0 million from the reversal of accrued taxes
as a result of the completion of a tax examination in March 2005 and a reduction in the valuation allowance on deferred tax assets of approximately $1.
31, 2004 2003 (unaudited) CURRENT ASSETS: Cash and cash equivalents $17,642 $20,124 Accounts receivable, net - 528 Other current assets 1,347 2,389 Total current assets 18,989 23,041 Other assets 158 25 Total assets $19,147 $23,066 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable and accrued expenses $ 1,665 $ 3,035 Accrued taxes
130 1,347 Accrued restructuring costs - 173 Other current liabilities 185 185 Total current liabilities 1,980 4,740 Other long-term liabilities 943 943 Total stockholders' equity 16,224 17,383 Total liabilities and stockholders' equity $19,147 $23,066
CONDENSED CONSOLIDATED BALANCE SHEETS (amounts in thousands) ASSETS March 31, December 31, 2004 2003 (unaudited) CURRENT ASSETS: Cash and cash equivalents $ 18,546 $ 20,124 Accounts receivable, net - 528 Other current assets 2,030 2,389 Total current assets 20,576 23,041 Other assets 96 25 Total assets $ 20,672 $ 23,066 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable and accrued expenses $ 2,538 $ 3,035 Accrued taxes
129 1,347 Accrued restructuring costs - 173 Other current liabilities 185 185 Total current liabilities 2,852 4,740 Other long-term liabilities 943 943 Total stockholders' equity 16,877 17,383 Total liabilities and stockholders' equity $ 20,672 $ 23,066
The reduction in the tax rate was primarily due to a reversal of previously accrued taxes
in the third and fourth quarters following the favorable settlement of certain prior-year non-U.