Accrued Taxes

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Accrued Taxes

The taxes assessed on a company, either on its earnings or on the value of its property, but which it has not yet paid. If the company does not pay the accrued taxes in full by the specified date, it may owe interest and penalties. Accrued taxes are listed as a liability on the company's balance sheet.
References in periodicals archive ?
Therefore, in computing its accrued tax, Metro would include only the current year's reported installment income.
A task frequently faced in representing clients before the IRS Collection Division is negotiating an installment agreement, under which monthly payments are made against an accrued tax liability, free of the threat of levies and seizures.
The amnesty for accrued tax, interest and penalties, however, exclude fat cats who accumulated riches abroad from crimes of terrorism, poaching and drug trafficking.
According to the tax authorities, Arkas Holding's Chairman Lucien Arkas has topped the list of taxpayers with an accrued tax of TL 2.05 million.
Dogan, with an accrued tax of 19.16 million TL, topped the list in which Salvo Taragano came the second with 15.61 million TL and Semahat Sevim Arsel was the third with 9.58 million TL.
Higher-income families that lost the up-front deduction virtually stopped contributing, even though the return still accrued tax free.
When a tax bill is processed, PTMS reconciles the accrued tax estimate with the actual tax amount and automatically makes any necessary adjustments.
In 2004, it accrued tax debts of Koruna 641 million the national tax office subsequently wrote off 65%.
Intel has made a conditional offer for Movidius, which will result in an estimated total cash return of approximately GBP 27m (USD 35.67m) for Draper Esprit before provision for accrued tax and carried interest payments.
The Proposed Regulations define accrued taxes as accrued tax expense recorded on taxable profits or losses, reflecting only operations in the relevant annual accounting period and excluding deferred taxes or provisions for uncertain tax liabilities.
Buran, President and Chief Executive Officer, stated, "We are pleased to report earnings per diluted common share of $0.61 for the third quarter of 2018, an increase of 27% and 74% from 2Q18 and 3Q17, respectively, driven by continued strong execution of our strategic objectives and the release of previously accrued tax liability."
Kenya Revenue Authority last year said the miller had Sh1 billion in accrued tax arrears since 2012, highlighting its struggles to honour statutory obligations.As the miller sinks deeper into financial turbulence, the eagerly awaited task force report on the ailing sugar industry will be presented to President Uhuru Kenyatta this week amid allegations of manipulation.