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 ?
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.
In 2004, it accrued tax debts of Koruna 641 million the national tax office subsequently wrote off 65%.
When a tax bill is processed, PTMS reconciles the accrued tax estimate with the actual tax amount and automatically makes any necessary adjustments.
Higher-income families that lost the up-front deduction virtually stopped contributing, even though the return still accrued tax free.
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.
According to the tax authorities, Arkas Holding's Chairman Lucien Arkas has topped the list of taxpayers with an accrued tax of TL 2.