Accrued Taxes

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 ?
He said the board's executive director Fazul Mohammed acted beyond his mandate by giving further directions to the Kenya Revenue Authority to recover accrued taxes.
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.
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.
The judge said the board executive director Fazul Mahamed acted beyond his mandate when he further directed Kenya Revenue Authority to recover accrued taxes.
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.
27) It is important to distinguish between direct payment authorization and the payment of accrued taxes to the state.
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.
statutory rate of 35% and the effective rate on continuing operations relates to the recognition of the manufacturing deduction enacted in 2004, interest deductible for income tax purposes that is eliminated in the consolidation process and the reversal of previously accrued taxes no longer needed because of the repatriation (discussion below).