Tax accounting focuses on taxes rather than public financial statements whatismyreferer. It focuses on transactions that impact a business’s tax burden, and how those items relate to proper tax calculation and preparation of tax documents. It is governed by the Internal Revenue Code, which must be strictly followed when individuals and companies prepare their tax returns.
Tax accounting is important because tax laws are complex and often change. The main purpose of tax accounting is to determine a company’s tax liability and to report that to the federal and state government using the correct tax forms. Hiring a tax accountant is recommended due to the complexity of tax laws.
Forensic accounting combines accounting, auditing, and investigative skills to examine the finances of an individual or business. Forensic accountants compile financial evidence and can communicate their findings using reports and presentations in legal proceedings. This type of accounting is often used in fraud and embezzlement cases, as it provides a detailed explanation of the nature and extent of a financial crime.
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Fiduciary accounting is the recording of transactions associated with a trust or estate. It is dealt with on a cash basis. Cash is recorded when it is received and disbursements are recorded when paid. This information is then provided to beneficiaries and often the courts.
The rules surrounding fiduciary accounting vary from state to state and even county to county. The wishes of the decedent, or grantor, must be complied with as expressed in a will or trust document.
A fiduciary sets up an account on behalf of another person who owns the money. The owner of the money is known as the principal. Fiduciary accounting provides a comprehensive report of activity within a trust during a specific period of time, including a record of all receipts and disbursements managed by the executor of the trust or the trustee.