Put in state in ASC

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Aug 6th, 2022
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How to put in state in ASC

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okay so weamp;#39;re going to talk about the AFC texture connector for a cue matica weamp;#39;re going to start with how texture is called for assessing sales tax and particular invoicing or Silveramp;#39;s when you enter a document the tax details are sent the document details are sent to texture and texture responds with the tax the detailed tax information in this case we can see that eight dollars and 53 cents is assessed and if we will get the breakdown of that thatamp;#39;s six and a quarter percent going to California the state and then accounting tax of 1% and then a special text which must be due to its destination of 0.5% okay so this is the breakdown for what summarized is eight dollars and 53 cents on this 110 dollar or when we look at this customer our customers and be set up to be just regular customers they can also be set up as a dense customers and our system is very simple we have a tax exemptions tab and when you are going to exempt them or they shouldna

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FIN 48 has been superseded by the Accounting Standards Codification (ASC) 740-10, but is still referred to as FIN 48.
The term ASC 740 stands for the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic (ASC) 740, Income Taxes. ASC 740 includes FASB Interpretation No. 48 (FIN 48) Accounting for Uncertainty in Income Taxes, an interpretation of FASB Statement (FAS) No. 109.
(FIN 48 provides an exception from its reserving and disclosure requirements where a successful litigation outcome is expected.) Transition Rule May Be A Huge Break. Part II of Schedule UTP addresses prior tax years. Part II will only be operative in future tax years.
ASC 740 also addresses how a company reports uncertain tax positions on its financial statements under a more-likely-than-not recognition threshold (formerly known as FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes or FIN 48).
Accounting for Income Taxes FASB ASC 740 (Portfolio 5000)
Federal Benefit of the State The benefit or deduction of the current state provision in the federal provision can automatically calculate at 100%. It can be limited if it is not based on a method other than the current years accrual of tax.
You can deduct any estimated taxes paid to state or local governments and any prior years state or local income tax as long as they were paid during the tax year. Generally, you can take either a deduction or a tax credit for foreign income taxes, but not for taxes paid on income that is excluded from U.S. tax.
The IASB recently issued a new Interpretation on Uncertain Tax Treatments (IFRIC 23). In short, it is the IFRS equivalent of the US GAAP Interpretation, ASC 740 (formerly FIN 48). IFRIC 23 was ratified in the IASB meeting on 16-17 May 2017, and issued on 7 June 2017.

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