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What is a reportable income?

Reportable income includes PAYE income payments, along with resident and non-resident passive income (where third parties have the taxpayers IRD number). Further information on how this income is assessed and how errors in these assessments can be corrected is in.

What was the original income tax?

1862 - President Lincoln signed into law a revenue-raising measure to help pay for Civil War expenses. The measure created a Commissioner of Internal Revenue and the nations first income tax. It levied a 3 percent tax on incomes between $600 and $10,000 and a 5 percent tax on incomes of more than $10,000.

What is the difference between financial reporting and tax reporting?

While GAAP is focused on providing accurate financial information to external stakeholders, tax accounting is focused on complying with tax laws and regulations. This difference in objectives can lead to discrepancies between the two accounting methods, making it difficult to reconcile financial information.

What is tax reporting?

Tax Reporting calculates your companys global tax provision, effective tax rate, and deferred tax for tax provisioning purposes. The application complies with the standards for accounting for income taxes under US GAAP and IFRS.

What is the 16th Amendment in simple terms?

Amendment Sixteen to the Constitution was ratified on February 3, 1913. It grants Congress the authority to issue an income tax without having to determine it based on population.

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