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Where Book Accounting Meets Tax Accounting

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Presenter

Joseph Howell

Duration

00:35:16

Key Takeaways

  • Companies must present their profits and tax liabilities to shareholders in different ways based on accounting standards (FASB) and the IRS code
  • Accounting and finance professionals responsible for financial reporting may not be aware of the unique challenges to tax departments, ranging from focusing on intercompany transactions to dealing with tax audits
  • While tax reporting and financial reporting teams differ, they both play an important role in the quality of corporate financial statements

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