Accrued Tax:
Noun: The amount of tax that has been incurred or accumulated but not yet paid by an individual or entity. It represents the tax liability that has been recognized and recorded in the financial statements, even though the actual payment has not been made. Accrued tax is typically recorded as a liability on the balance sheet until it is settled with the appropriate tax authorities. It is important for individuals and businesses to accurately calculate and account for accrued tax to ensure compliance with tax regulations and to avoid penalties or interest charges.
Accrued tax refers to the amount of tax liability that has been incurred by an individual or entity but has not yet been paid. It represents the tax obligation that has accumulated over a specific period of time, typically a fiscal year. Accrued tax is recorded as a liability on the balance sheet until it is paid to the tax authorities. It is important for individuals and businesses to accurately calculate and report their accrued tax to ensure compliance with tax laws and avoid penalties or interest charges.
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This glossary post was last updated: 29th March 2024.
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