Related Posts
Hi All,
I have joined TCS 2weeks back.
I completed the induction and got the employee Number and the default password ( which is not working)
Mail sent to service desk of Ultimatix and onboarding HR manager but they are not responding.
Any other way to get this done quickly?
Appreciate your help
Tata Consultancy
Bowl Leader
Please DM if interested asap
Additional Posts in Tax Bowl
Thoughts on resigning during busy season?
Thought on Real Estate tax at EY.
New to Fishbowl?
Download the Fishbowl app to
unlock all discussions on Fishbowl.
unlock all discussions on Fishbowl.
This is *very* general but
1. what is PY non deductible amount
2: what is CY ending book accrual (recorded as an expense on books)
3. How much was paid out within specified period (allowed as expense on tax return)
4. CY nondeductible amount = book expense - tax expense
5. CY M = CY nondeductible - PY nondeductible
Subject Expert
That’s a LOT to cover in a bowl. High level, one year deferral rule on deferred revenue, see Sec. 461 on accrued expenses, deductible if paid within 2.5 months for accrued payroll but only if fixed and determinable at year end.
Ask someone in your office for a one hour tutorial. There’s a lot of exceptions and special situations. And that’s an understatement.
You should probably ask your senior or your manager but this will help a lot hopefully
https://www.forbes.com/sites/anthonynitti/2014/03/25/tax-geek-tuesday-demystifying-the-deduction-rules-for-accrued-liabilities/?sh=2e0718c6516c
I think i know you. This article was shared in my group
Thank you for the high level and the articles. I've also done some research myself, but what I struggle with is the actual math/formula calculation to get the m adjustment. Do you take the flux of the beginning and ending accrual balance and then add back what was paid within 2 1/2 months?
It’s harder to try and calculate the M adjustment. If you disallowed an accrued expense last year, allow
it this year - that’s adjustment 1.
Disallow how much you need to this year - do this as a separate adjustment from the above.
For accruals:
CY ending balance less CY payout = A
PY ending balance less PY payout = B
A - B = M-Adjustment
Deferred revenue: it varies but the simplest way is to flux the balance sheet