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#1
12-27-2008, 08:29 PM
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 Re: Tax Overpayment - balance sheet ? Paul Thomas wrote: - quote - > <nearly_blind[at]yahoo.com> wrote
already been filed and it's just a formality for the refund to show up.> > How should an overpayment of estimated 2008 corporate taxes be > > included in an accrual-based Balance Sheet "Assets"? This is the > > amount that will be refunded in 2009 after tax returns are filed. > "Income Tax Refund" as a current asset on the Balance Sheet. > You can further split it into Federal and State if you have both. > If you leave part of it to be applied to 2009, then a current asset account > called something like "Estimated Income Tax Paid". If listed as "Income Tax Refund", that suggests that the tax return has I prefer the account "Prepaid Taxes" since on 12/31 work on the 1120 hasn't even been started. ChEAr$, Harlan -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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12-27-2008, 03:47 PM
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| Re: Tax Overpayment - balance sheet ? <nearly_blind[at]yahoo.com> wrote - quote - > How should an overpayment of estimated 2008 corporate taxes be > included in an accrual-based Balance Sheet "Assets"? This is the > amount that will be refunded in 2009 after tax returns are filed. "Income Tax Refund" as a current asset on the Balance Sheet. You can further split it into Federal and State if you have both. If you leave part of it to be applied to 2009, then a current asset account called something like "Estimated Income Tax Paid". -- Paul A. Thomas, CPA Athens, Georgia -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#-1
12-27-2008, 01:24 AM
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| Tax Overpayment - balance sheet ? How should an overpayment of estimated 2008 corporate taxes be included in an accrual-based Balance Sheet "Assets"? This is the amount that will be refunded in 2009 after tax returns are filed. -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
| Tags |
| balance, overpayment, sheet, tax |
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