One of our valuedvisitor inquired us the examples below:
How should penalty on late payment for tax been accounted for?
It is a tax expense? or Whether it is other expenses?
To describe: penalty made by inland revenue authority on late payment for tax shouldn't be accounted for as tax expense; it must be accounted for as administrative expense or other expense
Sunday, April 20, 2014
Proper Accounting treatment for tax penalty
Posted By:
Elmer Tamayo
Elmer Tamayo is the author of myaccountinginfo.net who took-up his degree of "BS in Accountancy" major in accounting. A Web designer and blogger, His passion is Reading books, searching new tech update on the world wide web. Read More...
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Labels: Accounting System, Tax
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