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MNC Consulting Group > Tax Accounting

Tax Accounting

With the increased regulatory scrutiny on taxation, our tax professionals will work with you, for you to adopt effective tax accounting procedures that help minimize the tax risk and tax liability in a cost-effective manner.

We specialize in methods, rules and regulations used to generate tax assets and tax liabilities for individuals, sole proprietorships, corporations and partnerships. Our tax accounting strategies are adopted with emphasis and focus to taxation. Persons exempt from taxes must also participate in tax accounting.

Our tax accounting practice may result to differences in future taxable amounts known as temporary differences. Deductible temporary differences yield amounts that can be deducted in future when determining the determining profit or loss while taxable temporary differences yield amounts that can be taxable in future when determining the determining profit or loss.

We take delight in advising our clients on how they can benefit from varied tax accounting aspects which include:

  • Deferred tax assets- Deferred tax assets help in reducing a company’s future tax liability.They can arise due to a difference in tax and accounting rules or carryover of losses (when losses are carried forward to subsequent years).
  • Deferred tax liability – Deferred tax liabilities indicate that a company will pay more tax in the future due to a transaction that occurred in the current financial year. The main reason for deferred tax liability is differences in accounting and taxation laws.
  • Categorization of expenses that qualify for Industrial Building Deductions (IBD), Investment Deductions (ID) as well as Wear and Tear Allowance (WTA). We thereafter implement the respective deductions and allowances to minimize the tax liability.
  • Categorization of allowable and disallowable expenses for taxation.
  • Record keeping aimed at simplifying tax records and tax returns.

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