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Tax accounting is the method used to compute an organization’s taxable income as well as its tax liability. Proper tax policies will ensure that an organization avoids penalties that result from non-compliance with Internal Revenue Service regulations. It also focuses on tax planning by ensuring that the organization structures its transactions in a manner that will minimize its tax burden.

This involves the identification, development and interpretation of information to help in management operations. It is more concerned with non-financial factors, such as environmental issues, political issues, employees’ productivity and customer satisfaction. Managers draft an organization’s overall goals using this data; it helps them evaluate personnel performance and leadership techniques.

There are four major business values contained in the various branches of accounting: planning, communicating, controlling, and profit determination. Accounting information is helpful in communicating a company’s current status and its future plans to managers: the language of numbers is international and uniform across all organizations. As a control system, accounting provides information needed to perform tasks in accordance with an organization’s long-term goals. Profits, however, depend on the accuracy of the accounting information.