This coming April, you will be faced with preparing your first tax return since mom and dad

Question:

This coming April, you will be faced with preparing your first tax return since mom and dad said “you are now on your own.” As you review the IRS regulations, you notice several differences from what you learned in your accounting class. It appears that businesses must keep two sets of books: one for the IRS and one in accordance with . Why aren’t and IRS rules the same?

GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...