08:42 Dec 7, 2007 |
English language (monolingual) [PRO] Bus/Financial - Law: Taxation & Customs | |||||||
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SUMMARY OF ALL EXPLANATIONS PROVIDED | ||||
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3 +1 | bill from the government asking a person or company to pay taxes |
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2 | possib. expl. |
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tax invoice (usa) possib. expl. Explanation: Sometimes, such as in an acquisition structured as an asset deal, you have a contract to purchase all or part of the assets of the company. And the total amount is paid. Then of some of the item (such as inventories), you have to pay taxes. So you make an invoice and pay only the taxes (since the principal has already been paid). -------------------------------------------------- Note added at 50 minutes (2007-12-07 09:32:24 GMT) -------------------------------------------------- Sorry : Then ON some of... Also the vendor makes the invoice, is paid and pays the taxes to tax authorities. The purchaser pays the taxes and then may, in some situations, recover the taxes from the tax authorities. |
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tax invoice (usa) bill from the government asking a person or company to pay taxes Explanation: For example, if a person or company owes taxes to the government, after a certain amount of time has passed, and the person/company has not paid the taxes that are due, the government will send out an 'invoice' or 'bill' stating how much taxes are owed, and when the person needs to pay it by to avoid penalties (additional penalty money being added to it that the person/company has to pay). So the included information in such a document could be: Person's name/company name: Joe Brown Social security no./Tax ID no.: 000-000-0000 Amount of taxes owed: $3,500.00 Must pay by: Mar. 1, 2008 Possible penalties: If not paid by Mar. 1, 2008, an additional 1% per month will be added as a penalty. Other information: If Joe Brown thinks this amount is in error, then Joe Brown can contact the Internal Revenue Service and meet with someone to talk about having it adjusted. I hope this helps. |
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