January 6, 2010 
This entry was posted on Wednesday, January 6th, 2010 at 9:12 pm and is filed under Accounting, Accounts Payable, Buisness Taxes. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
There are two things that are certain in this world, death and taxes. Nobody likes them but they are necessary. Without death, there will be no incentive to live life to the fullest. Companies must do their part in paying their taxes. If companies are suspected of cheating on their taxes they may be at risk of being monitored by the IRS. Companies then therefore have to add IRS alerts accounts payable to their books.
IRS alerts accounts payables could be payments that you owe the IRS. It could be that the taxes your company paid last year were not sufficient or correct. If the IRS warns you or puts you on its watch list you have to be more careful. The IRS could point out taxes which you failed to declare. When this happens you now have to keep track of this and make the necessary provisions on your accounts payables.