Tax accounting involves tax compliance and

Question

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Tax accounting involves both tax compliance, which involves following the rules and regulations set by tax authorities, and tax planning, which involves strategic decision-making to minimize tax liabilities and legally maximize tax benefits. Tax configuration and tax evaluation are not commonly used terms in the field of tax accounting, while tax obfuscation implies unethical or illegal behavior and is not a legitimate part of tax accounting.

Tax Accounting Involves Tax Compliance and