Section 706.401973 - Account for accrued taxes and licenses1. The account for accrued taxes and licenses must be credited with the amount of taxes accrued during the accounting period, other than payroll taxes and federal income taxes that must be credited appropriately to the account for payroll taxes withheld and accrued described in NAC 706.401972 or the account for accrued federal income taxes described in NAC 706.401977. Corresponding debits must be appropriately made to the account for licenses and taxes described in subsection 10 of NAC 706.401982 or the account for general taxes described in NAC 706.401986. Credits included in the account for accrued taxes and licenses may be based on estimates, and, as the facts become known, the amount of the periodic credits must be adjusted as necessary to include the applicable taxes as nearly as can be determined in each year.2. If accruals for taxes are found to be insufficient or excessive, corrections must be made through current tax accruals. Accruals for taxes must be based upon the net amounts payable after credit for any discounts and must not include any amounts for interest on the deficiencies or refunds. Interest received on refunds must be credited to the account for interest earned described in subsection 1 of NAC 706.401993, and interest paid on deficiencies must be charged to the account for interest expense described in subsection 1 of NAC 706.401994. Penalties must be charged to the account for miscellaneous other expenses described in subsection 4 of NAC 706.401994.3. Records supporting the entries to this account must be kept to show, for each class of taxes included, the amount accrued, the basis for the accrual, the accounts charged and the amount of tax paid.Nev. Admin. Code § 706.401973
Added to NAC by Transportation Serv. Auth. by R040-02, eff. 9-20-2002