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Compare and contrast GAAP & tax accounting?


Can someone please quickly help me through this!!!!!???

one issue where GAAP and tax accounting is different is the way that they account for bad debts. Under GAAP the allowance method is used and you are not allowed to use the direct write off. In tax you can use the direct write off. One issue where they are the same is the use of LIFO when using LIFO valuation you must use it both on your financial statements and on your tax return.

There is a couple more but i cant really think of them.
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GAAp covers financial accounting which is different from tax accounting. GAAP requires some things the IRS doesnt and vice versa. Financial accounting is for stakeholders whereas Tax accounting is done for the IRS
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