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Preparation of a Tax Return Assessment

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How would you explain the difference in retained earnings and, earnings and profits to a client who questions your preparation of a tax return?

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Solution Summary

This is a summary on accounting concepts such as retained earnings, earnings and profits, and tax returns.

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In short, those are concepts serving different purposes and hence is the difference. Retained Earnings is an accounting concept, that helps with tracking income and loss in the ...

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