Accounting for taxes is a challenging area for some accountants. There are many rules, laws, and regulations that can potentially have a large impact on the organization or individual and how much tax they end up owing and when they owe it. Even if a firm hires an outside accountant to do their taxes, they must still have a basic knowledge of the tax laws in order to make the best decisions throughout the year. Discuss a minimum of three tax laws that would impact a corporation and actions they could take throughout the year to legally reduce or defer their taxes.