These expenses may only be deducted, however, to the extent they exceed 10% (7.5 % for 65 and over) of a taxpayer's AGI. Accordingly, a taxpayer would only be entitled to deduct the amount by which these expenses exceed 10% of $100,000, or $10,000 wi... Read more
Accounts payable include all of the company's short-term debts or obligations. When confirming accounts payable, your company’s auditors must take a sample of accounts payable. These majorly represent your business’s purchasing or borrowi... Read more
Sal deposits the money directly into his company’s business account. Now it’s time to update his company’s online accounting information. For contra-asset accounts, the rule is simply the opposite of the rule for assets. Therefore, ... Read more
A chart of accounts is an index of all the accounts in the general ledger of a business. If you acquire another company, a key task is shifting the acquiree's chart of accounts into the parent company's chart of accounts, so that you can present cons... Read more
As you saw in our P&L, the COGS ratio is forecasted to average 32% during the ‘plan’ period and beyond, versus 28% for the current year. We’ve put in a ‘penny’ ($0.01) to be conservative, but we do not expect to have any... Read more
All tax situations are different and not everyone gets a refund. Fees apply if you have us file an amended return. The IRS allows taxpayers to amend returns from the previous three tax years to claim additional refunds to which they are entitled. Fee... Read more
Each person should consult his or her own attorney, business advisor, or tax advisor with respect to matters referenced in this post. Bench assumes no liability for actions taken in reliance upon the information contained herein. Harold Averkamp has ... Read more
Revenue for federal and local governments would likely be in the form of tax receipts from property or income taxes. Governments might also earn revenue from the sale of an asset or interest income from a bond.... Read more
In this case, the entity could not recognize the payments that they received from customers as revenue. For example, the government of the country where the entity run its business just amount that numbers of the tax rate will increase and it will co... Read more
Every week, she puts/deposits a part of her paycheck into a separate account. The company takes account of environmental issues wherever possible. I've never been there, but it's a lovely place, by all accounts. He insisted on giving us a blow-by-blo... Read more
