Although the tax preparer always signs the return, you're ultimately responsible for providing all the information required for the preparer to accurately prepare your return. Anyone paid to prepare tax returns for others should have a thorough under... Read more
Sellers can accept payment by credit card, debit card, Etsy gift card, some bank transfer services, Apple Pay and Google Wallet. Similar to Doordash, Caviar delivers local restaurant meals straight to customers’ home and office doors.... Read more
ISA 320, paragraph 12 requires that materiality be revised as the audit progresses, if information is revealed that, if known at the onset of the audit, would have caused the auditor to set a lower materiality. In practice, materiality is re-assessed... Read more
Invoices are sometimes confused with purchase orders, but these documents serve different purposes. An invoice is a document used to itemize and record a transaction between a vendor and a buyer.In this design, the centered price banner uses a soft g... Read more
The revenue recognition principle is an accounting principle that requires the revenue be recognized and recorded when it is realized and earned, regardless of when the payment is made. In other words, businesses don’t have to wait to receive c... Read more
While employees pay only half of the tax , self-employed business owners pay the full amount, but they can deduct half the self-employment tax as a business expense. Schedule SE has been changed for the 2020 tax year, with the elimination of the shor... Read more
These two financial statements can open the door to deeper calculations and analyses. Your balance sheet and income statement will assist your small business every step of the way, as you grow and expand. While the balance sheet clearly identifies wh... Read more
Investors and analysts may have a different method for calculating intrinsic value, and rarely are they exactly accurate and precise. In addition, it's notoriously difficult to predict a company's earnings or revenue.The reality is that past security... Read more
For example, the property taxes and insurance on the manufacturing buildings are based on the assets' value and not on the number of units manufactured. Yet these and other indirect costs must be allocated to the units manufactured.Adam received his ... Read more
Some states may tax S corporations as corporations; not at the personal level. The company name should be chosen that is not already in use within the jurisdiction of the S corporation. Typically, the local state or town offices will have a listing o... Read more
