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How to navigate accounting assumptions

ThomsonReuters

Jump to: What are the main accounting assumptions? What are the main accounting assumptions? These are: economic entity, going concern, monetary unit, and periodicity. Going concern assumption: A closer look How do common accounting assumptions relate to GAAP? They are rooted in facts, data analysis, and research.

Account 96
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Summer Series reflections: making the most of XSBI in your practice

Xero

Persistent inflation has led to rising interest rates, flowing through to slowing economic growth. But what’s often missing from this coverage is how these trends are affecting small businesses. To be an effective advisor, it’s critical to understand what’s happening in the economy and how it’s impacting your clients.

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What is labour productivity and how does it impact your business?

Xero

But what is productivity exactly (hint: it’s not about working longer hours), and how can you lift it in your small business or practice? What is small business productivity? General economic wisdom is that small businesses tend to have lower productivity than large businesses. What does this mean for your business?

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How to calculate depletion expense

ThomsonReuters

Jump to: What is depletion expense? What is depletion expense? A client can claim depletion if they have an economic interest in standing timber or mineral property , as explained by the IRS. It is important to note that more than one person can have an economic interest in the same timber or mineral deposit.

Tax 59
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Understanding Affiliate Nexus and Other Forms of Physical Presence

TaxConnex

Between the second quarter of 2020 and the second quarter of 2021, online sales in the United States grew by 28 percent. This is known as “ economic nexus.”. Even prior to economic nexus rules becoming the norm, many states implemented affiliate marketing rules that required out-of-state businesses to collect and remit sales tax.

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What is sales tax?

ThomsonReuters

Jump to: What is sales tax? Sales tax varies by state What is nexus? What is excise tax? What is VAT tax? What is sales tax? In the United States, it is not a federal tax, but rather a state and local tax. This is especially true in today’s environment of ever-evolving sales tax regulations.

Sales 98
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What are general anti-avoidance rules?

ThomsonReuters

Jump to: What are general anti-avoidance rules (GAAR)? What is the general anti-abuse rule? What are general anti-avoidance rules (GAAR)? In other words, what is considered to be “tax avoidance” can be interpreted and defined differently by different people. How are GAAR rules applied? Does the U.S. have a GAAR?