article thumbnail

How to navigate accounting assumptions

ThomsonReuters

Jump to: What are the main accounting assumptions? Going concern assumption: A closer look How do common accounting assumptions relate to GAAP? Accounting assumptions, along with accounting principles and concepts, provide professionals with the necessary framework for preparing financial statements.

Account 96
article thumbnail

Is a Health Savings Account Right for You?

RogerRossmeisl

For eligible individuals, a Health Savings Account (HSA) offers a tax-favorable way to set aside funds (or have an employer do so) to meet future medical needs. The post Is a Health Savings Account Right for You? Given the escalating cost of health care, there may be a more cost-effective way to pay for it.

Account 215
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Weekend Discussion: Accounting Doesn’t Need to Be Sexy

Going Concern

The intro paragraph reads: In tiktok parlance, “accountant” is code for a sex worker. The American Institute of Certified Public Accountants (aicpa), the profession’s main trade group in America, has a TikTok feed laden with career tips and young accountants (the real sort) living their best professional lives.

Account 64
article thumbnail

Tax Savings for Accountants with Gambling Clients

CTP

So, as an accountant of a gambling client, you need to have detailed knowledge about gambling winnings and losses, as well as all the rules and regulations related to tax on gambling income. Their main game is usually poker, table games, or sports betting. Keep separate credit cards and specific bank accounts only for gambling.

Gambling 105
article thumbnail

Year-End Moves for Flexible Spending Accounts

CPA Practice

The tax law provides benefits to employees who choose to participate in flexible spending accounts (FSAs) for qualified expenses. However, if there’s a balance in the account at the end of the year, the remaining funds are generally forfeited. There are two main types of accounts: healthcare FSAs and dependent care FSAs.

article thumbnail

Tax Planning for Retirement Plans: Understanding the Main Types of Retirement Accounts

CTP

Employer contributions are tax-deductible, and employees will not pay taxes while the money stays in the account. These accounts define the amount of retirement benefits employees will receive, so there’s less ambiguity than we see with defined contribution plans. Defined benefit plans are pension-type plans.

article thumbnail

Virtual card payments and their benefits for accounts payable departments.

Airbase

Virtual cards are a game-changer for accounts payable departments. But when a virtual card payment program is backed by powerful software and accounting automation, the advantages extend far beyond the ease of online purchasing. The right virtual card program can save an accounts payable team hours of work every month.