ThomsonReuters

AUGUST 25, 2023

Jump to: What is book depreciation? What is tax depreciation? What are the differences between book and tax depreciation? What is accelerated depreciation? Managing book and tax depreciation with software Depreciation. What is book depreciation? What is book-to-tax reconciliation?

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ThomsonReuters

OCTOBER 5, 2023

Jump to: What is amortization in accounting? How to calculate amortization Amortization vs. depreciation Managing amortization of assets Companies have a lot of assets. There is, however, no one-size-fits all approach when calculating the value of a company’s assets. What is amortization in accounting?

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CPA Practice

NOVEMBER 14, 2023

13-15, more than 2,500 accountants learned about many new product and feature innovations that will help them serve their clients through the QuickBooks Online ecosystem. Our 2023 event doubled down on how AI-driven innovations can help accountants and the small businesses they serve gain insights to make more informed business decisions.

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ThomsonReuters

JUNE 16, 2023

When one thinks of accounting fraud, it is likely that these are some of the cases that come to mind. However, most cases of accounting fraud will not make news headlines and can happen in companies of all sizes and industries. Do you know how to spot it? How widespread is corporate fraud? The Enron scandal.

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ThomsonReuters

SEPTEMBER 2, 2021

A tax provision is just one type of provision that corporate finance departments set aside to cover a probable future expense. Other types of provisions a business typically accounts for include bad debts, depreciation, product warranties, pensions, and sales allowances. How provision for tax is calculated.

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ThomsonReuters

DECEMBER 11, 2023

Accounting for tax equity investments Implementing ASU 2023-02 Accounting professionals with equity investor clients who are involved with projects to receive income tax credits and other income tax benefits need to have a clear understanding of the proportional amortization method (PAM), especially in light of recent changes.

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Nancy McClelland, LLC

MARCH 9, 2023

In this YouTube video , I demonstrate how to use the AICPA RRF tracker tool for SBA reporting. The RRF eligible expense period, however, allows costs from the very beginning of the pandemic, February 15, 2020, clear through to March 11, 2023. A substitute Restaurant Revitalization Tax Credit bill is currently languishing.)

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ThomsonReuters

APRIL 18, 2023

Therefore, preparing financial statements that are in compliance with generally accepted accounting principles (GAAP or U.S. GAAP) is paramount for accounting professionals and all of those involved in financial reporting. What are the GAAP standards?

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Acterys

FEBRUARY 22, 2023

In this blog, we look at three main reporting types that FP&A teams must use to monitor the financial health and performance of a business. In this blog, we look at three main reporting types that FP&A teams must use to monitor the financial health and performance of a business. P&L report in Acterys Excel Add-in 3.

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ThomsonReuters

MARCH 1, 2024

Jump to: How are S corporations taxed? How can S corporations reduce their taxes? How a corporate tax software can help filing S corporation taxes Setting up your business as an S corporation (S corp) provides several tax advantages that are not available to owners of C corporations (C corp) or Limited Liability Companies (LLCs).

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LyfeAccounting

APRIL 28, 2021

So, if you operate a business or if you are self-employed, then the tax code is set up in a way that allows you to write off business vehicle expenses and cost. There are two methods for this: You have the standard mileage rate deduction which calculates how many business miles you have driven and gives you a deduction based on that.

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Withum

SEPTEMBER 8, 2022

All publicly owned companies must have audited financial statements that contain a report of the registered independent accounting firm performing the audit. All publicly owned companies must have audited financial statements that contain a report of the registered independent accounting firm performing the audit.

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Cheap Accounting

AUGUST 31, 2023

Whatever the size or structure of your business dealing with your accounts and tax returns comes with the territory. Keep receipts and invoices then record the amounts spent in the accounts. Directors have legal obligations bestowed on them when they are appointed including keeping accounting records and filing accounts.

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Ronika Khanna CPA,CA

FEBRUARY 10, 2023

If you are an unincorporated business owner you are required to report the revenues/sales generated from your business activities and are entitled to claim business related expenses against the income. Essentially, the documentation that you require to support your business declaration is evidence of your income and expenses.

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LyfeAccounting

NOVEMBER 10, 2020

Consult with your accountant to determine what deductions apply to you specifically but I’ll be deep diving into the most common mouth-watering, money saving deductions, right. How to Claim Home-Based Business Tax Deductions. You can also write off expenses dedicated to any repairs or upgrades you make to your home.

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LyfeAccounting

JANUARY 31, 2021

I’m not only going to tell you what this deduction is, but I am also going to go over a calculation in this post. According to the IRS, the home office deduction allows QUALIFYING taxpayers to deduct CERTAIN home expenses from their tax returns. HOA expenses. depreciation. How Much Can You Deduct? property taxes.

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Ronika Khanna CPA,CA

APRIL 14, 2022

If you have incurred expenses to earn the business income, you may also deduct these from your gross revenues or sales to arrive at net income from business. This can seem onerous, but understanding what needs to be done, and when, can significantly help reduce the stress and ensure that the tax filing process is smooth and straightforward.

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ThomsonReuters

JANUARY 9, 2024

Jump to: How are C corporations taxed? How do C corps file taxes? How can C corporations reduce their taxes? How are C corporations taxed? When are C corp taxes due? But what does that mean for your taxes? But what does that mean for your taxes? This means that a C corp’s profits are effectively taxed twice.

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LyfeAccounting

JULY 12, 2021

As well as how to calculate your self-employment taxes, and how to pay them. As well as how to calculate your self-employment taxes, and how to pay them. You wouldn’t believe how many business owners simply forget about paying their taxes. If you can relate to that, this post is for you.

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LyfeAccounting

NOVEMBER 3, 2020

Also, small disclaimer, the information I’m providing in this post is for informational purposes only and is not meant to take the place of legal and accounting advice. If you want specific accounting advice, then please contact your attorney or CPA. Every year, more than 2 million taxpayers overpay their income taxes.

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LyfeAccounting

OCTOBER 26, 2020

being unable to pay for basic living expenses. being unable to pay for basic living expenses. By the end of this post, you will understand the House Sales Tax! There are many reason why you may want to sell your home: You may want to take profits and run. You may need to upsize or downsize. Here’s a look at the bracket. condemnation.

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LyfeAccounting

MARCH 11, 2021

The best way to know how much you paid in interest each year will be to look at the form your mortgage servicer sends you each year. We’re about to reveal the best and biggest tax breaks for homeowners. Homeownership offers some of the best tax deductions and tax credits that can save you thousands of dollars in taxes. Mortgage Points.

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LyfeAccounting

DECEMBER 30, 2020

So I decided to take a deeper look into it and share how you could also pay very little in taxes with real estate. Stay tuned as today, we’re taking a look at how you can pay very little in taxes with real estate, legally. But it’s important that you first understand how taxes work. How the Tax System Works.

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LyfeAccounting

MAY 8, 2021

Usually how it works is, you go out and get a loan which you use your own money to put down a downpayment. By owning your own single-family property, or maybe getting to a real estate syndication and investing with a group of people. So we personally love real estate. Keep reading! But, it’s basically the same thing.

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ThomsonReuters

DECEMBER 14, 2020

Businesses in 2020 also navigated new regulations affecting foreign tax credits, foreign-derived intangible income (FDII), global intangible low-taxed income (GILTI), consolidated groups’ NOLs, meal and entertainment expenses, and bonus depreciation. Here are key takeaways from the presentation, which can be viewed here.

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