Remove category offsetting-losses
article thumbnail

ASU 2023-09: New FASB Rule Enhances Income Tax Disclosures for Public Companies

Cherry Bekaert

The guidance requires public business entities to expand the rate reconciliation table disclosures for additional categories of information about federal, state and foreign income taxes. More detailed information about the reconciling items in some categories may be required based on a quantitative threshold.

article thumbnail

Amazon Adds New Fees for Online Sellers

CPA Practice

In the first four months of the year, American consumers have increasingly opted for the least expensive products in nearly all categories, according to a report released Thursday by Adobe Inc. Amazon reduced the cost of fulfilling each customer order, but Freer said it only partially offsets the new fees. It’s like a kick in the gut.”

Insiders

Sign Up for our Newsletter

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

article thumbnail

12 Tax Tips for the Self Employed

Ronika Khanna CPA,CA

You would then enter your total revenues and expenses by category. If a category is not listed, you can create a category. business Losses Even if you do not have much or enough income to cover your expenses, make sure that you still keep the bills and reflect them on your tax return.

Tax 98
article thumbnail

4 Accounting Transactions that Use Journal Entries and How to Enter them in QBO

Ronika Khanna CPA,CA

Even though a shareholder loan receivable is an asset, it is better to have one shareholder loan account where all transactions can be offset against each other unless the shareholder only borrows money from the corporation. each category on a separate line with the corresponding amount that relates to the home office.

article thumbnail

Accounting and Tax Treatment of Computer Hardware and other Fixed Assets

Ronika Khanna CPA,CA

Digital Download (Ebook) Available at Amazon How to Account for Depreciation: From an accounting perspective, fixed assets as their category implies, are reflected as assets on the Balance Sheet. Finally we will review the impact on the profit and loss and balance sheet. Each category is assigned an annual rate of depreciation.

Tax 85
article thumbnail

Common Accounting Mistakes: Government Edition - Issue #6 Fixed Assets

SMBAccountant

The most common categories are buildings, computer equipment, furniture and fixtures, intangible assets, land, land improvements, leasehold improvements, office equipment, and software. A portion of the cost of the asset is charged over time as an expense to the income statement or profit and loss (P&L).

article thumbnail

Make Your Taxes Easier with this Detailed Checklist

Ronika Khanna CPA,CA

Capital Gains and Losses : If you have an investment portfolio, any gains or losses on sales of investments (i.e. realized gains or losses) must be reported on your tax return. However, they don’t always provide you with the cost of securities which is required to calculate the capital gain or loss.

Tax 52