There are big tax breaks C corporations, a 20% deduction for most service businesses, and a few changes to what expenses you can deduct. If your preparer asks you for one, that’s one of the surest signs that you might be dealing with a tax prep scam. In this article, we’ll go over what exactly …
Everything you need to know about enrolled agents Read More »
This privilege allows them to represent taxpayers in matters relating to the Internal Revenue Service (IRS), such as tax collections, audits, or appeals. EAs have unlimited rights to represent any taxpayer before the IRS, and because they’re licensed at the federal level, they can practice in all 50 states. To maintain their status, they must …
Enrolled Agent EA What Is It, Salary, Duties, How To Become? Read More »
If you spot some recurring errors during the reconciliation process, this is an opportunity to reassess your systems that track and record those transactions. Any finance professional knows the importance of a good account reconciliation process. A well-structured reconciliation process is only as good as the practices that support it. Finance teams should follow these …
What Is Account Reconciliation? Types, Benefits & Process Read More »
Such contracts need professional expertise as they contain some very technical and intricate details that are crucial for the correct and beneficial assignment. Section 2(h) of the Indian Contract Act, 1872 defines a contract as “an agreement enforceable by law”. It is characterised by an offer and an acceptance along with consideration and is backed …
How Contracts Can Be Assigned: Rules and Limitations B Com Institute Read More »
X is named the obligor, and Y is named the assignor since Y has assigned its right to X’s performance. X, the obligor, is bound to continue to perform its duties under the contract. It’s also possible for both rights and duties to be assigned in the same transaction. In some cases, this can be …
Your Loan Estimate from the lender will outline which specific closing costs can and cannot be financed. So on a $250,000 mortgage, you may pay $5,000 to $12,500 in various closing fees. Lenders are required to provide a detailed estimate of all costs on the Loan Estimate form when you apply. Amortization schedules might result …
Depreciation and Amortization: Key Concepts for Canadian Accounting Exams Canada Read More »
Amortization in loans involves borrowers systematically repaying a loan through regular installments that cover both interest and principal. An amortization schedule guides this process by detailing how each payment reduces the loan balance over time. Initially, borrowers pay more interest, but as the loan matures, a larger portion of each payment goes toward the principal. …
Accumulated unused vacation time represents an example of accrued payroll, reflecting the compensation owed to employees for their accrued but unused paid time off entitlements. Unpaid overtime serves as an example of accrued payroll, reflecting the additional compensation owed to employees for hours worked beyond standard working hours but not yet paid. These taxes impact …
Investors rely on these metrics to make informed decisions about the company’s financial health and growth potential. It lays out all the details in a table format — beginning loan balance, principal repayment, and how much you pay in interest each month. Credit cards work differently from amortized loans because they don’t have set payment …
Understanding the true cost of borrowing: What is amortization, and why does it matter? Read More »
By the end of the fiscal year, the company has determined the bonus amounts but will pay them out in January. The startup records accrued bonuses to reflect this liability in its year-end financial statements. Ensuring compliance with accounting standards and regulations when recording accrued payroll poses a challenge. We and our partners process data …
What is Accrued Payroll and How to Calculate it? Read More »
