Category: Bookkeeping

An organization that receives a Form 1099-K reporting a gross amount of payment card or third party network payments received in the tax year should consider these amounts when reporting contributions and revenue on lines 1 through 8, according to the instructions for preparing the return. A nonexempt charitable trust described under section 4947(a)(1) (if […]

It also saves processing time and frees up more time for analysis of the business, using dashboards and other automated tools, which can also help jumpstart hotel budgeting and forecasting. Further, accounting software is essential for scalability when a hotel launches new revenue streams or when accounting for multiple hotels in a group. Keeping the […]

The FASB on December 16, 2020, tentatively said it would require public companies to amortize goodwill over a 10-year period on a straight-line basis only, without exception. Starting in 2014, private companies can elect to amortize goodwill on a straight-line basis over 10 years. If a business elects to amortize goodwill, it has to keep […]

Content Income statement vs. balance sheet Profit Subtract returns, discounts, and other allowances Step 1: Determine your accounting period Add your income taxes – Now, after you’ve factored in any other income streams, it’s important to apply income tax to find out how much money you’ll actually be left with. Add up all the amounts […]

Misinterpretations or cultural insensitivity can lead to misunderstandings and hinder the progress of projects. Latin American countries Colombia, Brazil and Mexico are also emerging IT outsourcing centres, although the developers mostly speak Portuguese and Spanish. Latin America mostly offers a bunch of generic skills which features on the mid- to low-end of the expertise spectrum, […]

In lieu of sending original documentation, you may use an IRS authorized Certifying Acceptance Agent (CAA) or make an appointment at a designated IRS Taxpayer Assistance Center (TAC) location. To find a local CAA in your area, you can visit Acceptance Agent Program. CAAs can authenticate all the identification documents for the primary and secondary […]

Content Understanding a Limited Liability Company (LLC) How do LLC taxes work? Tax elections for LLCs Can I form an LLC while employed or working at another job? Estimating and Paying Income Taxes How to file LLC taxes by LLC type Partnership filing requirements Limited liability corporations offer business owners flexibility in choosing how their business […]

Also, selling bread fast means the bakery gets its money back quickly, which is good because it can use that money to make more bread or even try out new recipes. The bakery wants to sell bread at a just-right pace—not too fast that it runs out and customers can’t buy what they want, but […]

Content Alert: highest cash back card we’ve seen now has 0% intro APR until 2024 How to Calculate the Debt-to-Asset Ratio Ratio What is the debt to total assets ratio? A Guide to Calculating and Interpreting Your Debt-to-Asset Ratio The debt-to-total-assets ratio is calculated by dividing total liabilities by total assets. The Total Assets to […]

It’s one of those jobs you’ll thank yourself for later as your business grows and there are more and more transactions happening relating to the business. In the Flat Rate scheme, you charge your customers at the standard rate of VAT and pay the money back to HMRC at a lower rate, depending on the […]