Jun 25, 2019 | Accounting & Audit Updates, Tax News
As expected, the IRS has published a draft of a radically revised Form W-4, Employee’s Withholding Allowance Certificate. The agency emphasizes this is just a preliminary version, and until further notice, everyone should continue to use the current version....
Jun 20, 2019 | Accounting & Audit Updates, Tax News
Understanding the difference between revenue and income is essential to understanding revenue recognition: Revenue is defined as the total amount of money a business receives from its customers. Revenue is the first line on the company’s income statement. Income (or...
May 2, 2019 | Accounting & Audit Updates, Business Planning, Tax News
Tax withholding is a seemingly inevitable part of working, but there are exceptions, as shown by the following information about employees exempt from withholding. Student employees Generally, individuals employed by a school, college or university where they are also...
Mar 28, 2019 | Accounting & Audit Updates, Tax News
A capital gain is a profit made when you as an individual or business sell a capital asset — investments or real estate, for instance — for a higher cost than its purchase price. A capital loss is incurred when there’s a decrease in the capital asset value...
Mar 20, 2019 | Accounting & Audit Updates, Personal Financial Planning, Tax News
You will want to prepare your financial statements in accordance with an accounting framework that’s appropriate for your business. Most of the time, you’ll opt for a CPA to produce your financial statements. Getting an accountant’s blessing is...
Mar 19, 2019 | Accounting & Audit Updates, Business Planning, Tax News
Rules regarding expensing and deduction are complex. Managers should keep an eye on the latest rules to make sure their businesses are in compliance and are taking full advantage of the provisions. To start with, businesses can immediately expense more under the new...
