Blake Oliver

JANUARY 10, 2024

With millions trying their luck, complex tax rules for reporting and deducting gambling winnings and losses present new challenges for taxpayers. With over a decade specializing in gambling taxes, this Las Vegas CPA has worked with everyone from professional poker players to casual sports bettors.

Tax 80

Tax Accounting Accounting Record Keeping 80

Accounting Tools

NOVEMBER 1, 2024

Directors usually serve on committees that focus on specific areas, such as audit, finance, compensation, governance, or risk. Related AccountingTools Courses C Corporation Tax Guide Types of Business Entities Related Article Inside Director Directors evaluate and, if necessary, replace the CEO and other top executives.

Corporation Tax 40

Corporation Tax Auditing Tax 40

Accounting Tools

MARCH 27, 2023

Related Courses How to Conduct a Compilation Engagement How to Conduct a Review Engagement How to Conduct an Audit Engagement What is Public Accounting? Public accountants provide accounting expertise, auditing, and tax services to their clients. Tax Return Preparation Personnel prepare tax returns for clients.

Financial Statements 75

Financial Statements Accounting Accounting Auditing 75

CSI Accounting & Payroll

JANUARY 17, 2024

No matter how good of a business owner you are, you still worry about being audited by the IRS – and we definitely don’t blame you! With the fear of an audit, you’re also going to have some questions. The owners often ask us: What is the risk of an IRS audit? How many years back can the IRS audit you?

Auditing 52

Auditing Payroll Accounting Accounting 52

Accounting Tools

OCTOBER 10, 2023

Related Courses How to Conduct an Audit Engagement What is a Special Audit? A special audit is a tightly-defined audit that only looks at a specific area of an organization's activities. This type of audit may be initiated by a government agency, but could be authorized by any entity, or even internally.

Auditing 40

Auditing Tax 40

AP Association

APRIL 24, 2019

It is structured, tax compliant, authenticated invoice data issued from a supplier to a buyer and is the only version of the invoice relevant to the tax authorities and auditors. Global Tax Losses. In this blog we aim to dispel the myths around e-invoicing and explain why it should be on the roadmap for all businesses.

Invoicing 130

Invoicing AP Data Entry Tax 130

Accounting Tools

AUGUST 8, 2024

The employer FICA match is a requirement for an employer to remit to the government double the amount of social security and Medicare taxes withheld from employee pay. The taxes requiring employer matching are noted below. Social Security Tax The Social Security tax is usually a 6.2% to the government, of which $14.50

Payroll 75

Payroll Tax Auditing Accounting 75

Accounting Tools

SEPTEMBER 29, 2023

Related Courses How to Conduct an Audit Engagement What is an Audit Test? An audit test is a sample taken from a larger population, with the intent of testing the sample for certain characteristics, which are then extrapolated to the entire population.

Auditing 40

Auditing Financial Statements Billing Tax 40

Accounting Tools

JULY 11, 2023

Related Courses How to Conduct a Compilation Engagement How to Conduct a Review Engagement How to Conduct an Audit Engagement What is a Financial Audit? A financial audit is the examination of the financial records of an entity by a certified third party examiner.

Auditing 40

Auditing Financial Statements Financial Records Tax 40

Accounting Tools

JULY 24, 2023

Related Courses Fraud Schemes Fraud Examination Guidebook How to Audit for Fraud What is Off the Books? This is typically done in order to avoid paying income taxes on cash receipts or use taxes or payroll taxes on payments made. Related Articles Examples of Corporate Fraud Sham Sale Skimming Tax Fraud

Payroll 75

Payroll Auditing Tax Accounting 75

Accounting Tools

AUGUST 9, 2024

Otherwise, the loan might instead be considered an investment by the issuing business unit in the receiving unit, which can create other tax problems. Given the extent of these tax concerns, a company using intercompany loans should be prepared to undergo a tax audit that focuses on the underlying reasons for and documentation of these loans.

Financial Statements 74

Financial Statements Corporate Finance Tax Auditing 74

Accounting Tools

MARCH 28, 2023

Related Courses How to Audit Liabilities The Balance Sheet What is a Liability? Examples of liabilities are accounts payable , accrued expenses , wages payable , and taxes payable. A liability is a legally binding obligation payable to another entity. Liabilities are incurred in order to fund the ongoing activities of a business.

Accounts Payable 75

Accounts Payable Accounts Payable Auditing Tax 75

Intuit

NOVEMBER 20, 2023

Prepare income taxes: Calculating taxes and identifying deductibles is another critical task of CPAs. CPAs are knowledgeable in tax laws and regulations. They help individuals and businesses navigate the complexities of tax planning and preparation. You can view the specific requirements of various states here.

CPA 130

CPA Bookkeeping QuickBooks Tax 130

Accounting Tools

JULY 5, 2024

The result is either a profit or loss, which is net of income taxes. Financial statements that are being issued to outside parties may be audited to verify their accuracy and fairness of presentation. This report is used to discern the ability of a business to generate a profit.

Financial Statements 97

Financial Statements Collections Auditing Tax 97

Future Firm

NOVEMBER 9, 2022

A report by Oxford University concluded that there was a 99% chance that tax preparers’ jobs would be automated and a 98% chance that it will happen to bookkeepers and accountants. Here’s a good video of how MindBridge works in action: 15) Tax Planning. Will Accounting Automation be Enough to Replace You? Over to You.

Accounting 98

Accounting Accounting Accounts Payable Accounts Payable 98

Accounting Tools

OCTOBER 23, 2023

As part of the billing process, the bookkeeper also remits sales taxes to the government. The bookkeeper also prepares paychecks for employees, and remits payroll taxes to the government. This information must be sufficiently organized that the auditors can easily access information when they conduct the year-end audit.

Bookkeeping 75

Bookkeeping Financial Statements Payroll Deposits 75

Accounting Tools

NOVEMBER 5, 2023

Related Courses Fixed Asset Accounting How to Audit Fixed Assets What are the Most Common Depreciation Methods? The only value of an accelerated method is in deferring the payment of income taxes. From an auditing perspective, it is best to use the straight-line method, since these calculations are easiest for auditors to verify.

Record Keeping 75

Record Keeping Auditing Tax Accounting 75

Accounting Tools

MAY 9, 2023

Related Courses Fixed Asset Accounting How to Audit Fixed Assets What is MACRS Depreciation? MACRS depreciation is the tax depreciation system used in the United States. years A business determines its tax depreciation based on the information in the preceding table for assets ready and available for use since 1986.

Financial Statements 75

Financial Statements Computation Tax Auditing 75

Accounting Tools

MAY 21, 2023

Responsibilities of a Full Charge Bookkeeper The subject areas over which the full charge bookkeeper has responsibility are as follows: Record and pay accounts payable Issue invoices to and collect from customers Calculate pay and issue payments to employees Create financial statements and related financial reports Remit payroll taxes , sales taxes (..)

Bookkeeping 75

Bookkeeping Petty cash Payroll Collections 75

Accounting Tools

JULY 27, 2024

For example, a professional services business, such as a tax accounting firm, may not have any capex at all. Related AccountingTools Courses Capital Budgeting Fixed Asset Accounting How to Audit Fixed Assets Accounting for Capex The accounting for capex varies, depending upon the nature of the asset.

Budgeting 75

Budgeting Auditing Tax Accounting 75

Accounting Tools

JULY 10, 2023

Related Courses Accounting for Inventory How to Audit Inventory Inventory Management The Balance Sheet What is Finished Goods Inventory? Accounting for Finished Goods Inventory The carrying amount of finished goods inventory is at the cost of the acquired goods, plus any applicable freight in charges and taxes.

Auditing 75

Auditing Tax Accounting Accounting 75

Accounting Tools

APRIL 12, 2023

The method is commonly used to record financial results for tax purposes, since a business can accelerate some payments in order to reduce its taxable profits , thereby deferring its tax liability. Audited financial statements. Ease of use. A person requires a reduced knowledge of accounting to keep records under the cash basis.

Accruals 75

Accruals Financial Statements Accounting Accounting 75

Accounting Tools

MARCH 30, 2023

Related Courses Bookkeeping Guidebook How to Audit Revenue Revenue Recognition What is a Customer Deposit? The company does not initially incur any sales tax liability when it accepts a deposit from a customer. The company has an obligation to provide the indicated goods or services, or to return the funds.

Deposits 75

Deposits Purchase Order Bookkeeping Auditing 75

Accounting Tools

OCTOBER 18, 2024

Related AccountingTools Courses Accounting for Intangible Assets Fixed Asset Accounting How to Audit Fixed Assets Disadvantages of Capitalized Costs There are several disadvantages associated with capitalizing costs, which are as follows: Delayed expense recognition.

Auditing 75

Auditing Accounting Accounting Tax 75

Accounting Tools

APRIL 7, 2024

Thus, the costs of such items as corporate salaries, audit and legal fees, and bad debts are not included in manufacturing overhead. Related AccountingTools Courses Accounting for Inventory Activity-Based Costing Cost Accounting Fundamentals What is Not Included in Manufacturing Overhead?

Cost Accounting 75

Cost Accounting Financial Statements Financial Reporting Auditing 75

Accounting Tools

JUNE 7, 2023

Related Courses Fixed Asset Accounting How to Audit Fixed Assets What is Accelerated Depreciation? This type of depreciation reduces the amount of taxable income early in the life of an asset, so that tax liabilities are deferred into later periods. The result is that a company pays more income taxes in later years.

Financial Analysis 75

Financial Analysis Record Keeping Tax Auditing 75

Accounting Tools

JULY 15, 2023

Related Courses Accounting for Inventory Cost Accounting Fundamentals How to Audit Inventory What is COGS? Operating expenses are all other expenses incurred by a business, except for financing and tax expenses. COGS is the cost of those goods associated with product sales.

Payroll 75

Payroll Auditing Cost Accounting Accounting 75

Invoicera

JANUARY 19, 2025

Automation makes certain that everything from payment amounts to tax calculations is right, meaning a minimized risk of financial discrepancies. This is important, especially during tax seasons when you have to see to it that all invoices, receipts, and payments are in order. Late payments impacting vendor relationships?

Accounts Receivable 40

Accounts Receivable Accounts Receivable Account Receivables AR 40

Accounting Tools

AUGUST 27, 2023

Related Courses Sales and Use Tax Accounting What are Sales and Use Taxes? Sales and use taxes are used by governments to derive income from the sale of tangible personal property. These taxes are a common source of revenue for state governments, and sometimes also at the county and city levels.

Tax 40

Tax Collections Auditing Billing 40

Accounting Tools

AUGUST 8, 2023

Related Courses How to Audit Payroll Optimal Accounting for Payroll Payroll Management What are Payroll Taxes? Payroll taxes are imposed by a government on employee wages and salaries. These taxes must also be paid by a self-employed person. The remittance shows gross pay , payroll taxes, other withholdings, and net pay.

Payroll 40

Payroll Tax Auditing Accounting 40

Accounting Tools

JUNE 7, 2023

Related Courses Ethical Frameworks in Accounting Ethical Responsibilities Professional Rules of Conduct What is Tax Fraud? Tax fraud occurs when someone intentionally falsifies the information on a tax return in order to reduce his tax liability. What Triggers Changes in Tax Fraud?

Tax 40

Tax Collections Payroll Auditing 40

Accounting Tools

MARCH 24, 2023

Related Courses Fixed Asset Accounting How to Audit Fixed Assets The land asset is not depreciated , because it is considered to have an infinite useful life. Land, however, has no definitive useful life, so there is no way to depreciate it. A good way to derive this allocation is to use a property tax assessment or appraisal.

Computation 75

Computation Auditing Tax Accounting 75

Accounting Tools

APRIL 3, 2023

Related Courses Accounting for Inventory How to Audit Inventory What is the Inventory Cost Flow Assumption? For this reason, companies tend to select a cost flow assumption that either minimizes profits (in order to minimize income taxes ) or maximize profits (in order to increase share value).

Auditing 75

Auditing Tax Accounting Accounting 75

Accounting Tools

NOVEMBER 6, 2023

Related Courses Ethics for Enrolled Agents Tax Research Techniques What is a Tax Return Position? The following points apply to the accountant who is developing a tax return position. The following points apply to the accountant who is developing a tax return position.

Tax 40

Tax Auditing Accounting Accounting 40

Accounting Tools

JULY 17, 2023

Related Courses Accounting for Inventory How to Audit Inventory Inventory Management What is the Cost of Inventory? Inventory cost includes the costs to order and hold inventory , as well as to administer the related paperwork. This cost is examined by management as part of its evaluation of how much inventory to keep on hand.

Cost Accounting 70

Cost Accounting Payroll Auditing Accounting 70

Accounting Tools

MARCH 29, 2024

What are Sales Taxes Payable? Sales taxes payable is a liability account in which is stored the aggregate amount of sales taxes that a business has collected from customers on behalf of a governing tax authority. Related Articles How to Account for Sales Tax Paid on Inventory? Is Sales Tax an Expense or Liability?

Tax 40

Tax Accounts Payable Accounts Payable Collections 40

Accounting Tools

JANUARY 30, 2024

What are Employer Payroll Taxes? Employer payroll taxes include taxes primarily related to employee benefits and unemployment funds. The employer is responsible for remitting both types of payroll taxes to the applicable governments. Medicare A Medicare tax is applied to employee wages, which the employer matches.

Payroll 40

Payroll Tax Collections Auditing 40