Archives of Bookkeeping

Under H 5076, a new 5 percent tax on short-term rentals of whole homes will be collected, and the statewide local hotel tax rate will increase from 1 to 2 percent. The threshold for the mandatory first installment of estimated tax payments for corporate taxpayers increases from $1,000 to $5,000. LB9 expands the definition of […]

An effective accounts payable audit strategy isn’t just about fast retrieval of documents — it’s about building a framework of ongoing audit readiness. Organizations that rely on manual or semi-automated processes often scramble to compile audit documentation only when an audit is imminent. You won’t know what they need until they get started—and then you’ll […]

You also can open a Cash Account offered by Atomic Brokerage which allows you to earn interest on your cash through a cash sweep program. Your ProAdvisor stays up-to-date on the latest accounting rules so you don’t have to. Live Expert Cleanup gives you a better view of your finances so you can make smarter […]

However, consider the cost of goods sold (COGS), shipping, and other expenses. Finally, returning excess inventory to the supplier for a refund or credit may be the best option if the merchandise is still in good condition. Offloading stock to other retailers, either directly or through a liquidation company, is also possible. Donating excess inventory […]

It allocates $40,000 of its section 179 deduction and $50,000 of its taxable income to Dean, one of its partners. You use the amount you carry over to determine your section 179 deduction in the next year. The total cost you can deduct each year after you apply the dollar limit is limited to the […]

This makes it the best SaaS accounting software for people who are already using one or more apps from the brand. You can also manage your accounting on the mobile app, from creating personalized invoices to tracking expenses and bills. Some of the ones they tend to focus on the most include cash flow, burn […]

Checklists are helpful, especially for some for the more standard tasks, such as https://www.bookstime.com/ document requests and financial statement analysis. The actual performance of investigative tasks will vary from project to project, but general guidelines should be in place to monitor the completion of engagement tasks. The Accounting Podcast (formerly the Cloud Accounting Podcast) is […]

Audit assertions offer a clear framework to verify whether the accounts are accurate and reliable. Auditors usually check this assertion by carrying out mathematical checks, examining data entries, and reconciling amounts in financial statements with supporting documents. For example, accounts receivable audit assertions assure auditors that their financial accounting system reflects valid customer invoices in […]

Maybe you’ve heard the term “above the line” thrown around in tax conversations. Above-the-line deductions are actually adjustments to your taxable income — they are subtracted from your income before your https://www.bookstime.com/ adjusted gross income (AGI) is calculated for tax purposes. This higher deduction is a primary reason why many seniors no longer need to […]