Bookkeeping

As part of the FY 2022 Enacted Budget Bill, New York’s top marginal rate for individual income taxation increased from 8.2 percent to 10.9 percent. Importantly, two tax brackets were added to the individual income tax code. Individuals are now assessed a tax of 9.65 percent on New York taxable income greater than $1,616,450 but […]

Always protect your identity when using any social networking site. On IRS.gov, you can get up-to-date information on current events and changes in tax law.. Select business topics using our A–Z listing, or by business type such as sole proprietor, corporation, etc. You can use this loss to reduce your taxable income in the following

Customers pay you for sales of goods and services, and the commission income is paid to you by a customer name. ASC 606 introduced a few key changes to the accounting process for sales and commissions incentives. We’ll take a look at how it used to work and compare that to what it looks like

Guide your business with agility by standardizing processes, automating routine work, and increasing visibility. Streamline and automate intercompany transaction netting and settlement to ensure cash precision.Enable greater collaboration between Accounting and Treasury with real-time visibility into open transactions. Integrate with treasury systems to facilitate and streamline netting, settlement, and clearing to optimize working capital. Understand

If someone owes you money that you can’t collect, you may have a bad debt. For a discussion of what constitutes a valid debt, refer to Publication 550, Investment Income and Expenses and Publication 334, Tax Guide for Small Business (For Individuals Who Use Schedule C). Generally, to deduct a bad debt, you must have previously included the

Sales of tangible property are sourced to the destination of the sale, but accounting for the sale of services is more complex. Twenty-six of the 45 corporate income-taxing states emphasize, in varying ways, the location where a service’s benefit is received. This is known as market or benefit sourcing and contrasts to sourcing rules that

A contingent liability is a potential obligation that depends on the occurrence or non-occurrence of one or more events in the future. If the event occurs, the company may be required to make a payment; if it does not occur, the company will not be required to make a payment. An automobile guarantee or other

Firm Central provides robust features like task tracking, billing, calendaring, and document management. However, its standout feature is the integrated access to Westlaw, a premier online legal research service. With regard to integrations, Firm Central works with other Thomson Reuters solutions and also supports QuickBooks for financial management. The act of “bookkeeping” produces financial statements,

As with the Balance Sheet, bookkeepers are also responsible for tagging transactions under the right accounts in the Income Statement. Bookkeepers track the materials and goods purchased for the business in the purchases account. You use this to calculate the COGS, and you subtract it from sales to determine the company’s gross profit. Mary Girsch-Bock