If the corporation used the income forecast method to depreciate property, it must figure any interest due or to be refunded using the look-back method, described in section 167(g)(2). Use Form 8866 to figure any interest due or to be refunded. For more information on reporting the deferred tax and interest, see the Instructions for …
What Is a 1120 Tax Form? Facts and Filing Tips for Small Businesses Read More »
We go into much more detail in The Adjustment Process and Completing the Accounting Cycle. Many small businesses start out with cash basis accounting, but accrual basis financial statements give you a much better understanding of your business’s financial position. Plus, generally accepted accounting principles, also known as GAAP, require public companies to use accrual …
What are the accounting principles, assumptions, and concepts? Read More »
Continued to take personal inventory and when we were wrong, promptlym admitted it.11. Sought though prayer and meditation to improve our conscious contact with God as we understood Him, praying only for knowledge of His will for us and the power to carry that out.12. Having had a spiritual awakening as the result of these …
Otherwise, larger unreported transactions may not be recorded by the end of a reporting period, resulting in inaccurate financial results. Therefore, it is vital to have a process in place to clear out the suspense account on regular basis so that all of the suspense account entries are moved into their designated accounts to zero …
What Is a Suspense Account? How It Works, Types, and Example Read More »
It’s common for bank account numbers to have anywhere from eight to 12 digits. If you have any type of bank account, it’s worth knowing about these numbers—and where to find them. A signature line is provided at the bottom of the slip, and a teller may ask for proof of identity if you are …
One way to instill critical thinking is by posing open-ended questions that encourage them to consider different viewpoints and potential outcomes. For example, when discussing a peer’s suggestion, ask them, “What do you think might happen if you follow this advice? ” These and similar questions prompt them to think beyond the immediate moment and …
How To Tackle Peer Pressure: Types, Strategies, Examples Read More »