Bookkeeping

All individuals who prepare or assist with preparing federal tax returns in exchange for compensation must include their PTIN on clients’ returns. PTINs help the IRS track tax return preparers and their compliance with current tax laws and regulations. It doesn’t authorize you to work in the U.S. or make you eligible for Social Security […]

By switching from physical to online, the company saw the opportunity to expand well beyond China’s borders, reaching teachers and students globally. If you’re in retail or hospitality, your brick-and-mortar location probably experienced a drastic decrease in revenue. Instead of riding out the storm and hoping for a vaccine, shift your attention to online sales

An adjusting journal entry involves an income statement account (revenue or expense) along with a balance sheet account (asset or liability). It typically relates to the balance sheet accounts for accumulated depreciation, allowance for doubtful accounts, accrued expenses, accrued income, prepaid expenses, deferred revenue, and unearned revenue. According to the accrual concept of accounting, revenue is

If your bank doesn’t have online banking, it’s best to hang on to bank records for three years. This is mainly due to the Period of Limitations, which is the time during which you can amend your tax return, or during which the IRS can perform an audit on your return. In this guide, we’ll

All assets owned by a business are acquired with the funds supplied either by creditors or by owner(s). In other words, we can say that the value of assets in a business is always equal to the sum of the value of liabilities and owner’s equity. The total dollar amounts of two sides of accounting equation are