Accounting Articles

Accounting | By Alan koif @ Tuesday, 31st August 2010 @ 9:51 AM

Non-cash payments, like credit cards, can now be used to pump in more capital for your business enterprise in lieu of applying for a new loan. This is actually very good news for business owners who are contemplating on applying for a business loan intended as add-up capital to their venture. The usual reasons why a business needs fresh funds are varied; among those are renovations, purchase of supplementary equipment or machinery, employment compensation, tax payments, expansion, and so much mo... more...

Accounting | By Paul Davis @ Monday, 30th August 2010 @ 2:03 AM

There are so many accountants that seem to appear every year, it is hard to know who to choose to put in charge of your finances. Finding a accountant is a very serious task that is never taken lightly, especially since it involves your business. Here are two simple steps of how to choose a accountant that you can trust with your businesses finances. The first thing you do to find a good accountant, is to build a list of referrals form credible sources. To find resources for these refe... more...

Accounting | By Jim Rizzolo @ Thursday, 26th August 2010 @ 8:07 PM

In spite of the growth and popularity of limited liability companies, S corporations still remain popular as an option for conducting business. In fact, Internal Revenue Service records indicate that the S corporation is the most popular entity under which to conduct business. In 2009 there were an estimated 2.5 million C corporation income tax returns filed; a figure that has remained relatively stable over the past five years. During that very same five year period, S corporation tax return fi... more...

Accounting | By Jim Rizzolo @ Thursday, 26th August 2010 @ 1:46 PM

According to a new Treasury Inspector General for Tax Administration (TIGTA) report, the Internal Revenue Service seems to have an effective process for ensuring that electronic filing provider applicants meet age requirements and have no tax compliance issues. Unfortunately, IRS doesn't get quite the same high marks for consistency with regard to its ability to verify that new applicants are US citizens or legal aliens authorized to work in United States. The IRS's electronic f... more...

Accounting | By Paul Davis @ Thursday, 26th August 2010 @ 2:32 AM

Many people come to a quick conclusion that accountancy is just a word or term to go with accounting. Many people do not realize however, that accountancy is the life of any thriving business and is a necessity within any establishment. Once you understand what accountancy is, then you will realize how important of a role it plays in how we run and operate our business finances. We will go over some of the basic aspects of accountancy. The core of accountancy is maintaining extremely... more...

Accounting | By Jack Landry @ Monday, 23rd August 2010 @ 11:56 AM

The number one reason to hire your own tax accountant is the fact that they know what they're doing. They went to school for several years just to learn the laws about taxes, how they are calculated, what you pay on, and who pays how much. All of this and more go into exactly how much each person is expected to pay every year. Hiring a tax accountant will ensure that you follow all of the rules and none are missed. When it comes to how much money you pay the government, you don... more...

Accounting | By Christopher Smith @ Friday, 13th August 2010 @ 2:22 AM

After we are gone, probate law is here to make sure that our possessions go where we wanted them to go. It is very important that we have a will and that we know all the laws that are connected with it. For instance, did you know that a marriage nullifies a previously made will? Laws are the basis of a healthy society, and probate laws help us make our passing less painful for the loved ones. Dying testate, meaning after having drawn up a will, is the best way to make sure that the loved... more...

Accounting | By Jim Rizzolo @ Thursday, 12th August 2010 @ 12:07 AM

2010 is a great year to die if you have an estate valued at more than one million dollars. That's because the Senate allowed the estate tax to lapse in 2010. A lapse scheduled as part of the Bush-era tax cuts. It saves heirs a 45% hit by Uncle Sam this year. Not so for 2011. If Congress doesn't change the law prior to 2011, the estate tax will come back with a vengeance. Not only will the estate tax be back, the top rate will jump to 55% and the exemption - $3.5 million for 200... more...

Accounting | By Grant Main @ Tuesday, 10th August 2010 @ 8:48 PM

Life insurance is great for individuals who have a family, children or dependents and earn the most income to support their family. The future is unpredictable and it is important to ensure your family and loved ones are taken care of financially in case anything happens to you. When shopping for cover in Australia, searching online and using the internet's resources are a great way to educate yourself on the basics, shop and compare quotes for the best policy for you. The main type ... more...

Accounting | By Jim Rizzolo @ Tuesday, 10th August 2010 @ 6:06 PM

In the wake of the corporate scandals - like those at Enron, Tyco International and WorldCom - which ripped apart the financial interests of thousands of shareholders and retirement plan investors; lawmakers and professional bodies decided to tighten the grip on financial reporting norms. The Sarbanes-Oxley Act is the response to these malicious accounting practices. It seeks to restore the public's confidence in corporate governance ethics and financial reporting guidelines. more...

Accounting | By Daljeet Sidhu @ Friday, 30th July 2010 @ 4:14 PM

Studies show that in excess of 30% of U.S. businesses that manage payroll in-house find themselves going through IRS audits and penalties for payroll miscalculations? Would you like to get rid of the hassles of payroll processing while simultaneously enhancing its efficiency? Do you know that reputed service providers can greatly lower the costs of payroll processing? Do you want to know what characteristics separate effective payroll providers from the crowd? If yes, then please read on to find... more...

Accounting | By Art Gib @ Wednesday, 21st July 2010 @ 10:50 AM

Retirement planning has always been important to help ensure a quality of living past retirement age. Today, however, it has taken on a new urgency and even greater importance with uncertain and volatile economic conditions. It is requiring a more dedicated and creative effort with a greater knowledge of available tools to be protected against such uncertainties for a comfortable retirement in the future. While in decades past, many employers offered pension plans that would provide incom... more...

Accounting | By Natalia Kobseva @ Monday, 19th July 2010 @ 6:17 PM

Accounting is the measuring, and disclosure or provision of assurance about information that helps managers and other decision makers make resource allocation decisions. How to become an Accountant. Accountants in the US are called Certified Public Accountants and in the UK and Canada are called Chartered Accountants. Chartered Accountants in Canada are expected to know all US CPA knowledge as well as a Canadian Accounting body of knowledge. In order to become an Accountant an und... more...

Accounting | By Phillip Maguire @ Monday, 19th July 2010 @ 1:52 PM

No need to stay in the dark and not know what is involved in Corporate Tax Return Preparation. For the Do-It-Yourself types that wants to do their own corporate tax preparation, or for those that just want to know what their accountant does for them, here is a guide on what steps are involved in preparing a tax return for an incorporated business. In getting started, note that tax return preparation requires you to compile business accounting data. Government forms and accounting informa... more...

Accounting | By Inessa Khaykin @ Monday, 19th July 2010 @ 9:17 AM

The commonly used term, 'tax credit', can refer to two different concepts. One, which is just the recognition of a partially made payment towards the taxes due. The second is a benefit paid by the state, to workers, through the tax system which actually increases the net income, not reduce it. About Taxes Already Paid In Canada, Australia, the United Kingdom and the United States, a tax credit is their recognition of a partial payment that has already been made of taxes d... more...

Accounting | By Inessa Khaykin @ Monday, 19th July 2010 @ 9:16 AM

Unlike some fields, there are specific concepts, and rules, that rule the field of accounting. Called the basic accounting principles and guidelines, they form the foundation of accounting rules that accountants must follow to stay in practice. The FASB, or Financial Accounting Standards Board, uses not only the basic account principles and guidelines, but builds upon them with their own standards. The magic number here is four. There are four basic accounting principles that make up the ... more...

Accounting | By Raul Hilario @ Thursday, 15th July 2010 @ 5:03 PM

Accounting or accountancy is one of the most promising kinds of career these days. It is usually in demand and the career opportunities here are huge. If you're considering a career being an accountant, then you will definitely see that this will change your professional lifestyle. Firstly, you need to know how you can start in the accounting field. Below are great tips which can point you the right way to success. The very first thing that you must do is decide on the field o... more...

Accounting | By Jim Rizzolo @ Tuesday, 13th July 2010 @ 8:24 PM

The Internal Revenue Service, prompted by the new healthcare legislation passed in March, has begun the process of determining how it will turn the law's sweeping demands into actual rules for taxpayers. The new regulations, scheduled to take effect at the start of 2012, require any taxpayer with business income to issue 1099 forms to all vendors from whom they purchased more than $600 worth of goods and services in a given year. According to a report released this week by National T... more...

Accounting | By Jim Rizzolo @ Tuesday, 13th July 2010 @ 7:29 PM

Why do taxpayers need accountants? All tax payers, individual and business, need professional tax accountants to complete the complicated process of filing for and making payment of income tax. This time consuming and complex process can easily be accomplished by retaining the services of a tax accountant. He or she will guide you through the tax filing and payment process. The job of a tax accountant is to assist you in the preparation of your income tax return. The accountant estimates... more...

Accounting | By Jim Rizzolo @ Tuesday, 13th July 2010 @ 6:52 PM

For small businesses, processing payroll can be very time consuming. Often times these functions do not add direct business benefits when conducted in-house. Payroll processing includes any function ranging from determining employee wages and withholding taxes and updating vacation and sick pay to deducting employee contribution payments for benefits and making those payments on behalf of the employees and the company. Payroll processing is often a complex and tedious function. Many busin... more...