The Tax Preparation Blog

Posts Tagged ‘accounting’

Sage Peachtree Complete Accounting 2011 [OLD VERSION] $16.00 Sage Peachtree Complete Accounting 2011 helps you work more easily and efficiently with robust core accounting and added features like job costing time and billing in-depth inventory capabilities and analysis tools. Its multi-user option* helps improve productivity while providing screen-level security and a clear audit trail. Save time with simplified dashboards management centers integration wit…

Wiley Registered Tax Return Preparer Exam Review 2012 (Wiley Tax Return Preparer Competency Exam Prep: Individual Tax Filing) $35.06 The most effective system available to prepare for the new Tax Return Preparer Competency ExamIn recent years, the role of third party assistance in tax return preparation within the United States has become more significant. To acknowledge this trend, the IRS is strengthening partnerships with tax practitioners, tax return preparers, and other third parties in order to ensure effective tax admini…

Payroll Accounting 2011 (with Klooster & Allen’s Computerized Payroll Accounting Software CD-ROM) $45.00 Prepare your students for career success with first-hand experience in calculating payroll, completing payroll taxes, and preparing payroll records and reports. The annual revision of Bieg/Toland’s market-leading PAYROLL ACCOUNTING 2011 text addresses all of the latest laws and up-to-the-minute updates regarding payroll….

---

Online Tax Programs Gaining Popularity

More than one in five taxpayers say they will go online to prepare their taxes according to a new survey by Opinion Research, conducted for CompleteTax. The survey found sixty percent of taxpayers plan to use an accountant or professional tax preparer. The number of taxpayers turning to online tax programs now slightly surpasses those planning to use packaged software with 11 percent saying they …

Taxing Times 1: Accounting News: Online Purchases p.2

Question: HELP! How to determine Deferred tax liability?

I am in college studying Accounting and am currently taking a condensed summer Intermediate Accounting course. We are learning about income taxes, I am so confused, and the book doesn’t seem to help at all!!
My question is: Tower corp. recognizes revenues from all sales under the accrual method, however, in its income tax returns, Tower reports qualifying sales under the installment method.
In yr. 2023, gross profit under the Accrual method is $1,600,000 and under the installment method is $600,000. In yr. 2024, GP under accrual method is $2.6M and $1.4M under the installment method. Tax rate is 30% for 2023 and future years. There are no other permanent or temporary differences. In its Dec. 31, 2024 balance sheet, what amount should Tower report as a liability for deferred income taxes?

Thanks for the help!

Answer: to figure deferred income tax you do this. For 2023 take 1.6 million under installment method and subtract the 600,000 under accrual, you have 1,000,000 favorable deferral of income, 30% tax rate means deferred taxes of $300,000. For 2024, take 2.6 and subtract 1.4, with 1.2 million of deferral of income (I am assuming 2023 reversed itself for 2024). deferred taxes should be $360,000.

Property Management Kit For Dummies (Book & CD) $18.88 Thinking about becoming a landlord? Property Management Kit For Dummies, 2nd Edition gives you proven strategies for establishing and maintaining rental properties, be they single family or multi-resident. You’ll see how to prepare and promote your properties, select tenants, handle repairs, avoid costly mistakes and legal snafus — and meet your long-term goals. You’ll learn all the basics of …

Wiley CPA Exam Review 2012, Regulation $30.00 Everything today’s CPA candidates need to pass the CPA ExamPublished annually, this comprehensive four-volume paperback reviews all four parts of the CPA exam. Many of the questions are taken directly from previous CPA exams. With 3,800 multiple-choice questions, these study guides provide all the information candidates need to master in order to pass the computerized Uniform CPA Examination. Its …

Wiley Registered Tax Return Preparer Exam Review 2012 (Wiley Tax Return Preparer Competency Exam Prep: Individual Tax Filing) $35.06 The most effective system available to prepare for the new Tax Return Preparer Competency ExamIn recent years, the role of third party assistance in tax return preparation within the United States has become more significant. To acknowledge this trend, the IRS is strengthening partnerships with tax practitioners, tax return preparers, and other third parties in order to ensure effective tax admini…

---

How to pick a tax preparer: Steps to take to protect yourself

If you ask your barber for a trim and end up with a buzz cut, your hair will grow back in a few months. But if an inept tax preparer makes a hash out of your tax return, the repercussions could haunt you for years.

Jarl Moe Tax Accounting Cyprus part 30 of 32

Question: What kind of professional helps with untangling debt and finances?

Two years ago, I had a drastic cut in income, and lost the partner who had a head for figures. I’m not good at money/organization although I have tried.

I am buried under tax bills and general household bills. I’ve kept up the rent, car payment/insurance, and utilities with just my income, but everything else (credit cards, local taxes, property taxes on my rental house, income taxes, medical bills, etc) has been paid only sporadically. The city has already put a lien on my house.

I want to know what kind of professional would be able to help me figure out what I owe, to whom I owe it, and work out a plan to pay it?

Answer: Try a nonprofit consumer credit counseling organization. Make sure it is a nonprofit (some of the for-profit “credit counseling” or “debt counseling” places are just big rip offs) and make sure the credit counselors are certified consumer credit counselors, not “financial advisors” or some other title that requires no actual credentials in order to hang out a shingle and advertise.

QuickBooks Premier Nonprofit 2012 $249.99 QUICKBOOKS PREMIER NONPROFIT EDITION 2012 RETAIL SML PKG…

NeatReceipts Scanalizer Professional 2.5 Mobile Scanner and Software $165.99 Amazon.com Product Description Please note: A 3.0 software upgrade for the NeatReceipts Scanalizer will be released on October 15, 2007. You may purchase the software upgrade at the NeatReceipts website: Neatreceipts.com/Upgrade NeatReceipts Version 2.5 Professional is the easiest way for individuals and small businesses to manage expenses, prepare for taxes, create expense reports, and scan busin…

The International Guide to Nonprofit Law (Wiley Nonprofit Law, Finance and Management Series) $215.00 With increased activity in the nonprofit world and a growing global business community, keeping up-to-date on the laws governing international philanthropy has become very complicated. This book is an easy-to-use reference on governing nonprofits around the world….

---

Thousands of School Booster Clubs Not in Compliance with Tax Laws

Thousands of school booster clubs appear to be out of compliance with IRS rules and state laws requiring tax returns to be filed. Failure to seek federal tax-exempt status, and file tax returns, raises significant liability for school booster clubs and the schools for which these groups raise funds.

Stress Free Tax Organization Systems for Your Home Office

QuickBooks for Mac 2012 $129.50 Easily manage your businessProductInformationQuickBooks for Mac 2012 is small business accounting that lets youorganize your finances all in once place so you can quickly find whatyou need.  Easily create invoices and track your businesssales and expenses – and get reliable records for tax time. QuickBooks for Mac 2012 is set up in minutes and is easy tolearn and use along with looking a…

---

Shaw Announces First Quarter Results

CALGARY, ALBERTA–(Marketwire – 01/14/10) – Shaw Communications Inc. (TSX: SJR.B – News ) (NYSE: SJR – News ) announced results for the first quarter ended November 30, 2009. Consolidated service revenue for the three month period of $906 million was up 11% over the same period last year. Service operating income before amortization(1) of $475 million improved 29% over the comparable period …

Canadian Budget 2009 (Federal) – Commentary

Question: Do you think there are as many Accounting staff positions in LA as there are in NY?

Considering under 2 years of experience and in the audit/tax fields.
Also, what is the salary range?
Another question somewhat related, how many years of experience is required for an MBA to become a CPA in California? Does the experience have to include audit?

Answer: LA has a lot of business, but I think NY has more business. I think that LA and NY are comparable, however.
The salary for starting out of school is 45-50k.
You don’t need an MBA to become a CPA in California. You just need a four year degree with 24 business credits and 24 accounting credits (you might want to double check me on that). There are two licenses in CA, one that allows audit and one that doesn’t. If you want to be able to perform attest, you must have attest experience otherwise no audit experience is required.

Wiley CPA Examination Review Fast Track Study Guide $17.54 The absolute essentials to passing the CPA exam-for the 120,000 candidates who take the test each yearThis tightly focused study guide–now thoroughly updated to reflect the new computerized CPA exam–cuts away all the excess information to simply give readers what they need to know. Presenting the absolute key points and the precise steps to take in preparing for the CPA exam, the Wiley CPA Exami…

Construction Guide: Accounting and Auditing $149.00 Construction Guide provides CPAs with guidance on the tax considerations that are particular to the construction industry. In addition, it provides CPAs with guidance on engagements for a wide range of situations, including those special to utility contractors, road builders, home construction, commercial construction, residential construction, land developers, real estate developers, and more. Th…

Multistate Guide to Sales and Use Tax Audits (2011) $345.00 Multistate Guide to Sales and Use Tax Audits provides state-specific material for preparing for and handling an audit in all states that impose sales and use taxes. Readers will gain an increased understanding of why their businesses or clients were selected for audit, how their audits will proceed, what the audit staff will be looking for, and how assessments are developed. Instead of enacting…

---

Renewal of FAME school charter may have violated law

HAYWARD — The president of the Alameda County Board of Education violated the state’s open meeting law when she refused to let members of the public speak before the board voted last week to conditionally renew FAME Public Charter School’s charter, a media law attorney said.

Irvine Tax Law Office of David W. Klasing