The Tax Preparation Blog

Posts Tagged ‘accounting’

Question: accounting: change in tariff how to recognize?

Hihi, im stuck on a assignment question, it asks for me to prepare a memo to the CFO regarding issues that will affect the companys liquidity (under IFRS)

this issue is that, currently the company is being charged 20% anti-dumping fee to the US, and canada has been negotiating to reduce/cancel this imposed tax, and the appeal is going smoothly, currently, US is allowing the company to export as long as it has money saved up (in case the appeal does not go through)

how should the money saved up be recognized? and it has to be under IFRS

Answer: The money set aside would be “Restricted Cash”. It would be shown on the balance sheet under either current assets or long-term assets, depending on the length of time it is expected to be held.

Govt to notify converged accounting norms for IFRS by December

Corporate Affairs Secretary said the accounting standards are almost ready and all issues, including the tax implications for the convergence, will also be resolved.

IFRS Services for Public Enterprises

Businesses’ Failure to Consider State Tax Treatment of Cancellation of Debt May Result in Lost Opportunities & Penalties

ARLINGTON, Va., Nov. 16, 2010 /PRNewswire-USNewswire/ — Most states follow and/or adopt the federal income tax treatment of cancellation of indebtedness (COD) income under I.R.C. Section 108(a) as it relates to corporate taxpayers that are either insolvent or in bankruptcy. But few states provide clear guidance about whether to follow federal attribute reduction rules under Section 108(b) as …

Question: Why is another liberal having IRS troubles, why not just pay what they owe?

http://www.cnn.com/2008/POLITICS/04/30/franken.taxes.ap/index.html

Senate candidate Al Franken, dogged by accusations that he failed to file tax returns in California, said Tuesday he will pay about $70,000 in back income taxes in 17 states dating to 2003.

And trying to blame his accountant. Can’t any of these leftists take personal responsibility.

Answer: No, they think that we should live life like they think we should.. Not them but us.. If they are so concerned about the poor, why don’t they redistribute their money… Not a chance..
And frog franken is one of the biggest idiots of all.. He fits well with mike moore..

Affymax Names Herb Cross as Chief Accounting Officer and Vice President of Finance

PALO ALTO, Calif.–(BUSINESS WIRE)–Affymax, Inc. (Nasdaq: AFFY) today announced that Herb Cross, a Certified Public Accountant and financial executive with more than sixteen years of experience, has joined the company as chief accounting officer and vice president of Finance. “We are pleased to welcome Herb to the Affymax team,” said Paul Cleveland, chief financial officer and executive vice …

Robert Lee Riley CPA MBA-tax QuickBooks Certified Pro Advisor

Question: CPAs and Attorneys: Law degree vs MBA?

I am a CPA with 3 years of experience in tax preparation. I am trying to plan my future and career. Any other CPAs / lawyers that can help share opinions or their stories please help.

I do not know if I want to eventually open my own tax service, or somehow narrow my focus to large companies and/or transactions. With this approach I would not be stuck in the “corporate world” and “office politics”. I would work hard but reap all of the results. – I guess I could do tax or go to law school and be an estate/trust attorney, or bankruptcy, business formations, something to leverage my accounting background.

On another note, maybe I should head for the industry and work toward executive level opportunities in the future.

Any input is appreciated. I’m still not sure what it takes to reach the goal I decide or what to expect.

Thank you.

Mr. Accountant

Answer: There is a glut of lawyers, but I can see an MBA glut forming. Lots of bright people who feel they should go back to school get their MBA for lack of anything better to do.

Personally, I think the law degree has better “synergy” with the CPA. A CPA is useless for “high end” tax law, but is a big help getting your first tax law job. Also, you seem to have more specific ideas for a law degree then an MBA.

Questions to ask yourself:
1.) Do you see yourself arguing for a position? (law degree)
2.) Do you see yourself supervising people? (An MBA. Lots of people forget an MBA is designed to be a management degree).
3.) Do you prefer tax accounting or business valuations?
4.) Who do you like better, George Bush (MBA) or Abraham Lincoln (lawyer)?

Success in law SCHOOL is based on your ability to take tests and decipher obscure statements.
Success in Business SCHOOL is based on your ability to give oral presentations and play with spreadsheets.

Success as a lawyer is based on your ability to argue.
Success in Management is based on your ability to supervise subordinates.
Success in Finance is based on your ability to gamble, and your ability to schmooze clients. (The MBA was NOT designed to be a finance degree, but it is often used as such)

Calian Reports Fourth Quarter Results: Positive End To The Fiscal Year

OTTAWA, ONTARIO–(Marketwire – 11/10/10) – Calian Technologies Ltd. (TSX: CTY – News ) today released unaudited results for the fourth quarter ended September 30, 2010. Revenues for the quarter were $52.9 million, a 3% decrease from the $54.4 million reported in the same quarter of the previous year. Net earnings were $3.2 million or $0.42 per share basic and diluted, compared to $3.5 million or …

Professional Accounting Services

Question: Which to choose, Audit vs. Tax?

I am going for my Masters degree and I have to decide in 2 days whether to get my masters in public accounting (audit) or tax. If anyone knows which has longer hours, which has a higher average salary, which has a higher job demand in our current climate. Any info about the two will be greatly appreciated. thanks!

Answer: Are you a CPA or an attorney?

Tourism head left to decide whether to give back P500T

MACTAN Cebu International Airport Authority (MCIAA) General Manager Nigel Paul Villarete will let retired Department of Tourism (DOT) regional director Patria Aurora “Dawnie” Roa decide whether or not to return the P500,000 severance pay the MCIAA board had given her. The Commission on Audit (COA) had disallowed the payment and directed the MCIAA board to reimburse the amount. read more

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