Remove financial accounting Remove income tax Remove Non-Profits
article thumbnail

Year-End Tax Strategies for Businesses

Withum

Section 179 expensing, unlike bonus depreciation, can give rise to state income tax benefits. De Minimis Safe Harbor Election Also known as the book-tax conformity election, this election is an administrative convenience that allows businesses to deduct small-dollar (i.e., years) to a shorter depreciable tax life (e.g.,

Tax 105
article thumbnail

What Happens if You Don’t Report Cryptocurrency on Taxes?

inDinero Tax Tips

Bitcoin Tax Rate: What You Need to Know As the popularity of cryptocurrency grows, so does the scrutiny of tax authorities. The Bitcoin tax rate depends on the holding period of the cryptocurrency and the taxpayer’s income tax bracket. Do You have to pay taxes on cryptocurrency gains?

Tax 98
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

How to navigate accounting assumptions

ThomsonReuters

In other words, the assumptions are the basis for all accounting principles. Established by the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB), GAAP is a set of standardized accounting rules, requirements, and practices to guide how financial statements are prepared and presented.

Account 96
article thumbnail

Understanding the proportional amortization method

ThomsonReuters

Accounting for tax equity investments Implementing ASU 2023-02 Accounting professionals with equity investor clients who are involved with projects to receive income tax credits and other income tax benefits need to have a clear understanding of the proportional amortization method (PAM), especially in light of recent changes.

article thumbnail

FAQs Business Owners Need to Know About The 3 Essential Financial Reports

inDinero Accounting

Sometimes there’s just no avoiding accounting speak. One business area with lots of corporate accounting terms is preparing the three essential (3E) financial reports : the profit & loss statement, the balance sheet, and the cash flow statement. How do you read financial statements? Income Statement FAQs.

article thumbnail

The Rundown | 2023 Mid-Year Report

Cherry Bekaert

The Financial Accounting Standards Board (FASB) has issued only two new Accounting Standard Updates (ASUs) and the Government Accounting Standards Board (GASB) has not issued any new GASB Statements in 2023. Substantially all of the projected benefits are from income tax credits and other income tax benefits.

article thumbnail

What Happens if You Don’t Report Cryptocurrency on Taxes?

inDinero Tax Tips

Bitcoin Tax Rate: What You Need to Know As the popularity of cryptocurrency grows, so does the scrutiny of tax authorities. The Bitcoin tax rate depends on the holding period of the cryptocurrency and the taxpayer’s income tax bracket. Do You have to pay taxes on cryptocurrency gains?

Tax 52