In business accounting, a profit and loss statement, also known as an income statement, demonstrates the outcome of financial operations over a period of time (usually a month, a quarter, a half-year, or a full year). Basically, this financial statement indicates how a business’s revenue is transformed into net income after all the profits and...
Accounting and Taxes
Accounting, bookkeeping, finances and taxes are topics that individual consumers, businesses, and professionals sometimes have questions about. Our experts have put together some great basic information that may answer your questions.
Business accountants can be the best partners a small business owner can have. Between their financial knowledge base and professional contacts, your accounting team can identify numerous ways to improve your business’s efficiency and cash flow and expand easily. Building a strong relationship with trusted accountants is very important to your financial success. Make Bookkeeping...
The quick and easy answer to the question is that if you don’t know, you could be in trouble. A tax advisory service offers guarantees of their own as an inducement to attract clients. The same is true for many online tax preparation software companies. This can range from an agreement to represent you for...
The Bank Secrecy Act was enacted in 1970 to help combat organized crime by tracking suspicious financial transactions. It is frequently referred to as an anti-money laundering law. In order to comply, financial institutions and certain other businesses must report specific sorts of transactions to the Federal government, most often the Internal Revenue Service. How...
If you owe income taxes and can’t pay them, the IRS will set up an IRS installment agreement that will help you pay your taxes. It’s easy to do, and it will save you from IRS hassles over the missing money. Here’s how to do it. First, there are four types of installment agreements available...