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| The most rewarding things you do in life are often the ones that look like they cannot be done --Arnold Palmer |
One of the more popular benefits offered to employees is
the use of a company owned vehicle or car. This is generally
a taxable fringe benefit.....click on link for more
the use of a company owned vehicle or car. This is generally
a taxable fringe benefit.....click on link for more
IR-2009-57, June 4, 2009 — IRS Commissioner Doug
Shulman announced he will propose a comprehensive set
of recommendations to help the IRS better leverage the tax
return preparer community with the twin goals of increasing
taxpayer compliance and ensuring high ethical standards
of tax preparers
Shulman announced he will propose a comprehensive set
of recommendations to help the IRS better leverage the tax
return preparer community with the twin goals of increasing
taxpayer compliance and ensuring high ethical standards
of tax preparers
Activity based costing (ABC) assigns manufacturing
overhead costs to products in a more logical manner than
the traditional approach of simply allocating costs on the
basis of machine hours. Activity based costing first assigns
costs to the activities that are the real cause of the
overhead. It then assigns the cost of those activities only to
the products that are actually demanding the activities.
Read more:
http://www.accountingcoach.com/online-accounting-course/
35Xpg01.html#ixzz0K9J2zcTr&C
overhead costs to products in a more logical manner than
the traditional approach of simply allocating costs on the
basis of machine hours. Activity based costing first assigns
costs to the activities that are the real cause of the
overhead. It then assigns the cost of those activities only to
the products that are actually demanding the activities.
Read more:
http://www.accountingcoach.com/online-accounting-course/
35Xpg01.html#ixzz0K9J2zcTr&C
| Accounting News and Helpful Tips |
| Bookkeeping Tips |
| How to Book Returned and Postdated Checks To avoid mis-postings—and liability for another employee's misdeeds—follow these simple steps: Returned checks. When the bank notifies you that it is returning a customer’s check for NSF (not sufficient funds), debit the customer’ s account immediately—even if you plan to redeposit the check the same day. For good internal controls, instruct your bank to address all returned checks to someone other than you—possibly the owner or a senior manager. This can protect you if an employee tries to use fictitious checks to cover temporary shortages. Postdated checks. If a customer gives you postdated checks, treat them as a note receivable. In other words, debit it to Notes Receivable, not to Cash. On the date written on the check, deposit it to your firm’s account, debiting Cash and crediting Notes Receivable. |
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| Tip of the Day Revenue from products is normally recognized upon delivery or when title has passed. |
| Tax & Bookkeeping Tips & News |
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