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You can calculate net annual income for an individual or a business using basically the same method. While net income is related to your salary, it takes other factors into account, so you have a clearer idea of your actual earnings. This number becomes a better figure for you to plan your budget around since it takes your regular expenses into account. Centering your budget and other financial pl...

As a general rule, contingent liabilities, whether recognized or not, must be disclosed. If any of these elements cannot be calculated reliably, that fact should be stated. A type of contingent liability, warranty obligations, are present when a company guarantees that their product would work for a certain period or meet certain standards. These obligations can become actual liability if the prod...

Its primary functions consist of Tax and Valuation services. The firm started in 1996 under the title of “Mofrad’s Tax Service” as a part-time concern, providing individual, estate/trust, and corporate tax preparation and filing services. For the first fourteen years of its existence, although keeping a constant and consistent growth pace, the entity remained part-time and was based out of Santa M...

The Avantax family of companies exclusively provide investment products and services through its representatives. Although Avantax Wealth Management does not provide tax or legal advice, or supervise tax, accounting or legal services, Avantax representatives may offer these services through their independent outside business. Having been an IRS Agent in the past, we specialize in taxation. We are ...

Both companies need to get involved in a thorough due diligence process before proceeding with a merger or acquisition. The impact of contingent liability can also hamper a company’s ability to take debt from the market as creditors become more stringent before lending capital due to the uncertainty of the liability. If the liability arises, it would negatively impact the company’s ability to repa...

To put what we have just learned into practice, we will look at a simple example and post the journal entries for accruals. Since accruals are actually classed as creditors on the balance sheet we can meet all of the above requirements by posting one simple journal. As discussed in our previous post, the journal entries required for accruals are quite simple. This date usually falls on the same da...

If you own a business that operates in multiple states, you will greatly benefit from the knowledge of a tax professional. Multistate taxes and determining nexus can be very complicated. If your company falls into the maximum stock option of 5001 or more shares, there are two possible methods to calculate the Delaware franchise tax. With this type of business, your business income will be distribu...