Form 1099-B is a reporting form, in the 1099 series, used primarily to report the sale of stocks by a taxpayer.
The abbreviation “OCBOA” stands for “other comprehensive basis of accounting.” Simply stated, it means any basis of accounting — the method in which a business keeps its books — other than GAAP (generally accepted accounting principles).
The term GAAP, or “generally accepted accounting principles,” refers to a set of accounting policies and procedures used in the formal compilation of financial statements. Some part of GAAP come from formal accounting standards from various boards and agencies, and some come from industry standards.
In the tax world, the term “1099” refers to a series of reporting forms issued to recipients of certain types of income.
Bonus depreciation, in tax terms, refers to an accelerated form of depreciation available on certain types of assets.
A “fiscal year” refers to the 12-month period on which an organization keeps its books.
In simple terms, a sole proprietorship refers to a business which is not incorporated and which has only one owner.
The Lifetime Learning Credit is a tax credit available for taxpayers who pay college expenses. This credit is similar to the American Opportunity Credit, but there are some key difference
In tax terms, a revenue procedure is IRS guidance on how taxpayers should comply with certain laws and regulations.
Form W-2 is a reporting for issued by employers to employees. The W-2 shows the amount of wages paid to the employee during the year, as well as the amount of taxes withheld.