Glossary: Intangible Asset
One way of looking at intangibles is, they are business assets that cannot be physically touched.
Glossary: Partnership
A partnership is a business with two or more owners who conduct business and are not incorporated.
Glossary: Form K-1
Form K-1 is a reporting form issued by partnerships, S-Corporations, estates and trusts. Form K-1 reports an individual shareholder’s or beneficiary’s share of the entity’s income and deductions for the year.
Glossary: C-Corporation
A C-corporation is a tax term referring to one of two ways a corporation can be taxed.
From the Archives: When Does the “1099s to Veterinarians” Rule Start?
I’ve done a few posts on issuing 1099s to veterinarians, and all of those posts are popular. This one from September 2014 addresses the question of “when does the 1099s to veterinarians” rule start?
Glossary: Payroll Taxes
Payroll tax refers to taxes an employer pays when the employer has employees.
Glossary: ROBS Transactions
In the tax world, the term “ROBS” stands for “Rollover for Business Startup.” In a ROBS transaction, a person uses existing retirement account money to fund the startup of a new business, and if done right, the transaction is tax-free.
Glossary: RTRP
RTRP stands for Registered Tax Return Preparer, a program/designation the IRS tried to get off the ground a few years ago. The RTRP program would have required unlicensed tax preparers to pass an open-book exam before they could prepare tax returns. The IRS ended up losing a court battle, and the RTRP program was shelved.
Glossary: Cost of Goods Sold
Cost of goods sold refers to a deduction from gross income for the cost of producing or acquiring items sold by a business.
Glossary: Iowa Form 130
Form 130 is an Iowa income tax form used by taxpayers who live in Iowa and who had income taxed by another state.