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).
In accounting terminology, a “review” is a type of report issued by a CPA regarding a company’s financial statements. A review is one step below an audit. In a review, the CPA examines a company’s financials to verify that they are free of deficiencies, but the firm does not review internal controls or fraud risks as in […]
Gross income is all money coming in the door, before any expenses. Gross profit is what’s left after cost of goods sold are subtracted.
What is an LPA? It stands for licensed public accountant and is a rare designation that is currently only issued in 3 states: Iowa, Delaware and Minnesota.
S-corporation is a tax term that refers to a corporation or an LLC that elects to be taxed under the rules of Subchapter S of the Internal Revenue Code.
The Patient-Centered Outcomes Research Fee is due on July 31 of each year.
In the tax world, an asset is generally refers to the purchase of something that will last for more than one year.
LLC stands for Limited Liability Company. The tax treatment of LLC varies.
The term net income (or net loss) refers to what’s left of a business’s gross profit after expenses are accounted for.