Category Archives: Accounting Knowledge

Employer’s Quarterly Federal Tax Return

Meticulous payroll record keeping helps makes filing tax forms less stressful. You only need to file Form 941 to report all of the payroll related taxes. This form must be filed quarterly.  It’s required of all employers who pay wages subject …

Long-Term Assets Accounts & Depreciation

The first category of accounts on the balance sheet is the company’s assets. Cash accounts and inventory are listed as current assets. Next, long-term assets are accounted for. These are things owned that are not easily used for immediate needs. …

It’s Tax Time: The Forms You Need to Know

It’s nearing tax time and the accounting department is buzzing. This is where your consistent record keeping really pays off. You will be busy handing out tax forms to employees and independent contractors. You will also file a tax return …

Accounting Theory and Practice

Accounting like any other profession has it’s own technical symbols, terminology, and principles.  In accounting, these elements form the “vocabulary” which is used to convey financial information, especially that information presented in the form of financial statements.  Accounting is often …

What Are Income Taxes?

If there’s anything that everyone of us has experienced as Americans, it is income taxes.  Today we will touch very briefly on income taxes and how they are accounted for.  The question that most accountants find themselves asking is, “are …

What is an Expense?

First, consider some clear-cut examples of true expenses.  Perhaps the most obvious example is the amount paid for goods that are sold at retail.  The long title for this particular expense “merchandise cost of sales.”  Thus, if you buy a …

Same-Sex Marriage Ruling to Impact Tax Code

Weeks later, some celebrations are just coming to a close in response to the monumental Supreme Court ruling on same-sex marriage last month. Wedding planners are not the only ones who will be working overtime as couples line up at …

The Ins and Outs of SMB Cloud Accounting

…And Why Accountants Love It Cloud accounting and its swiftly growing market has garnered quite a bit of attention over the last couple of years, and it looks like things are just getting started. And the potential market is vast. …

Improving a Budgeting System

A company’s budget is just a theory unless there is follow-up and staff feedback. Weak links in a budget can include management’s inattention to the budget, large variances in the budget left uncorrected,  and lack of communication. Those who actively …

How the Sarbanes-Oxley Act Applies to Nonprofit Organizations

The dishonesty of investor-owned companies was uncovered and reprimanded in 2002 with the Sarbanes-Oxley Act. Congress was determined to outline better accounting controls for investor-owned companies. The act’s purpose was to make financial reporting one of management’s top priorities. The …