opinion
How should donated assets be accounted for?
For-Profit Accounting Journal Entry In the for-profit world, a company receiving a donated asset will record the donation as a debit to “Fixed Asset” and ...
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Opinion
opinion
Can you declare bankruptcy during a divorce?
If both cases are pending simultaneously, bankruptcy is typically suspended until the divorce court apportions marital debts and assets to each party. Jug...
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opinion
What is a single shareholder corporation?
An S corporation separates you from your company completely, for both operational and tax purposes. The business is its own entity, and you as the owner a...
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opinion
What does Code J mean on 1099-R?
Code J indicates that there was an early distribution from a ROTH IRA. The amount may or may not be taxable depending on the amount distributed and the ta...
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opinion
What are the four goals of monetary policy?
The Federal Reserve works to promote a strong U.S. economy. Specifically, the Congress has assigned the Fed to conduct the nation’s monetary policy to sup...
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opinion
Do I need a 1098-T if I had a scholarship?
No, you don’t have to report your 1098-T, not unless you want to claim an education credit. However if your grant/scholarship amount (box 5) is more than ...
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opinion
Are leasehold improvements fixed assets?
Leasehold improvements are assets, and are a part of property, plant, and equipment in the non-current assets section of the balance sheet. Therefore, the...
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opinion
What is a client referral?
A client referral program is a process of asking current clients to refer you, and your services, to others. The program may be free — without any strings...
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opinion
Do you have to be the owner of a condo to rent it out?
Many HOAs approve rentals on a first-come, first-served basis, so there’s a chance you’ll end up on a waiting list. New condo owner requirements may be in...
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opinion
What is the basis of assets distributed to a shareholder in liquidation?
The shareholder’s basis in assets received is their FMV at the time of the distribution. Basis is not affected by the shareholder’s assuming corporate lia...
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