Method that records greater DEPRECIATION than STRAIGHT-LINE DEPRECIATION in the early years and less depreciation than straight-line in the later years of an ASSET’S HOLDING PERIOD.
The Internal Revenue Service’s expanded use of controls this tax season to identify fraudulent refund claims before accepting them into its processing system has allowed the IRS to identify approximately 35,000 fraudulent e-filed tax returns and 741 paper tax returns as of Feb. 29, 2016, according to a new government report. Read More Now
Monday, April 18, was the tax deadline for most people in 2016. If you didn’t file a tax return or an extension to file but should have, take action now. If you missed the tax filing deadline… READ MORE NOW
The reduction of INVENTORY levels at year’s end below beginning-of-the-year levels for businesses using the LAST IN, FIRST OUT (LIFO) inventory method.
Splurging on a new iPad or subscription to GlossyBox might be tempting when your tax refund shows up. But before you start hitting the buy button, consider using some of the money to protect what you already have. READ MORE NOW
ACCOUNTING method that reflects an equal amount of wear and tear during each period of an ASSET’S useful life. For instance, the annual STRAIGHT-LINE DEPRECIATION of a $2,500 asset expected to last five years is $500.
The Tax Return Identity Theft Protection Act of 2016would strengthen the existing penalties for identity thieves, establish tougher sentences for crimes against vulnerable and frequently targeted groups, and clarify the state-of-mind proof requirement that has prevented some identity thieves from being held accountable. READ MORE NOW
(Bloomberg) A lot of Americans feel like they’re getting cheated at tax time. In a Pew Research Center poll last year, 61 percent said it bothered them “a lot” that “some wealthy people don’t pay their fair share.” READ MORE NOW
You get three extra days to gather your paperwork and file your federal tax return in 2016. The tax deadline is April 18. You can thank Washington, D.C., for the gift. Washington will celebrate Emancipation Day on April 15. Emancipation Day typically is celebrated on April 16. It’s the day President Abraham Lincoln signed into…
Definition: An owner’s equity is typically explained in terms of the percentage amount of stock a person has ownership interest in the company. The owners of the stock are commonly referred to as the shareholders.