The International Financial Reporting Standards (IFRS) is a set of accounting standards designed in London, UK, by the International Accounting Standards Board or IASB. US companies don’t need to use IFRS because they follow US GAAP. However, if a US business operates in countries that use IFRS, then it must comply with the local accounting…
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What Is Code 766 on an IRS Transcript?
When transcript code (TC) 766 appears on an IRS transcript, it generally means a refundable credit has been applied to a taxpayer’s account. Refundable credits can generate refunds even when no tax is owed on the return. Sometimes, the transcript description for code 766 will say “tax relief credit”—and since tax relief is government assistance…
What Does Code 150 Mean on an IRS Transcript?
Code 150 on an IRS transcript means that the IRS has accepted your return for processing and has created a current-year file for you. Transcript code (TC) 150 may be shown with a dollar amount, representing the tax liability assessed. The tax assessment does not automatically mean you will owe the IRS money, as credits…
Exempt vs Nonexempt Employee: Classifying Your Workers
Exempt and nonexempt employees are worker classifications established by the Fair Labor Standards Act (FLSA) that determine whether these employees must receive overtime pay. Exempt employee: An employee who, based on job duties and salary, is “exempt” from receiving overtime pay. Nonexempt employee: An employee who, based on job duties and salary, will receive overtime…
Wage Garnishments: A Guide for Small Businesses
What Is Wage Garnishment A wage garnishment is a legal deduction from an employee’s wages, mandated by court orders or government agencies, to satisfy debts such as alimony or spousal support, tax levies, child support, or student loans. Ensuring compliance with payroll garnishment rules is crucial, as failure to do so can lead to serious…
What Is Training & Development? A Guide for SMBs
Training and development (T&D) is the strategic process of enhancing employees’ skills, knowledge, and abilities to improve their performance and keep them engaged. Investing in a robust T&D program is crucial for your company’s success as it directly leads to increased employee productivity and efficiency and gives you a competitive edge. It can also be…
What Is an LLC and How to Start One
A limited liability company (LLC) is a form of business that protects a business owner’s personal assets from legal claims against the business. Unlike with limited partnerships, protection extends to all members of the LLC, including those with managerial authority. If the election to tax the LLC as an S corporation (S-corp) is made, then…
What Is Call Screening? How It Works & Benefits for Small Businesses
Call screening identifies incoming calls and caller or phone number characteristics. As a result, businesses can filter unwanted calls and prioritize known clients, allowing teams to control call traffic and boost employee productivity. While capabilities vary per voice-over-internet-protocol (VoIP) provider, call screening typically includes caller ID, do not disturb (DND), and call blocking features. Learn…