An audited financial statement (FS) is a set of financial documents examined by an independent CPA. The audit report attached to the complete set of FS provides an opinion on whether the FS presents fairly, in all material respects, and on the company’s financial position, operations, and cash flows. It is mandatory for publicly listed…
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Social Media Influencer Insurance: Cost & Coverage
Social media has become an important part of building brand authority and driving sales. Social media influencer insurance is coverage that protects the content creators who drive those results. The primary coverages to consider are professional liability ($750 annually for social media insurance) and general liability (around $350 annually). Depending on the size of your…
Predictive Scheduling Laws Per State: Employer’s Guide
From state laws to city laws, learn more about how predictive scheduling laws are changing workplaces and employee scheduling. Plus, new bills are currently in place to add laws to more states.
Predictive scheduling is the process of giving employees ample notice of their work schedule so they can plan around working hours. These laws ensure that workers are not scheduled hours before a shift. Early on, predictive scheduling laws only applied to workers in certain industries, like restaurants and retail. But as time has gone on…
What Is Bonus Depreciation? How It Works & How to Calculate
Bonus depreciation is a form of accelerated depreciation that offers an immediate tax deduction, speeds up tax savings, and makes an asset that you placed in service more affordable.
You may see bonus depreciation referred to as the special allowance, the additional first-year deduction, or IRC §168 (k) depreciation. Congress created this deduction to stimulate business activity by encouraging business owners to purchase qualifying assets. Without the use of a special accelerated depreciation method, the deduction for the purchase of a business asset would…
What Does IRS Code 570 Mean on an IRS Transcript?
If you see IRS code 570 on your tax transcript, this means that the IRS has frozen your federal income tax refund, pending further internal action. This transcript code (TC) means that there may be an anomaly or discrepancy in the information the IRS has on file for you and that further investigation must be…
What IRS Code 971 Means on IRS Transcript & How to Respond
IRS code 971 on your transcript means that the IRS has sent you a notice, generally indicating that more time or information is needed to resolve an issue. Notices can cover a wide range of topics, including tax return adjustments, document requests, and account changes. To respond to a transcript code (TC) 971 notice, you…
What Is Inventory Control? Types, Techniques & Systems
Inventory control is the process of continuously monitoring and adjusting the quantity of product you are stocking to keep costs as low as possible while maximizing customer satisfaction and store profits. Though the principles of inventory control overlap with those of inventory management, the two are distinct: Inventory control is concerned with ensuring that there…
Purchase & Sale of Equipment Effect on Cash Flow Statement
The cash purchase price and sales price of equipment are both shown in the investing section of the cash flow statement. However, if all or a portion of an equipment purchase is financed, that portion has no cash flow effect and is excluded from the cash flow statement—but it is reported either as disclosure in…