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The rules for the deductibility of prepaid expenses are riddled with exceptions to the basic premise that neither cash nor accrual-basis taxpayers ought to deduct any prepayment except to the extent that the purchase - whether it is in the form of an asset or a service - is used in the same tax year. Grace periods, exceptions and additional restrictions can all change a result. The latest variation on the theme of "things are not always what they appear," comes in the form of a chief counsel's advice memorandum.
June 17 -
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Recently, Accounting Today printed both an article by Joel Jameson (March 19-April 1, 2007, page 14) and a letter from Alfred King (April 16-May 6, 2007, page 8) that rebutted our long-espoused view that financial reporting should be based on market values.
June 17 -
When it comes to retirement planning, there are a number of different choices. Two of the most commonly used are tax-deferred retirement plans - such as IRAs or 401(k)s - and cash-value life insurance.
June 17 -
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M5 Networks Inc. wants to get rid of your phone system.
June 17 -
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How a firm deals with an underperforming partner defines the strength of its management. Well-managed firms deal with it in a professional manner, rather than ignoring the problem.
June 17