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How are grants treated in accounting?
Government grants related to assets, including non-monetary grants at fair value, are presented in the statement of financial position either by setting u...
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Global News
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Are lump-sum payments taxed differently?
A lump sum amount can be rolled over to an Individual Retirement Account (IRA) and avoid taxation when you receive the lump sum. However, any distribution...
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Which inventory valuation method will result in the lowest cost of goods sold during the period of increasing price?
When prices are rising, you prefer LIFO because it gives you the highest cost of goods sold and the lowest taxable income. First-in, first-out, or FIFO, a...
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How do real estate agents keep track of mileage?
It’s that simple. By recording your trips on the calendar, you’re creating a trip journal that records where you went and when you went there. You will al...
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When does an employer fail to pay an employee?
Unpaid wages occur when employers fail to pay employees what they are owed. This is often also referred to as withheld salary or wages. What happens if an...
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Can I download form 8962?
Form 8962 is available on the IRS website and is free to download. 4 If you’re filing taxes using electronic tax filing software, this form should be gene...
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Is a holiday house subject to capital gains tax?
As a holiday home is not your main residence, it will not qualify for tax-free treatment for capital gains tax (CGT) purposes. Therefore, if you sell your...
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Is there a max percentage for 401k contributions?
For 2021, your total 401(k) contributions — from yourself and your employer — cannot exceed $58,000 or 100% of your compensation, whichever is less. Emplo...
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Can a primary residence be converted to a rental property?
Converting a primary residence into a rental property is a common occurrence. With the real estate market on a slight decline, more taxpayers may decide t...
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How do I return a wish Order?
Refund the Transaction Click on the Action button in the row of your desired transaction and click on Refund. From here, you can select a reason for the r...
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