What is an Accounting Method?An accounting method refers to the rules that a business follows when reporting income and expenses. The two main accounting methods are accrual accounting...
The TCJA that was passed in 2017 significantly reduced the corporate tax rate and introduced the Qualified Business Income Deduction (QBID).The QBI deduction makes it possible to reduce...
Some laws remain relatively unchanged for decades, if not centuries. However, tax laws are not timeless and must reflect an ever-changing global economy, complex government changes,...
On September 5, 2019, the Treasury Department and the IRS released proposed regulations that would affect when taxpayers report their gross income amounts. In general, section 451...
The maximum federal corporate tax rate was 35% some years ago. From Dec 31, 2017, however, the federal corporate tax rate was placed at 21 percent. This, however, applies to the corporation's...
Starting a business can be an exciting new adventure for those with an idea who wish to be self-employed. There are several things to consider, however, when you are opening...
Hi, my name is Julian O. Guzman, MBA. Since year 2000 I began developing myself as an entrepreneur, self-employed, and business consultant. At the same time, I learned a variety...
Posted by Taxes and Accounting Solutions-SLC on 10/27/2020
What is the Internal Revenue Code?The Internal Revenue Code refers to Title 26 of the United States Code. "Formal consolidation and codification of the United States' general...
Several recent developments may affect taxpayers based on a strategy of trading or holding tax-exempt state and local bonds, commonly known as municipal or "munis" bonds....