Getting paid for goods and service means one will pay income taxes on the value received. This is valid for every form of earning, alongside any interest coming from the investment....
What is a private activity bond (PAB)?PABs are tax-exempt bonds distributed by or on behalf of a state or local authority to provide special financial benefits for eligible projects....
What is barter?Barter is an act of exchanging goods or services between two or more parties, sometimes more without using a monetary medium, such as physical cash or credit card. Essentially,...
What is considered a convertible virtual currency?Convertible virtual currency is an uncontrolled digital currency. Still, it can be used as a substitute for a real and legally recognized...
Involuntary conversion is the theft or damage of property without the owner's consent, such as partial or total destruction, theft, condemnation, or the sale or exchange of property...
Posted by Flynn Financial Group Inc on 02/16/2021
There are many ways in which sales compliance form applies, and one of them is the Use Tax. It is one of the terms common when applying for a sales tax permit in any state or accessing...
Purchases of new and used commercial vehicles are eligible for tax exemptions per the current tax law. Some vehicles may be eligible for higher deductions than others.The first year...
Bad debts arise because money was loaned to a debtor or a customer received credit for purchasing a product or service, but the recipient could not fully or partially repay the debt....
A cryptocurrency wave has led to the rise of Bitcoin to over $30,000 per coin, with everyone scrambling for their share of the digital currency. However, if you are interested in cryptocurrencies,...