A balance sheet is designed to communicate the “book value” of a company. It’s a simple…
Category: Accounting, Tax & Payroll
CPA Firms – Flat to No Growth
The average CPA practice has just under $2 million in annual revenue and 9 employees. Any…
The Marriage of Artificial Intelligence and Tax Law: Past, Present, and Future
Present The complexity, uncertainty, and dynamic nature of legal reasoning have presented significant barriers to the…
Taxable Income
Taxable Income Taxable income, the narrowest measure of income used on the income tax return, is…
Adjusted Gross Income – AGI
Adjusted gross income (AGI) is equal to a taxpayer’s total income minus adjustments to income. AGI…
Total Income
Total income, also sometimes referred to as gross income, is the broadest measure of income used…
GAAP
A significant body of generally accepted accounting principles (frequently referred to as U.S. GAAP) has been…
Financial Statements
Financial accounting is similar to a giant, complex portrait painted by the organization. One investor might…
Business Structure
In the United States, as well as in many other countries, owners of a business or…
Accounting Types
Accounting is further subdivided into (a) financial accounting and (b) managerial accounting. Financial accounting focuses on…