Understanding Trump’s Tax Plan
What Changes Will you See on Your Taxes in the Next Few Years The first thing to keep in mind is that all changes for households will expire after 2025. The tax cuts for businesses are permanent. What to expect:…
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Enrolled Tribal Member Certification
New for 2017, form FTB 3504 (Enrolled Tribal Member Certification) will be used to certify that tribal members qualify for tax exemption for income earned on Indian country. The form is used to certify that you live within Indian country and meet the…
Trump tax proposals
Thank you for visiting our site. We would be happy to discuss the changing future of the tax law directly with you. Please call to make an appointment. O’Connor’s Tax Service… 619-220-5277, ask for Steve or Doug. In the meantime…
In 2015, Various Tax Benefits Increase Due to Inflation Adjustments
WASHINGTON — For tax year 2015, the Internal Revenue Service announced today annual inflation adjustments for more than 40 tax provisions, including the tax rate schedules, and other tax changes. Revenue Procedure 2014-61 provides details about these annual adjustments. The…
USES OF FINANCIAL REPORTS
Financial statements may be used by different stakeholders for a multitude of purposes. Owners and managers require financial statements to make important business decisions affecting its continued operations. Financial analysis is then performed on these statements, providing management with a more detailed understanding of the figures.
FUNDAMENTAL ACCOUNTING
Financial statements are prepared according to agreed upon guidelines. In order to understand these guidelines, it helps to understand the objectives of financial reporting. The objectives of financial reporting, as discussed in the Financial Accounting standards Board (FASB) Statement of Financial Accounting Concepts No. 1, are to provide information that