According to the Statements on Standards for Tax Services, the CPA should A) ask the client for permission to disclose the error to the IRS. B) withdraw from the engagement. C) inform the IRS of the error, regardless of whether the client grants permission. D) correct the error in the current year's tax return. 79) Explain the difference between a closed-fact and open-fact
Another disagreement between FASB proposal and Dell believes is related to the method of accounting for income taxes. Dell brings to discussion both, theoretical and impractical reasons that not support this statement idea. It seems illogical to classify the tax effects of movements in stock price after grant date as expense if a shortfall, versus equity if a benefit, defective tax rate in the income statement should align with the expense recognized in accordance with the matching
2. I utilized an “Acid Test Ratio” which shows us whether the entity could pay all its current liabilities if they became due now or sooner than expected. In 2011, the acid test ratio was 0.64. By 2012, it decreased to 0.43. Even though the acid-test ratio is less than 1 which rates in the lower third quartile in the industry of 1.6, 0.9 to 0.6, it indicates a concern with repaying current liabilities.
How does these cards compare to each other? 2. Utilize the table below to evaluate the various credit card offers. It is possible that not all information is available for all cards. Card Name | Interest Rate on Purchases | Cash Advance Rate | Annual Fee | Penalty APR | Grace Period | Late Payment Fee | Over Credit Limit Fee | Minimum Annual Income | Cash Back | Citi Platinum Select | 8.99% | 19.99% | No Fee | N/A | 20-Day | $15,$25 or $35 | $35 | $12,000 | No | Blue Cash from American Express | 0% first 6 months8.99-13.99% after 6 months | 18.99% | No Fee | 23.99% | If balance is paid in full each billing cycle | $15, $29 or $35 | $29 | Undisclosed minimum | Up to 5% | Collegiate Visa | 14.75% | 14.75% | $12 waived the first year | 18.75% | N/A | $20 | $20 | N/A | N/A | Discover Card for Students | 17.99% | 22.99% | No Fee | 19.99-24.99% | 25-Day | $15-$35 | $15-$35 | N/A | 1%or 2% | 3.
These funds were to pay off $114,000 of the $170,000 loan from Lester to this estate, which were then distributed to Lisa and your two nephews. The balance of $56,000 which was to he paid to you was never distributed to you. Those funds and the additional $100,000 that you personally borrowed were used to pay down the accounts payable balance. The individual that looked you the $100,000 per their note requires you to pay down the loan by $20,000 every six months starting 7/1/10. When we prepared your personal financial statements for the bank we discussed that your loans against your home are too high and that you should start reducing these down as
Distributions of Roth IRAs can still be taxed if the distribution is not qualified. A qualified distribution is “a withdrawal from a Roth IRA that is (1) Made on or after the date you become 59 ½; or (2) Made to your beneficiary, or to our estate, after you die; or (3) Made to you after you become disabled within the IRS code; or (4) Used to pay for qualified first-time homebuyer expenses” (Lewis). Keep in mind that the five tax year rule is also applied. That means before you can withdraw your funds without penalty. The Roth IRA had to open at least five tax years.
1999 & now. According to our textbook, the most recent figures (which are from 1995) the average cost for Medicare for an individual person is $7,000 per senior adult (Dychtwald). Medicare covers less than 50% typically, and doesn’t offer any aide for expenses for disease prevention and long-term care (Dychtwald). The costs can add up quickly and are usually quite costly. I couldn’t find a figure in the report that listed how much Medicare was per person, but I took the total for Medicare expenditures and divided it by the United States population and found that the average cost for an individual person for Medicare is about $10,000.
This creates a major problem that a large percentage of Americans cannot afford health insurance. The federal government should provide basic health insurance in order to preserve life but not a system that allows all people to go and get medical attention whenever they want for minor things that are not life and death situation. There will have to be a slight tax increase or something to pay for this however. Everyone has the right to live. Approximately twenty-five percent of Americans pay no or less of a fair share of taxes today.
Since the 4.5 million is just an expected amount of fuel, J&L cannot achieve a perfect hedge in the future. They should estimate the accurate demand for fuel next year. 2. What are the pros and cons of using NYMEX contracts versus using the risk-management products offered by Continental Bank? Is the use of a monthly average price a net advantage or disadvantage to J & L?
The plan assigned 95% of the Company’s equity to SFO bondholders and 5% to SFI bondholders. As banks were to be repaid in full, they were deemed to be “unimpaired” and therefore not entitled to vote on the plan. Plan enterprise value had increased from $1.25 billion to approximately $1.4 billion. 3-Evaluate the SFO Plan and the division of claims. Why does this plan include a rights offering?