Accounting
-
1099s - Box 6, Box 7 or Box 14?
We have some payments made to both claimant and attorneys for settlements for health claims. It is clear from the IRS website that we send the 1099MISC for the full amount to the attorney, however the recipients are questioning our box coding. Our system coded the amount to Box 6 (Medical payments)…
-
ASPE 3065: Capital Lease Recognition Criteria related to FMV of asset
Under ASPE, we are trying to find out if the building lease falls under capital or operating lease. If I have a situation where all other criteria are not met but the one criteria where the lease is considered a capital lease if the present value of minimum lease payments is equal to substantially …
1
-
Are EMBA tuition fees and expenses deductible as work related education expenses on Schedule A?
other details: -none of the costs were reimbursed by employer -incurred by a VP of Advanced strategy group
2
-
Oursourcing accounting/HR functions for a start-up healthcare company
I am involved in a start-up healthcare company on the peninsula (Menlo Park). Currently it's a single member LLC which will go to a partnership relatively soon. We are still in the conceptual, formation stage. We have very basic needs for the next six months to a year for accounting, disbursements …
5
-
Can I use a 1099 MISC to report rental income to foreign parties with ITIN or EIN numbers
I'm working with a property management company and she has several owners who all have ITIN or EIN numbers but she thinks her previous accountant reported their rental income on a W8 something?
2
-
Capital Lease Question
Hello - we have a capital lease arrangement for tech equipment (laptops, etc). The total value now is for ~$10k, but we may add on equipment on an ad hoc basis. How would you account for this? I am going to be ignoring interest for this exercise. Thinking of: DR: $10k capital lease asset for sum of…
5
-
Top Universities for Accounting
Based on US News & Report: 1) University of Texas--Austin, 2) University of Illinois--Urbana-Champaign, 3) Brigham Young University--Provo, 4) University of Notre Dame, 5) University of Southern California The full report has 25 schools. Which schools do you suggest, recommend to aspiring accou…
3
-
Reimbursement of Contractors (1099) as a non-taxable item?
We have a contractor who will be submitting weekly invoices to us for his work at our company. No issue as we will track this and provide him with a 1099 at year end for his services. The scope of his work is now changing such that he will be traveling between two locations to work for us. Do we co…
12
-
Cash or Accrual Tax Return?
What are the pros and cons of changing a tax return basis from Cash to Accrual for an LLC?
1
-
Checklist requirement for Financial Consolidation and Budgeting Software
Where can I find a free PDF guide that has a checklist of questions in light of procuring a financial consolidation and budgeting software? We are trying to procure a new consolidation and budgeting tool and need to make an internal assessment of our needs. I need a guide that would facilitate that…
-
Production development expenses for tracking in QB
We are trying to figure out how to best set up our chart of accounts in Quickbooks. We are an educational software training company that develops SaaS enterprise solutions in a course format. We have internal as well as 3rd party costs that we incur that will be part of the "Production Costs" of th…
2
-
FinancialForce vs. NetSuite
We are trying to compare GL packages from FinancialForce and NetSuite. We are a start-up with rapid growth plans, will have a multi-entity structure and FX transactions. We will be using Zuora to track our sales (Zuora is on SalesForce platform). Has anyone recently considered these two packages or…
12
-
How do you handle interplant freight costs?
My company's interplant freight costs have ballooned in recent years, due in part to inefficient planning. About half of the cost is semi-finished products shipped to a different plant for completion. Others are raw materials resupplied to plants in need. The available data does not split the sourc…
2
-
IFRS rookie
Hello. What are 5-10 items/activities I should be aware of about accounting for a nonprofit org that conducts business in Africa? The org is HQ and based out of the USA and uses GAAP for its financials. I'm new to IFRS and attempting to build a "cheat sheet" to get my knowledge based started. Thank…
-
Revenue Recognition For Selling Hardware Plus Software
Question - can we recognize the full price upfront since the sale is final? If not what is best way to recognize the first sale Selling a piece of hardware w/subscription incl. for the first year. Post first year purchaser has to subscribe monthly or annual. Subscription needed for hardware to wor…
2
-
What are your best practices for fixed asset management?
The IRS recently issued Notice 2015-82 that is allowing companies without AFS to expense tangible personal property items up to $2500, which is an increase from the original $500. Companies with AFS have a limit of $5,000 (which it has had for a couple of years now). The AICPA issued a letter to th…
-
Accounting Innovation Opportunities
Hi all. I'm advising a team of software designers in Accounting topics. They've been asking me a lot of questions about what areas in Accounting that may be prime for innovation or, at least, lots of improvement to reduce the pains/ challenges that us Accountants experience. I thought that I'd ask …
11
-
Inventory Costs for Subscription Boxes
Hello, My company is not a manufacturing company, however we assemble boxes of items and ship to customers as a subscription service. The entire shipment includes the label, mailer, box, card, sticker, bubble wrap, tissue paper. Currently, we purchase the box and mailers from vendors in China and o…
10
-
Cash Flow Forecasting Best Practices
Can anyone share best practices when coming up with a cash flow forecast model on the indirect method? This is for a large public company with infrastructure around the world. Although we have a robust P&L forecast, there is no current process for forecasting offsetting balance sheet items. We …
14
-
Amazon Fulfillment Fees
Hello. We sell product which is fulfilled by Amazon. Meaning, we ship the inventory to Amazon warehouse and continue to own the same until it is sold. At this point, Amazon charges their Referral Fees and also 'Fulfillment Fees'. I know we can classify the Referral Fees as Expense. But, what about …
-
Accounting For The Expense Of Selling Fixed Assets
if a company paid big expenses (shipping cost and clearance ..etc) to move the fixed assets abroad in order to sell it next year, but the selling transaction net ended before 31.12.2015, should the accountant record and post these expenses to the income statement, or leave it in balance sheet to be…
4
-
Accounting Treatment For Office Parties
Where do you expense a Company Holiday party to? Allocation or G&A? Please provide logical reasoning behind your choice.
10
-
Charitable Donation - Favorable Treatment vs. Regular P&L Expense?
If a company has some inventory that it wrote off for minor defects that rendered them unsalable is there any point to appraising the goods for treatment as a charitable donation? Basically wondering if the tax treatment as a donation is favorable vs. standard expense. Also, it's clear that *both* …
1
-
To accrue or not accrue costs at year end with unsigned agreements
We have subcontractors working for us for the first time in 3 years. They have completed about 15% of the work based on a rough estimate. The subcontractor agreement has not been executed and will not be executed until the related contract with the customer is executed. So the question is, if the s…
9
Previous
