The MACRS allows businesses to recover investments in certain tangible property, such as machinery or vehicles, over a specified recovery period. Keep in mind that selecting the right depreciation method depends on the nature of the asset and the intended financial reporting. Companies may use different methods for different assets to ensure an accurate representation [...]

Suppose a company purchased a building for $2 million, and the expected useful life is 40 years. One of GAAP’s primary goals is to match revenue with expenses, so recording the entire Capex at once would skew financial results and result in inconsistencies. Luckily, most countries have specific tax regulations when it comes to R&D [...]

Today’s leading accounting platforms offer standard security features such as data encryption, secure credential tokenization and more. While human error will always play some role in security breaches, you can be confident in your accounting platform when it comes to keeping your information safe. The inventory management and job costing features are more robust in [...]

Draft instructions for Schedule B of the 2022 Form 941, Employer’s Quarterly https://www.bookstime.com/articles/remote-bookkeeping-service Federal Tax Return, were released Feb. 3 by the Internal Revenue Service. Columns x and y should be blank for the 3rd and 4th quarters of 2020. Employers are required to withhold a certain amount from their employee’s pay. The IRS requires [...]