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NEXT shares a small business checklist to help navigate tax preparation, bookkeeping, financial analysis, business strategy, and more. 1. Catch Up on Bookkeeping.
The post Tax Prep Checklist for Tax Preparers appeared first on SmartReads by SmartAsset. ... Business Information. If you have clients who are business owners, you'll need to add a separate ...
Make sure you'll be ready to file by April 15.
FIN 48 (mostly codified at ASC 740-10) is an official interpretation of United States accounting rules that requires businesses to analyze and disclose income tax risks. It was effective in 2007 for publicly traded entities, and is now effective for all entities adhering to US GAAP.
For example, Washington state does not have an income tax but levies a B&O (business and occupation tax) which is arguably a larger burden because the B&O tax is calculated as a percentage of revenue rather than a percentage of net income, like the corporate income tax. This means even loss-making enterprises are required to pay the tax.
In the United States, an income tax audit is the examination of a business or individual tax return by the Internal Revenue Service (IRS) or state tax authority. The IRS and various state revenue departments use the terms audit, examination, review, and notice to describe various aspects of enforcement and administration of the tax laws .