Your 2009 Individual Tax Return Maybe Wrong!

The accuracy rates for tax returns prepared at Volunteer Program sites decreased for the first time in five filing seasons, as it is presented on review paper issued by Treasury Inspector General For Tax Administration [TIGTA] on September 15’ 2009 titled “Ensuring the Quality Assurance Processes Are Consistently Followed Remains a Significant Challenge for the […]

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Working Capital Review [The Controllers Way]

Working capital is the funding that a company needs to support its accounts receivable and inventory, and is offset by the amount of funding it obtains from its suppliers through accounts payable. Working capital can have a much greater impact on a company’s cash flows than the results of its operations. One of the best […]

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Why Working Capital Changed? [Practical Insight]

The most inexplicable event for a senior-level manager is to see a profit at the bottom of the income statement, and yet field a request from the accounting staff to obtain more cash, because there is not enough on hand to meet all current cash requirements. What happened? There may be large asset purchases, but […]

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Why You Should Reconcile Fixed Assets into Property Records

Reconciling physical fixed assets—into existing property records, is often the case of a company that has just established new policies for minimum capitalization going forward. In supporting the new policy, say, that its asset lives are based on realistic expected lives—not on tax requirements. Acquisition, transfer, and retirement policies will be followed so that the […]

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Why You Need To Eliminate Labor Variance Reporting And How?

The cost components of work-in-process and inventory goods will inevitably include some labor. However, the proportion of labor in the total cost mix has dropped markedly over the years, with material and overhead costs now predominating. Nonetheless, the costing reports the accounting staff has traditionally generated are mostly concerned with labor. Examples of these reports […]

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Write a Past—Due—Invoice Letter (Membuat Email Tagihan)

In deal with past-due invoice is not easy task, I know. Some view says that in today’s economy, the consumer feels more in control. It is a buyer’s market, not a seller’s market. Therefore, if there is even the slightest dissatisfaction with the product, many people feel no hesitation in expressing this satisfaction by delaying […]

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Will Cost Segregation Study Review Lower Property Tax Expense?

Cost segregation studies are conducted for a variety of reasons (e.g., financial accounting, insurance purposes, property tax and income tax). After a number of years the IRS seemingly paid little attention to component depreciation developed as a result of cost segregation studies—as more and more taxpayers had the work performed the reductions in taxes paid […]

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What is Convertible? | Accounting, Financial, Tax

A convertible is a bond with an option for the holder to exchange the bond into “new“ shares of common stock of the issuing company under specified terms and conditions. These include the conversion period and the conversion ratio. The conversion period is the period during which the bond may be converted into shares. The […]

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What to Disclose On Income Statement Presentation (Part-1)

Remembering what to disclose on an income statement presentation, especially for a public company, could be daunting to even a highly-skilled accountant. This post aims to provide a handy set of pointers that may act as reminder for accountants who have difficulty to remember all items required to be presented. Those items presented on the […]

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