Accounting Instruction

Return on Investment (ROI)
Corporate Finance
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Return on Investment (ROI)
Corporate Finance
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Profit Margin Percent
Corporate Finance
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Statement of Cash Flows
Corporate Finance
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Financial Statements Creation
Corporate Finance
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Consolidation, NCI & Preferred Stock
Advanced Financial Accounting

IRS reminder: Deadline postponed to July 15 for those who pay estimated taxes
https://www.irs.gov/newsroom/irs-reminder-deadline-postponed-to-july-15-for-those-who-pay-estimated-taxes
WASHINGTON — The Internal Revenue Service reminds taxpayers that estimated tax payments for tax year 2020, originally due April 15 and June 15, are now due July 15. This means that any individual or corporation that has a quarterly estimated tax payment due has until July 15 to make that payment without penalty.

In response to the COVID-19 outbreak, the Treasury Department and the Internal Revenue Service are providing special tax filing and payment relief to individuals and businesses. This relief applies to federal income tax returns and tax payments (including tax on self-employment income) otherwise due April 15, 2020. This relief does not apply to state tax payments or deposits or payments of any other type of federal tax.

Who needs to pay quarterly?
Most often, self-employed people, including many involved in the sharing economy, need to pay quarterly installments of estimated tax. Similarly, investors, retirees and others often need to make these payments. That's because a substantial portion of their income is not subject to withholding. Other income generally not subject to withholding includes interest, dividends, capital gains, alimony and rental income.

Special rules apply to some groups of taxpayers, such as farmers, fishermen, casualty and disaster victims, those who recently became disabled, recent retirees and those who receive income unevenly during the year.

Taxpayers can avoid an underpayment penalty by owing less than $1,000 at tax time or by paying most of their taxes during the year. Generally, for 2020 that means making payments of at least 90% of the tax expected on their 2020 return.

Taxes are pay-as-you-go
This means taxpayers need to pay most of their taxes owed during the year as income is received. There are two ways to do that:

Withholding from pay..

Consolidation, NCI & Preferred Stock
Advanced Financial Accounting
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Consolidation NCI, P Purchases S Bonds from Third Party at Discount Part 2
Advanced Financial Accounting
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Consolidation NCI, Bond Sale from S to P at Discount
Advanced Financial Accounting
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IRS News Interest rates decrease for the third quarter of 2020
https://www.irs.gov/newsroom/interest-rates-decrease-for-the-third-quarter-of-2020
WASHINGTON — The Internal Revenue Service today announced that interest rates will decrease for the calendar quarter beginning July 1, 2020. The rates will be:

three (3) percent for overpayments [two (2) percent in the case of a corporation];

one-half (0.5) percent for the portion of a corporate overpayment exceeding $10,000;

three (3) percent for underpayments; and

five (5) percent for large corporate underpayments.
Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis. For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points.

Generally, in the case of a corporation, the underpayment rate is the federal short-term rate plus 3 percentage points and the overpayment rate is the federal short-term rate plus 2 percentage points. The rate for large corporate underpayments is the federal short-term rate plus 5 percentage points. The rate on the portion of a corporate overpayment of tax exceeding $10,000 for a taxable period is the federal short-term rate plus one-half (0.5) of a percentage point.

The interest rates announced today are computed from the federal short-term rate determined during April 2020 to take effect May 1, 2020, based on daily compounding.

Revenue Ruling 2020-13 (PDF), announcing the rates of interest, is attached and will appear in Internal Revenue Bulletin 2020-26, dated June 22, 2020.

Consolidation NCI, Bond Sale from S to P at a Premium
Advanced Financial Accounting
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Consolidation NCI, Bond Sale from S to P at Discount
Advanced Financial Accounting
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Consolidation NCI, Bond Sale from P to S at Premium
Advanced Financial Accounting
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Consolidation NCI, Bond Sale from S to P at Premium
Advanced Financial Accounting
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Consolidation NCI, Bond Sale from P to S at Premium
Advanced Financial Accounting
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Consolidation Less than 100% Owned, Fair Value Differ from Book, Goodwill, Year Two
Advanced Financial Accounting
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Consolidation Less than 100%Owned, Fair Value Differ from Book, Goodwill, Year One
Advanced Financial Accounting
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Inventory Transfers & Transfer Pricing
Advanced Financial Accounting
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Consolidations NCI, Intercompany Transfer of Equipment & Land
Advanced Financial Accounting
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Parent Sale to Sub & Sub Resold
Advanced Financial Accounting
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Eliminating Intercompany Transactions
Advanced Financial Accounting
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Consolidation Down Stream & Upstream Sales Fully Adjusted Equity Method
Advanced Financial Accounting
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Consolidation Down Stream & Upstream Sales-Modified Equity Method
Advanced Financial Accounting
https://accountinginstruction.info/

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Created 2 years, 2 months ago.

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CategoryBusiness & Finance