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Resources for Accountants

Accounting Profession Matters Series – September 2021 [Video]

The Association’s CEO, Barry Melancon, CPA, CGMA, and Sue Coffey, CPA, CGMA, CEO – Public Accounting, discuss the values and actions that ground the accounting profession, focusing on audit quality. They also talk about issues and developments that could have lasting impact on the profession.This series will highlight critical professional matters and environmental shifts to help keep the profession connected, agile and prepared to continue managing the challenges of today’s business world.

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Resources for Accountants

How to Write off Startup Costs [Video]

If you investigate the possibility of creating or starting a business, you might be able to deduct your startup costs.Startup costs include the cost of:• Travel• Marketing reports• Legal and accounting services• Engineering and architectural surveysThe deductibility of startup costs depends on two factors:• Whether you’re currently in a business that is the same or similar to the type of business you’re thinking of starting or acquiring• Whether you actually end up starting or acquiring the new businessLet’s say you’re in the restaurant business. If you fly to Chicago to investigate the possibility of opening a restaurant there, the cost of your flight and any other startup costs are deductible whether or not you end up starting a restaurant in Chicago. This is because you were thinking of expanding your current business (the restaurant business).But let’s say you flew to Chicago to investigate the possibility of opening a dog kennel. Because you’re currently in the restaurant business, the tax implications are different. If you decide not to start a dog kennel, then your costs of flying to Chicago are not deductible. But if you do start a dog kennel, then the cost of your flight and any other startup costs are deductible as follows:• You can immediately deduct up to $5,000 of your startup costs (this is reduced dollar-for-dollar by the amount that your total startup costs exceed $50,000)• Any startup costs not immediately deducted are expensed over 180 months, beginning with the month in which the business beginsThus, if you start the dog kennel and incur $10,400 of startup costs, you can deduct $5,000 of startup costs and deduct the remaining $5,400 over 180 months (which would be $30/month).— Edspira is the creation of Michael McLaughlin, an award-winning professor who went from teenage homelessness to a PhD. Edspira’s mission is to make a high-quality business education accessible to all people.— SUBSCRIBE FOR A FREE 53-PAGE GUIDE TO THE FINANCIAL STATEMENTS, PLUS: • A 23-PAGE GUIDE TO MANAGERIAL ACCOUNTING• A 44-PAGE GUIDE TO U.S. TAXATION• A 75-PAGE GUIDE TO FINANCIAL STATEMENT ANALYSIS• MANY MORE FREE PDF GUIDES* http://eepurl.com/dIaa5z— HIRE MICHAEL MCLAUGHLIN, PHD, CPA * https://michaelmclaughlin.com/hire-me — GET CERTIFIED IN FINANCIAL STATEMENT ANALYSIS, IFRS 16, AND ASSET-LIABILITY MANAGEMENT * https://edspira.thinkific.com — LISTEN TO THE SCHEME PODCAST * Apple Podcasts: https://podcasts.apple.com/us/podcast/scheme/id1522352725 * Spotify: https://open.spotify.com/show/4WaNTqVFxISHlgcSWNT1kc * Website: https://www.edspira.com/podcast-2/ — GET TAX TIPS ON TIKTOK * https://www.tiktok.com/@prof_mclaughlin — ACCESS INDEX OF VIDEOS * https://www.edspira.com/index — CONNECT WITH EDSPIRA * Facebook: https://www.facebook.com/Edspira * Instagram: https://www.instagram.com/edspiradotcom * LinkedIn: https://www.linkedin.com/company/edspira — CONNECT WITH MICHAEL * Twitter: https://www.twitter.com/Prof_McLaughlin * LinkedIn: https://www.linkedin.com/in/prof-michael-mclaughlin — ABOUT EDSPIRA AND ITS CREATOR * https://www.edspira.com/about/

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Resources for Accountants

Creating accessible PDFs for eLearning: Part 2 [Video]

In Part 2 of our ACI (accessible course index) series, we are sharing how to tag lists so that the screen reader can read them effectively, how to tag your table of contents for ease of navigation, how to ensure proper reading order, and more troubleshooting tips, such as how to relink your table of contents if it gets unlinked. Read more on the blog here: https://www.gaapdynamics.com/insights/blog/2021/09/21/part-2-creating-accessible-pdfs-for-elearning/Check out the first part of our ACI series here: https://youtu.be/zy9gAj2dbCMhttps://www.gaapdynamics.com/insights/blog/2021/08/17/creating-accessible-pdfs-for-elearning-part-1/Learn more about GAAP Dynamics: https://www.gaapdynamics.com/ Check out our other online courses on the Revolution: https://revolution.gaapdynamics.com/learn Subscribe to GAAP Dynamics to see more videos like these!

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Resources for Accountants

Interest Coverage Ratio – Meaning, Formula, Calculation & Interpretations [Video]

This in-depth tutorial guides you through the most important aspects of the Interest Coverage Ratio. You will learn what Interest Coverage Ratio is, how to calculate it, and how to interpret the results. Using the Colgate Case Study, we will also understand how to compute the Interest Coverage Ratio in Excel.You can download the Colgate Interest Coverage Ratio template from this link – https://www.wallstreetmojo.com/ratio-analysis-template/What is Interest Coverage Ratio?——————————————–The interest coverage ratio helps determine how many times a company’s current earnings (before interest and taxes) can be used to pay interest on its outstanding debt. It can be used to determine a company’s liquidity position by assessing how easily it can pay interest on its outstanding debt.Formula——————————————–Interest Coverage Ratio Formula = EBITDA / Interest ExpenseInterpretation——————————————— Higher interest coverage ratio indicates that the company is better able to pay off its debts.- If interest coverage is less than 1, it means that EBITDA will not be sufficient to pay off the debt, thus, necessitating the search for alternative sources of funding.- Since capital-intensive companies have higher depreciation and amortization, the interest coverage ratio should be calculated using EBITDA.For more details, you can refer to our article – https://www.wallstreetmojo.com/interest-coverage-ratio/Connect with us! YouTube https://www.youtube.com/channel/UChlNXSK2tC9SJ2Fhhb2kOUwLinkedIn https://www.linkedin.com/company/wallstreetmojo/mycompany/Facebook https://www.facebook.com/wallstreetmojoInstagram https://www.instagram.com/wallstreetmojoofficial/?utm_medium=copy_linkTwitter https://twitter.com/wallstreetmojo

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Resources for Accountants

Can You Write off Fines and Penalties? [Video]

§ 162(f) of the tax code says you can’t get a tax deduction for fines or penalties paid to a government or governmental entity for a violation of the law.Thus, if you own a trucking company and get traffic tickets for speeding, you can’t deduct the cost of the traffic tickets. You could deduct any legal costs if you chose to fight the tickets in court. But fines and penalties are nondeductible. There are several exceptions, however.§ 162(f)(2) allows you to deduct amounts paid:• For restitution• For remediation• To come into compliance with the lawThus, if a business gets hit with a $50,000 fine for polluting and it has to pay $30,000 for environmental remediation, the business could deduct the $30,000 for remediation but not the $50,000 fine.— Edspira is the creation of Michael McLaughlin, an award-winning professor who went from teenage homelessness to a PhD. Edspira’s mission is to make a high-quality business education accessible to all people.— SUBSCRIBE FOR A FREE 53-PAGE GUIDE TO THE FINANCIAL STATEMENTS, PLUS: • A 23-PAGE GUIDE TO MANAGERIAL ACCOUNTING• A 44-PAGE GUIDE TO U.S. TAXATION• A 75-PAGE GUIDE TO FINANCIAL STATEMENT ANALYSIS• MANY MORE FREE PDF GUIDES* http://eepurl.com/dIaa5z— HIRE MICHAEL MCLAUGHLIN, PHD, CPA * https://michaelmclaughlin.com/hire-me — GET CERTIFIED IN FINANCIAL STATEMENT ANALYSIS, IFRS 16, AND ASSET-LIABILITY MANAGEMENT * https://edspira.thinkific.com — LISTEN TO THE SCHEME PODCAST * Apple Podcasts: https://podcasts.apple.com/us/podcast/scheme/id1522352725 * Spotify: https://open.spotify.com/show/4WaNTqVFxISHlgcSWNT1kc * Website: https://www.edspira.com/podcast-2/ — GET TAX TIPS ON TIKTOK * https://www.tiktok.com/@prof_mclaughlin — ACCESS INDEX OF VIDEOS * https://www.edspira.com/index — CONNECT WITH EDSPIRA * Facebook: https://www.facebook.com/Edspira * Instagram: https://www.instagram.com/edspiradotcom * LinkedIn: https://www.linkedin.com/company/edspira — CONNECT WITH MICHAEL * Twitter: https://www.twitter.com/Prof_McLaughlin * LinkedIn: https://www.linkedin.com/in/prof-michael-mclaughlin — ABOUT EDSPIRA AND ITS CREATOR * https://www.edspira.com/about/