![Difference between Tax Avoidance and Tax Evasion [Video]](https://video.ednadigitalmarketing.com/wp-content/uploads/2021/10/mp_3335_0_0jpg.jpg)
Tax avoidance is when you reduce your taxes legally through sound tax planning.Tax evasion is when you reduce your taxes by breaking the law. Judge Learned Hand famously said “there is nothing sinister” in trying to keep your taxes low. Nobody is obligated to pay any more tax than what is legally due. Thus, if you avoid paying tax because you did a 1031 exchange, or you received interest from tax-exempt municipal bonds, or you received a work opportunity tax credit for hiring a qualified veteran, that’s just good tax planning. But if you avoid paying tax because you failed to report income, that’s tax evasion. Underreporting cash sales, hiding interest in offshore bank accounts, and refusing to file a tax return when you’re legally required to do so are all examples of tax evasion. Section 7201 of the tax code says tax evasion is a felony, and lots of famous people have gone to prison for it. — 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/
Resources for Accountants
![A Special Teacher | Inspiring short stories #18 | Motivational & Inspirational Video [Video]](https://video.ednadigitalmarketing.com/wp-content/uploads/2021/10/mp_3332_0_0jpg.jpg)
A Special Teacher. Inspiring short stories #18. Motivational & inspirational video. Best short inspirational videos. Inspirational quotes about life and love.Other stories from the motivational series that may interest you:#1: A Glass of Milk https://youtu.be/f7ZsrgU5qpo#2: Building Bridges https://youtu.be/z11Qtbtup7k#3: Human Life Span https://youtu.be/9p8BsGHK7qg#4: When God Made Fathers https://youtu.be/sctpkPRfOWE#5: Digging Up a Garden https://youtu.be/-CZ7i7y5WEY#6: A $1.11 Miracle https://youtu.be/agH2B9Kp22c#7: Weakness or Strength https://youtu.be/9WWyJYfN2yM#8: Law of the Garbage Truck https://youtu.be/76q5IGAaN9Q#9: The Angry Father https://youtu.be/HKItgPLu-ts#10: Your Personal Angel https://youtu.be/W2suHpCXjFw#11: What Goes Around Comes Around https://youtu.be/z7pDopITEmY#12: The House with the Golden Windows https://youtu.be/q_x6xBDAvEU#13: The Cookie Thief https://youtu.be/2AN_WvGcczA#14: Attribute to Mother https://youtu.be/2iAHPt3bA6Q#15: A True Love Story https://youtu.be/EEfJ5t2OV7wGet the book, ‘Top 100 Motivational Stories: The Best Inspirational Short Stories and Anecdotes of All Time’: https://www.bizmove.com/inspiration/m9b.htm
![Tax on a Free Car? [Video]](https://video.ednadigitalmarketing.com/wp-content/uploads/2021/10/mp_3320_0_0jpg.jpg)
If you win a free car, do you have to pay tax on it?Yes.In 2016 a high school senior won a Jeep Renegade for getting all A’s and B’s, but the IRS said she had to pay income tax for receiving the car.In 2004 Oprah Winfrey gave all 276 members of her audience a free car, and everyone got hit with a tax bill.§ 74 of the tax code says prizes and awards are taxable income.Thus, if you win a free car, the IRS will treat the fair market value of the car as taxable income. — 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/
![A Quite Scolding | Inspiring short stories #17 | Motivational & Inspirational Video [Video]](https://video.ednadigitalmarketing.com/wp-content/uploads/2021/10/mp_3315_0_0jpg.jpg)
A Quite Scolding. Inspiring short stories #17. Motivational & inspirational video. Best short inspirational videos. Inspirational quotes about life and love.Other stories from the motivational series that may interest you:#1: A Glass of Milk https://youtu.be/f7ZsrgU5qpo#2: Building Bridges https://youtu.be/z11Qtbtup7k#3: Human Life Span https://youtu.be/9p8BsGHK7qg#4: When God Made Fathers https://youtu.be/sctpkPRfOWE#5: Digging Up a Garden https://youtu.be/-CZ7i7y5WEY#6: A $1.11 Miracle https://youtu.be/agH2B9Kp22c#7: Weakness or Strength https://youtu.be/9WWyJYfN2yM#8: Law of the Garbage Truck https://youtu.be/76q5IGAaN9Q#9: The Angry Father https://youtu.be/HKItgPLu-ts#10: Your Personal Angel https://youtu.be/W2suHpCXjFw#11: What Goes Around Comes Around https://youtu.be/z7pDopITEmY#12: The House with the Golden Windows https://youtu.be/q_x6xBDAvEU#13: The Cookie Thief https://youtu.be/2AN_WvGcczA#14: Attribute to Mother https://youtu.be/2iAHPt3bA6Q#15: A True Love Story https://youtu.be/EEfJ5t2OV7wGet the book, ‘Top 100 Motivational Stories: The Best Inspirational Short Stories and Anecdotes of All Time’: https://www.bizmove.com/inspiration/m9b.htm
![Tell me about yourself. Best answer [Video]](https://video.ednadigitalmarketing.com/wp-content/uploads/2021/10/mp_3312_0_0jpg.jpg)
Here is the formula:Present: Talk a little bit about what your current role is, the scope of it, and perhaps a big recent accomplishment. Past: Tell the interviewer how you got there and/or mention previous experience that’s relevant to the job and company you’re applying for. Future: Segue into what you’re looking to do next and why you’re interested in this gig (and a great fit for it, too).🔥Enroll in my online course “Night Before the Accounting Interview Guide” including All Levels Q&A🔥:https://thefincontroller.com/p/the-night-before-your-accounting-interview-course-for-all-levels📈Get My “Controller KPI Dashboard” (Excel + Course) with the most important P&L and Balance Sheet KPIs:https://thefincontroller.com/p/controller-kpi-dashboard-one-kpi-dashboard-to-run-a-business——————————————————————My Merch:https://the-financial-controller.creator-spring.com⚪️ 🧠 Roger CPA Review Course (get 50% off – Highly recommended): https://www.uworld.com/productreferral.aspx?ukey=8lzsxx2bT8qzYRxekeTKyWQ3d3d⚪️ 📚 Learning//SkillShare (get 2 weeks free): https://www.skillshare.com/r/profile/Bill-Hanna/7521537———————————————————————Hang Out with me on social media:📸 https://www.instagram.com/the_financial_controller/📱https://www.tiktok.com/@thefinancialcontroller🙋🏼♂️https://www.facebook.com/groups/780732429036886/?source_id=101273467885666DISCLAIMER: Links included in this description might be affiliate links. If you happen to purchase a product or service with the links that I provide I may receive a small commission. There is no additional charge to you! Thank you for supporting my channel so I can continue to provide you with free content each week!All views expressed on my channel are mine alone. Not intended as financial or professional advice
![A Gift of Love | Inspiring short stories #16| Motivational & Inspirational Video [Video]](https://video.ednadigitalmarketing.com/wp-content/uploads/2021/10/mp_3309_0_0jpg.jpg)
A Gift of Love. Inspiring short stories #16. Motivational & inspirational video. Best short inspirational videos. Inspirational quotes about life and love.Other stories from the motivational series that may interest you:#1: A Glass of Milk https://youtu.be/f7ZsrgU5qpo#2: Building Bridges https://youtu.be/z11Qtbtup7k#3: Human Life Span https://youtu.be/9p8BsGHK7qg#4: When God Made Fathers https://youtu.be/sctpkPRfOWE#5: Digging Up a Garden https://youtu.be/-CZ7i7y5WEY#6: A $1.11 Miracle https://youtu.be/agH2B9Kp22c#7: Weakness or Strength https://youtu.be/9WWyJYfN2yM#8: Law of the Garbage Truck https://youtu.be/76q5IGAaN9Q#9: The Angry Father https://youtu.be/HKItgPLu-ts#10: Your Personal Angel https://youtu.be/W2suHpCXjFw#11: What Goes Around Comes Around https://youtu.be/z7pDopITEmY#12: The House with the Golden Windows https://youtu.be/q_x6xBDAvEU#13: The Cookie Thief https://youtu.be/2AN_WvGcczA#14: Attribute to Mother https://youtu.be/2iAHPt3bA6Q#15: A True Love Story https://youtu.be/EEfJ5t2OV7wGet the book, ‘Top 100 Motivational Stories: The Best Inspirational Short Stories and Anecdotes of All Time’: https://www.bizmove.com/inspiration/m9b.htm
![AICPA Town Hall Series – October 7 Edition [Video]](https://video.ednadigitalmarketing.com/wp-content/uploads/2021/10/mp_3262_0_0jpg.jpg)
AICPA Town Hall Series – October 7 Edition
![Profitability Ratios – Meaning, Formula, Calculation & Interpretations [Video]](https://video.ednadigitalmarketing.com/wp-content/uploads/2021/10/mp_3244_0_0jpg.jpg)
This comprehensive tutorial covers everything you need to know about profitability ratios, from their definitions to formulas, calculations, and interpretations. Ratios such as gross profit margin, operating profit margin, net profit margin, return on total assets, and return on total equity will be discussed in this tutorial.What are Profitability Ratios?——————————————–Profitability ratios are used to determine and evaluate a company’s ability to generate income against the expenses it incurs. When evaluating its performance, these ratios consider various elements of the company’s balance sheet and profit and loss account.Profitability Ratios Formulas——————————————–Gross Profit Margin = Gross Profit / RevenueOperating Profit Margin = Operating Profit/Net Sales * 100Net Income Margin = Net Profit/Net Sales * 100Return on Total Assets = Operating Profit (EBIT) /Average Total Assets Return on Total Equity = Net Income /Shareholder’s Equity Relevance and Use——————————————— Profitability ratios are used to evaluate a company’s performance by assessing profitability at several levels, such as gross, operating profit, and EBITDA.- At different levels, these ratios illustrate the percentage of sales absorbed by operational expenses. As a result, the lower the operating expense ratio, the higher the profitability, and hence the better the performance.For more details, you can refer to our article – https://www.wallstreetmojo.com/profitability-ratios-formula/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
![How to Account for Petty Cash [Video]](https://video.ednadigitalmarketing.com/wp-content/uploads/2021/10/mp_3232_0_0jpg.jpg)
Some companies set up a petty cash fund (also known as an imprest system) to make small disbursements. For example, a company might put $100 into a petty cash fund in case an employee needs money for postage costs or a client needs money for parking. A company would set up a petty cash fund by writing a check to one of its employees; this person will serve as the custodian of the petty cash fund. The custodian then cashes the check and puts the money in a lockbox or a locked drawer. When money is needed, the custodian must sign off and get the signature of the person receiving the money as well as a receipt. No journal entries are made, however, until the fund is replenished at the end of the period. — 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/
![Gross Profit vs Operating Income [Video]](https://video.ednadigitalmarketing.com/wp-content/uploads/2021/10/mp_3212_0_0jpg.jpg)
Gross profit is equal to net sales minus cost of goods sold. Thus, gross profit is the company’s profit after accounting for the cost of making or buying inventory.Operating income, on the other hand, is equal to net sales minus cost of goods sold and operating expenses (SG&A expense, R&D expense, etc.). Operating income is sometimes referred to as EBIT (earnings before interest and taxes). But operating income is only equal to EBIT when the company doesn’t have any nonoperating revenues/expenses other than interest.— 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/
![A&A Update with Brad Muniz – 10/5/21 | IssuesWatch Podcast [Video]](https://video.ednadigitalmarketing.com/wp-content/uploads/2021/10/mp_3209_0_0jpg.jpg)
Our latest 10-minute accounting and auditing update provides a speed round on various FASB, AICPA, CAQ and PCAOB updates:FASB ASU 2021-06 – https://www.fasb.org/cs/Satellite?c=Document_C&cid=1176177037677&pagename=FASB%2FDocument_C%2FDocumentPageFASB Disclosure of Supplier Finance Program Obligations – https://www.fasb.org/jsp/FASB/FASBContent_C/ProjectUpdateExpandPage&cid=1176175475663FASB Exposure Draft: Fair Value Measurement of Equity Securities Subject to Contractual Sale – https://www.fasb.org/jsp/FASB/Document_C/DocumentPage?cid=1176177297732&acceptedDisclaimer=trueAICPA SAS 134 – Auditor Reporting and Amendments – https://www.aicpa.org/content/dam/aicpa/research/standards/auditattest/downloadabledocuments/sas-134.pdfCAQ – How Climate-Related Risk Considerations Intersect with the Audited Financial Statements – https://www.thecaq.org/news/center-for-audit-quality-resource-highlights-how-climate-related-risk-considerations-intersect-with-the-audited-financial-statements/AICPA Exposure Draft: Unpaid Fees – https://www.aicpa.org/content/dam/aicpa/interestareas/professionalethics/community/exposuredrafts/downloadabledocuments/2021/2021-September-unpaid-fees.pdfAICPA Exposure Draft: Accounting Standards Implementation Services – https://www.aicpa.org/content/dam/aicpa/interestareas/professionalethics/community/exposuredrafts/downloadabledocuments/2021/2021-september-accounting-standards-implementation.pdfPCAOB Solicits Additional Public Comment on Proposed New Requirements for Lead Auditor’s Use of Other Auditors – https://pcaobus.org/news-events/news-releases/news-release-detail/pcaob-solicits-additional-public-comment-on-proposed-new-requirements-for-lead-auditor-s-use-of-other-auditorsPCAOB Adopts Rule to Create Framework for HFCAA Determinations – https://pcaobus.org/news-events/news-releases/news-release-detail/pcaob-adopts-rule-to-create-framework-for-hfcaa-determinationsU.S. Department of Labor to assess employee benefit plan audits – https://www.njcpa.org/article/2021/09/14/dol-to-conduct-audit-quality-assessment-of-2020-plan-year-filings Additional resources:AICPA Ethically Speaking Podcast – https://www.aicpa.org/interestareas/professionalethics/ethically-speaking.htmlOct. 6 Webinar: What CPAs Need to Know About ESG – https://njcpa.org/plusESG Knowledge Hub – https://njcpa.org/hub/esgJoin the NJCPA Accounting & Auditing Interest Group – https://njcpa.org/groups#IssuesWatch #Podcast #cpa #njcpa #audit #auditing #accounting #fasb #aicpa==============================================================Watch all IssuesWatch Podcast episodes at https://www.youtube.com/playlist?list=PLJ2syuG5TiiZOFQdURLJUDzGJVz17ZPthSUBSCRIBE FOR MORE CPA VIDEO TIPS AND NEWS – https://www.youtube.com/c/njcpa?sub_confirmation=1LET’S CONNECT:NJCPA http://www.njcpa.orgFACEBOOK https://www.facebook.com/njscpaTWITTER https://twitter.com/njcpaLINKEDIN https://www.linkedin.com/grp/home?gid=165152INSTAGRAM https://www.instagram.com/thenjcpa
![A True Love Story | Inspiring Short Stories #15 | Motivational & Inspirational Video [Video]](https://video.ednadigitalmarketing.com/wp-content/uploads/2021/10/mp_3206_0_0jpg.jpg)
A True Love Story. Inspiring short stories #11. Motivational & inspirational video. Best short inspirational videos. Inspirational quotes about life and love.Other stories from the motivational series that may interest you:#1: A Glass of Milk https://youtu.be/f7ZsrgU5qpo#2: Building Bridges https://youtu.be/z11Qtbtup7k#3: Human Life Span https://youtu.be/9p8BsGHK7qg#4: When God Made Fathers https://youtu.be/sctpkPRfOWE#5: Digging Up a Garden https://youtu.be/-CZ7i7y5WEY#6: A $1.11 Miracle https://youtu.be/agH2B9Kp22c#7: Weakness or Strength https://youtu.be/QYrMv-rLPR0#8: Law of the Garbage Truck https://youtu.be/76q5IGAaN9Q#9: The Angry Father https://youtu.be/HKItgPLu-ts#10: Your Personal Angel https://youtu.be/W2suHpCXjFw#11: What Goes Around Comes Around https://youtu.be/z7pDopITEmY#12: The House with the Golden Windows https://youtu.be/q_x6xBDAvEU#13: The Cookie Thief https://youtu.be/2AN_WvGcczA#14: Attribute to Mother https://youtu.be/2iAHPt3bA6Q#15: A True Love Story https://youtu.be/EEfJ5t2OV7wGet the book, ‘Top 100 Motivational Stories: The Best Inspirational Short Stories and Anecdotes of All Time’: https://www.bizmove.com/inspiration/m9b.htm