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Resources for Accountants

Take or pay Contract Clause: Part 2 [Video]

Take or pay Contract Clause: Part 2

In this video, you will learn some details about the take or pay contractual clause.

Chapters:
00:00 – Introduction
00:32 – Benefits
01:56 – Risks
02:33 – Negotiation of take or pay clause
03:38 – Conclusion

Benefits
If the buyer rejects the good, the seller gets paid, and they are free to sell the goods to other buyers. So, it’s a win for them.

The take or pay clause also makes it easier for sellers to get financing from banks to fulfill the order as they have payment guarantees.

On the other hand, the buyer also gets benefitted from the take or pay clause as they get the goods for long-term at a fixed rate.

(Explained in detail in the video)

Risks
The contracts that involve such clauses are often long-term contracts. So in case, there’s a drastic change in the future, like Brexit, a pandemic, or anything else, the contracts may not be beneficial to the parties.

In such scenarios, the parties may choose to terminate the contract, or they may renegotiate the terms.

The risk here is that this has to be done by both parties and not just by one.

Negotiation of take or pay clause
Here are some conditions under which renegotiations can happen:
Force Majeure Clause (Act of God)
Price Clause (Escalation Clause)
Review Clause (Renegotiations)

This was all about the topic of the take or pay clause. Subscribe to the channel so that you don’t miss out on our content, and don’t forget to give this video a like.

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Categories
Resources for Accountants

2022 IRS Nationwide Tax Forum begins July 19 [Video]

2022 IRS Nationwide Tax Forum begins July 19https://www.irs.gov/newsroom/2022-irs-nationwide-tax-forum-begins-july-19http://accountinginstruction.com/The Internal Revenue Service today announced the 2022 IRS Nationwide Tax Forum will be held virtually over five weeks starting July 19, with a series of live-streamed webinars every Tuesday, Wednesday and Thursday.Held each summer for more than 30 years, the IRS Nationwide Tax Forum is the IRS's marquee outreach event to the tax professional community. Even as some areas of the country are lifting limits on indoor gatherings, the IRS will once again present the Nationwide Tax Forum in a virtual format out of an abundance of caution.The virtual format allows experts from the IRS and its association partners to educate and update the tax professional community on tax law, professional ethics, virtual currency, collection issues and many other topics. Registering and attending these virtual seminars will allow many to fully satisfy their annual continuing education requirements.Tax professionals are encouraged to register now to take advantage of this virtual program.Seminar dates and agendaThe 2022 IRS Nationwide Tax Forum will begin on July 19, and continue through August 18, with live-streamed webinars broadcast on Tuesdays, Wednesdays and Thursdays. Registration enables attendees to participate in all of the live webinars earning up to 28 continuing education credits.The IRS Nationwide Tax Forum will feature a keynote address from Commissioner Charles P. Rettig, a plenary session with tax law and publications updates and multiple sessions on high-interest topics. Presentations are made by both IRS experts and partner associations.This year four seminars, including the plenary session and an ethics webinar, will be offered both in English and Spanish. Additional multilingual resources will be available for attendees in the Virtual Expo.Course details, including webinar titles, descriptions and schedule will be available soon.2022 registration and feesTax professionals who register by 5 p.m. ET on June 15, qualify for an Early Bird rate of $240 per person. The standard rate starting June 16, will be $289.Discounts for national association membersMembers of the IRS national partner associations listed below qualify for a discount of $10 off the Early Bird rate, but only if they register by June 15. Participating association members should contact their association directly for more information:American Bar Association (ABA) Section of TaxationAmerican Institute of Certified Public Accountants (AICPA)National Association of Enrolled Agents (NAEA)National Association of Tax Professionals (NATP)National Society of Accountants (NSA)National Society of Tax Professionals (NSTP)Low Income Taxpayer Clinics (LITC)Volunteer Income Tax Assistance Program (VITA)Virtual Expo and focus groupsRegistration at the 2022 IRS Nationwide Tax Forum includes access to the Virtual Expo. The Virtual Expo provides a great opportunity to visit with exhibitors representing dozens of commercial leaders in tax software and financial services, as well as leading national associations and several key IRS offices. Highlights of the Virtual Expo include:The latest tax products and softwareRepresentatives from IRS program offices in the IRS Zone, including expanded resources for multilingual engagementBonus Q&A sessions in the Speaker's Corner after each live sessionLive webinars from many of our sponsorsIn addition, attendees are invited to share their experiences and discuss innovative ideas directly with the IRS in numerous small, virtual focus groups. Please check 2022 IRS Nationwide Tax Forum registration page for the list of topics and qualifying criteria.

Categories
Resources for Accountants

Accountant or Bookkeeper? Which Role Is Right for You [Video]

Become a Controller; enroll in the Controller Academy 🚀 https://controller-academy.com/courses/controller-academy This video will be your ultimate guide on the differences But more importantly, I am gonna focus on how you can make high 6 figures with either of these 2 professions So here is our agenda: we'll take a look at the Job responsibilities of both the bookkeeper and the accountant We'll talk about the education requirements And then, I'll tell you How you can earn high 6 figures regardless of whether you chose to be a bookkeeper or an Accountant Time Stamps: 00:00 Intro 00:27 Agenda 00:46 1. Job Responsibilities 02:23 2. Education Requirements 04:07 3. How Accountants Make $100K plus 06:37 4. How Bookkeepers Make $100K plus ----------------------------------- Hang Out with me on social media: 📸 https://www.instagram.com/the_financial_controller/ 📱https://www.tiktok.com/@thefinancialcontroller https://www.linkedin.com/in/bill-hanna-cpa-7653a851/ DISCLAIMER: 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