Describe two specific accounting methods that are treated as initiated by the taxpayer without any need for
Question:
Describe two specific accounting methods that are treated as initiated by the taxpayer without any need for consent of the IRS when the business qualifies under the gross receipts test.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 62% (8 reviews)
Businesses qualifying under the gross receipts test can elect ...View the full answer
Answered By
Lamya S
Highly creative, resourceful and dedicated High School Teacher with a good fluency in English (IELTS- 7.5 band scorer) and an excellent record of successful classroom presentations.
I have more than 2 years experience in tutoring students especially by using my note making strategies.
Especially adept at teaching methods of business functions and management through a positive, and flexible teaching style with the willingness to work beyond the call of duty.
Committed to ongoing professional development and spreading the knowledge within myself to the blooming ones to make them fly with a colorful wing of future.
I do always believe that more than being a teacher who teaches students subjects,...i rather want to be a teacher who wants to teach students how to love learning..
Subjects i handle :
Business studies
Management studies
Operations Management
Organisational Behaviour
Change Management
Research Methodology
Strategy Management
Economics
Human Resource Management
Performance Management
Training
International Business
Business Ethics
Business Communication
Things you can expect from me :
- A clear cut answer
- A detailed conceptual way of explanation
- Simplified answer form of complex topics
- Diagrams and examples filled answers
4.90+
46+ Reviews
54+ Question Solved
Related Book For
Taxation Of Individuals And Business Entities 2021
ISBN: 9781260247138
12th Edition
Authors: Brian Spilker, Benjamin Ayers, John Barrick, Troy Lewis, John Robinson, Connie Weaver, Ronald Worsham
Question Posted:
Students also viewed these Business questions
-
1. Was Starbucks clearly negligent without any need for witnesses? 2. Who else may have been negligent?
-
Compare and contrast the different accounting methods that are available to construction companies.
-
Oglesby Service Corporation has three divisions that are treated as profit centers. The Printing division provides services to the other two divisions, as well as to external customers. In the middle...
-
QUESTION-3 (20 PTS): 3. What is a bond? Explain the relationship between bond interest rates and bond yields. Also briefly list the important parameters (variables) in a bond issuance/transaction?
-
Stevens manufactures component parts for the Department of Defense (DOD). There are a number of "C" that are used for the product structure. The Skid Brace Tube (SBT) is one such component part....
-
You are inside a spaceship in deep space, far away from any stars. Your engines are off and you believe that your spaceship is stationary. You look out and see Phil and Victor approaching you from...
-
The SEC (Securities and Exchange Commission) is investigating a financial services company. The company being investigated has 86 brokers. The SEC decides to review the records for a random sample of...
-
The COSO internal control framework identifies five internal control components. Which of those components is most relevant to the procedures that SOX mandates public companies establish to enable,...
-
How can HRMs use metrics to measure the success of the recruiting and selection processes? List 3 metrics that you view as most relevant.
-
The first seven transactions of Frontier Advertising, Inc., have been posted to the companys accounts: Requirement Prepare the journal entries that served as the sources for the seven transactions....
-
Stephanie began her consulting business this year, and on April 1 Stephanie received a $9,000 payment for full payment on a three-year service contract (under the contract Stephanie is obligated to...
-
Sarah is a cash-method calendar-year taxpayer, and she is considering making the following cash payments related to her business. Calculate the after-tax cost of each payment assuming she has a 37...
-
Diderot Stores Inc., which uses the conventional retail inventory method, wishes to change to the LIFO retail method beginning with the accounting year ending ?December 31, 2020. Amounts as shown...
-
Which best describes Six Sigma? a. It reduces errors throughout the production process. b. It improves customer satisfaction. c. It identifies potential errors. d. It obtains near perfection through...
-
Which marketing era reflects the marketing philosophy of companies that give away a product to someone in need for every product purchased? a. Production concept era b. Sales concept era c. Societal...
-
Define: Young modulus, elastic limit, proportional limit, yield point, ultimate point, breaking point, modulus of rigidity, bulk modulus, and Poissons ratio.
-
Forecasting is the process that determines the future demand for employees. a) True b) False
-
Not-for-profit companies do not need marketing campaigns. a) True b) False
-
Charles has AGI of $50,000 and has made the following payments related to (1) land he inherited from his deceased aunt and (2) a personal vacation taken last year. Calculate the amount of taxes...
-
In a paragraph of approximately 150-200 words, analyze a film or TV/Streaming Show poster of your choosing by focusing on the ways in which representations in the poster are gendered. Include an...
-
Sylvester files as a single taxpayer during 2023. He itemizes deductions for regular tax purposes. He paid charitable contributions of $7,000, real estate taxes of $1,000, state income taxes of...
-
Lacy is a single taxpayer. In 2023, her taxable income is $48,000. What is her tax liability in each of the following alternative situations? All of her income is salary from her employer. Her...
-
In 2023, Janet and Ray are married filing jointly. They have five dependent children under 18 years of age. Janet and Rays taxable income (all ordinary) is $2,400,000 and they itemize their...
-
3. Show that : -3t = y 3 sin(t) cos(t) + e is a solution to the differential equation y' + 3 y 10 sin(t)
-
The United States, Austrailia, Canada, and the United Kingdom cluster high on individualism but low on power distance on Hofstede\'s cutlutral graph. What does this mean to someone looking to market...
-
Mini-garden project Week one of the mini-garden project involved Sacha and her fellow pre-schoolers planting sunflower seeds into the outdoor garden bed. Each child in the activity has been assigned...
Study smarter with the SolutionInn App