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Archive for January, 2021
Individual Taxpayer Identification Number ITIN Reminders for Tax Professionals Internal Revenue Service
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They don’t entitle the taxpayer to Social Security benefits, stimulus payments, or other benefits. If you are not a U.S. citizen and do not have a Social Security number, learn how to get and use an Individual Taxpayer Identification Number (ITIN) to file a federal tax return. If you attached Form W-7 to your tax return […]
General Ledger Accounting
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The accountant would then increase the asset column by $1,000 and subtract $1,000 from accounts receivable. The equation remains in balance, as the equivalent increase and decrease affect one side—the asset side—of the accounting equation. When a company receives payment from a client for the sale of a product, the cash received is tabulated in […]
Accounting for manufacturing businesses
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A manufacturing business operates with complexities in the world of making things, from toys to tools. The manufacturing process needs careful accounting to keep everything running smoothly. This lecture will clarify how to prepare the income statement for a manufacturing company. Some of the benefits of having a Manufacturing account include increased efficiency, improved cash […]