Did you realize that some companies actually utilize two sets of books? Companies often have a set of books for income taxes and one to comply with Generally Accepted Accounting Principles (GAAP). There are numerous differences that exist between accounting for income taxes and GAAP.
Qualified retirement plans are intended to provide income to participants when they reach retirement age. Required minimum distributions (RMDs) are the distributions that must be made from the retirement plan in order to meet regulations and avoid significant penalties. The IRS requir
As a business, you are required to keep documents for a period of time. These records can take up a lot of storage; whether that be in your office or on your computer hard drive. The general rule of for record retention is seven years, with some exceptions. Below are some recommended