GASB Issues Rules for Accounting for Certain Debt Extinguishment

  GASB issued a new standard for state and local government to apply when accounting for extinguishment of debt prior to its maturity. Current GASB standards already provide guidance for accounting and reporting when cash and other monetary assets acquired with the proceeds of refunding bonds are placed in a trust for the future repayment of outstanding debt. See full story on intuitiveaccountant.com

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Accounting and Bookkeeping Principles Defined

Every small business owner should have at least some understanding of daily record-keeping practices and principles. Even if you hire an accountant to manage your books, you need to have a basic knowledge of how things work to ensure they’re being processed correctly. Here are some of the basic accounting and bookkeeping principles defined in simple terms. With the cash basis of accounting, income is recorded when its received, and expenses are recorded as theyre paid. The cash method does not take into account any accounts receivable or accounts payable.…

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Using a Vehicle for Business: Q&A

Using a Vehicle for Business: AIRS rules and exceptions abound, but there are some questions we can answer simply.Next to your home, your car is probably the most expensive investment you make. And the costs of paying for and maintaining it can be considerable. Can you recoup some of your investment by claiming vehicle expenses on your tax return?Sometimes. The IRS has many restrictions on the business use of a vehicle, and those restrictions have many exceptions. Better to know these upfront than to have to correct a tax return…

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