Brandon Mitchell
An Individual Taxpayer Identification Number (ITIN) is a tax processing number issued by the U.S. Internal Revenue Service (IRS). The IRS issues ITINs to individuals who are not eligible to obtain a Social Security number (SSN) including unauthorized immigrants as well as lawfully present individuals.
Revenue Cycle The concept of cycle helps the auditor review both the income and balance sheet accounts related to most transactions of the organization and thus provides a convenient way to organize accounting transactions for audit testing and evaluation. There is no such thing as a typical revenue and collection cycle. Companies can come in...
The expenditure cycle is a type of process that helps define what the purchase is from the moment a business or consumer decides a purchase of a particular good or service is necessary, to the point where the purchase is paid in full.
The engagement letter documents and confirms the auditor’s acceptance of the appointment, the objective and scope of the audit, the extent of the auditor’s responsibilities to the client and the form of any reports.
The qualified business income deduction (QBI) also called Section 199A is a tax break that allows eligible self-employed and small-business owners to deduct up to 20% of their qualified business income.
Copyright by Seven Hills CPA. All rights reserved.
Copyright by Seven Hills CPA. All rights reserved.
