What is the QBI deduction, and secondly, what is all the hoopla about it? The QBI deduction, also referred to as Section 199A (the section of the Internal Revenue Code), allows eligible taxpayers to deduct up to 20% of their…
The Tax Cuts and Jobs Act (TCJA) was signed into law on December 22, 2017 by President Donald J. Trump. The passing of this act was the most significant tax code overhaul in over 30 years. Substantial changes to the…
Financial statements may be used by different stakeholders for a multitude of purposes. Owners and managers require financial statements to make important business decisions affecting its continued operations. Financial analysis is then performed on these statements, providing management with a more…
Financial statements are prepared according to agreed upon guidelines. In order to understand these guidelines, it helps to understand the objectives of financial reporting. The objectives of financial reporting, as discussed in the Financial Accounting standards Board (FASB) Statement of…