Rather, a grant or other payment from a governmental unit is reported here if its primary purpose is to enable the organization to provide a service to, or maintain a facility for, the direct benefit of the public rather than to serve the direct and immediate needs of the governmental unit. In other words, the …
Understanding IRS Form 990: An Essential Guide for Non-Profit Organizations Read More »
The fee is typically paid upfront and is used to secure the services of the lawyer. The lawyer then draws on this retainer as they provide legal services to the client. Once the retainer is depleted, the client may be required to pay additional fees to continue receiving legal services. Unearned retainer fees are upfront …
Before their implementation, accounting practices were inconsistent, resulting in unreliable financial statements. ARBs played a pivotal role in standardization, laying the groundwork for frameworks like Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). The primary objective of ARBs was to create a framework that addressed conflicting accounting practices. By narrowing interpretive latitude, …
When dealing with taxes, choosing the right professional can make a significant difference in your financial and legal outcomes. Tax attorneys and certified public accountants (CPAs) both offer specialized expertise, but their roles serve distinct purposes. A CPA focuses on tax preparation, accounting, and financial planning, while a tax attorney provides legal counsel, represents clients …
