The beginning point for the determination of income, including income from whatever sources derived. Any amount a corporation pays to a shareholder to directly or indirectly buy back its stock. Movement from public ownership to private ownership of a COMPANY’s shares either by the company’s repurchase of shares or through purchases by an outside private investor. Standards set by the AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS (AICPA) which concern the AUDITOR’S professional qualities and judgment in the performance of his or her AUDIT and in the actual report. Collection of all ASSET, LIABILITY, owners EQUITY, REVENUE, and expense accounts.
Trial Balance
Downturn in economic activity, defined by many economists as at least two consecutive quarters of decline in a country’s gross national product. An entity that holds a fixed pool of mortgages and issues multiple classes of interests in itself to investors. A qualified REMIC is generally taxed like a partnership, unless it takes contributions after its start up day or engages in a prohibited transaction.
Specific Identification Method
- Also, for tax purposes, an excess of basis over the amount realized in a transaction.
- A balance sheet that projects the financial position of a business for a future period.
- During bankruptcy, the debtor’s assets are held and managed by a court appointed TRUSTEE.
- Income item which is excluded from a taxpayer’s gross income by the INTERNAL REVENUE CODE or an administrative action.
- It includes features such as payroll and inventory management, along with various other accounting features.
- The total amount of sales for cash and on credit accumulated during a specific accounting period.
A form that specifies the number of EXEMPTIONS claimed by each employee and that gives the employer the authority to withhold money for an employee’s FEDERAL INCOME TAXES and Federal Insurance Contributions Act (FICA) taxes. In a public offering of new SECURITIES, price at which investment bankers in the underwriting syndicate agree to sell the issue to the public. The ability to increase earnings for stockholders by earning more on ASSETS than is paid in INTEREST on DEBTincurred to finance the assets. Taxpayers meeting statutory requirements MUST file various returns on the prescribed forms. And they must be filed timely or the y may not be considered as filed. Federal law enacted in 1971 giving persons the right to see their credit records at credit reporting bureaus.
Treasury Bond
Percentage of a firm’s profits that is paid out to shareholders in the form of DIVIDENDS. In capital budgeting; the length of time needed to recoup the cost of capital investment. These dividends are amounts paid by a cooperative to its members and customers based on the quantity or value of business conducted with or for the members during the tax year.
Doctrine that interference of government in business and economic affairs should be minimal. Writing checks against a bank account with insufficient funds to cover them, hoping that the bank will receive deposits before the checks arrive for clearance. Business-owned life insurance contract typically on the lives of principal officers that normally provides for guaranteed death benefits to the company and the accumulation of a cash surrender value. When two or more persons or organizations gather CAPITAL to provide a product or service.
Underlying Debt
Money accumulated on a regular basis in a separate custodial ACCOUNT that is used to redeem DEBT securities or PREFERRED STOCK issues. This type of TRUST is required to distribute all its income currently, whether or not the TRUSTEE actually does so, and it has no provision in the trust instrument for charitable contributions. A trust may be a simple trust in one year and a complex trust in another year. In the year in which the trust distributes its corpus, it loses its classification as a simple trust. BOND INTEREST payment covering less than the conventional six-month period.
Modified Accelerated Cost Recovery System
For heritage acts, our advanced services will help you organise your finances to support your future and your family. We always aim to support our clients for the entirety of their careers and beyond. When it comes to planning for the future, with the help of our expansive professional network, we’ll put music business accountant you in touch with reliable overseas accountants and tax advisors. Our royalty experts undertake audits of record companies, music publishers and other companies within the music industry. They can provide a full audit including a detailed audit report or a desktop review with a summary of findings.
Person who is given legal title to, and management authority over, the property placed in a TRUST. Ancient legal practice where one person (the GRANTOR) transfers the legal title to an ASSET, called the principal or corpus, to another person (the TRUSTEE), with specific instructions about how the corpus is to be managed and disposed. A comparison of the total of DEBIT and CREDIT balances in the LEDGER to check that they are equal. Agent, usually a commercial bank, appointed by a COPORATION, to maintain records of stock and BOND owners, to cancel and issue certificates, and to resolve problems arising from lost, destroyed, or stolen certificates.
- The excess of REVENUES over all variable costs related to a particular sales volume.
- An approach to product costing that assigns a representative portion of all types of manufacturing costs–direct materials, direct labor, variable factory overhead, and fixed factory overhead–to individual products.
- The act or an instance of purchasing essential products or services from another COMPANY.
- At this stage in your career, our royalties team will provide audits highlighting what you’re owed, whether you’re a performer, songwriter, or publisher.
- Making the move into working with music creators meant scheduling around day jobs (for those who weren’t full-time yet) and tour dates.
- An operating environment in which a company’s product or service meets a customer’s specifications the first time it is produced or delivered.
- Method of ACCOUNTING in which the values that arise from an acquisition are transferred or “pushed down” to the accounts of an acquired company.