There are several considerations that companies must take into account when accounting for expenses in their foreign subsidiaries. These include the following: Local accounting standards Each country has its own set of accounting standards that must be followed when preparing financial statements. It is important for companies to understand and comply with these standards in… Continue reading How to Account For Expenses In a Foreign Subsidiary

In a world dominated by digital content, influencers and content creators stand at the forefront, weaving stories that captivate and resonate with audiences across the globe. Behind the scenes, however, lies a crucial aspect that often takes a back seat amidst the creative chaos – bookkeeping and accounting.  As you embark on your journey of… Continue reading Bookkeeping and Accounting Tips for Influencers & Content Creators 2024

Cryptocurrency is a growing asset class, and many investors are beginning to take notice. However, with the potential for returns comes the potential for taxation—namely, crypto mining taxes. As such, understanding how to avoid this type of taxation is essential for any investor looking to maximize their profits. This article will provide a comprehensive guide… Continue reading How to Avoid Crypto Mining Taxes?

Who doesn’t like to receive a gift, especially if it’s crypto? But would you like to pay tax on your gift? Your answer is probably no. So are crypto gifts taxable? How to report your cryptocurrency gift on your tax return? Also, is gifting crypto taxable? There may be more questions than answers in your… Continue reading Crypto Gift Taxes : Everything to Know

The IRS classifies cryptocurrency as a regular asset, just like any other form of property. The government penalizes this asset with a hefty tax, either as a regular paycheck, like income or as a substantial capital gain. This means that if you sell it and make a profit, you will normally have to pay taxes… Continue reading Avoid Crypto Taxes: Keeping Your Profits – Legally

It’s no secret that the cryptocurrency sector is one of the fastest-growing in the world. So isn’t it strange that there is no tax form specifically for reporting annual crypto earnings and losses at present? Cryptocurrency exchanges and trading platforms have given individual investors their tax information through different crypto tax forms 1099 (1099-MISC, 1099-B,… Continue reading Form 1099-DA: The Next Generation of Crypto Tax Returns

In the heart of every thriving small business lies the pulse of cash flow, an essential factor in sustaining operations and fostering growth. Imagine this: You’re a dedicated small business owner navigating the challenging landscape of entrepreneurship, striving to keep the wheels turning smoothly.  Amid your journey, you encounter a financial puzzle – the art… Continue reading What is Invoice Factoring and how does it work?

Petty cash is a financial management tool that plays a crucial role in facilitating day-to-day business operations. Often referred to as a small fund reserved for minor expenses, petty cash provides a convenient and efficient means for companies to handle small transactions without the need for formal requisitions or complex approval processes. This readily available… Continue reading What is Petty Cash?

In the bustling world of small businesses, entrepreneurs embark on a journey filled with dreams, challenges, and the pursuit of success. As you navigate the intricate landscape of your venture, one indispensable tool that can illuminate the financial path ahead is the Profit and Loss (P&L) statement.  Imagine this document as your business’s financial story,… Continue reading A Business Owner’s Guide to Reading Profit and Loss Statements

If you are into crypto, you must’ve heard about airdrops. It’s a popular promotion tactic used by crypto businesses. But are airdrops taxable? This post explains airdrop taxes and other relevant, essential information. So, whether you’re a crypto enthusiast or a pro, you will find this post helpful. Let’s dig in! What is an Airdrop?… Continue reading Airdrop Taxes 101: Guide to Crypto Airdrop Taxes

In the bustling world of small businesses in the United States, where dreams are nurtured and aspirations take flight, a silent financial hero plays a pivotal role in shaping success. Imagine this hero as the bedrock of your company’s financial fortress, quietly accumulating strength over time. This unsung champion is none other than retained earnings—the… Continue reading What is Retained Earnings

What is DeFi? If you’ve heard the words “DeFi” floating around, you may wonder what it is and how it relates to cryptocurrency. DeFi stands for decentralized finance, a type of financial service or application that uses blockchain technology and cryptocurrencies to remove third-party intermediaries like banks and other financial institutions from the equation. The… Continue reading How is DeFi taxed?