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?
In general, the accounting for cryptocurrencies in a business’s financial statements will depend on how the business is using the cryptocurrencies. If the business is holding cryptocurrencies as an investment, they would be accounted for similar to other investments, such as stocks or bonds. The initial purchase price would be recorded as the cost of… Continue reading How to Value Crypto in Your Books
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?
Find out the current sales tax rate in Colorado Springs. Learn more about how sales tax is calculated in Colorado and information about exemptions.
This article explores the similarities between sales taxes and flat taxes, including how both taxes are used, how they are calculated, and who is affected.
Discover 10 essential tax deductions for car dealerships. Learn how to reduce tax liabilities and optimize the financial health of your business.
Net asset value (NAV) is a measure of the market value of a company’s assets, minus its liabilities. It is often used to evaluate the performance of investment funds, such as mutual funds and exchange-traded funds (ETFs), as it provides a way to compare the value of the fund’s underlying assets to the price at… Continue reading How does NAV(Net Asset Value) apply to NFTs?
Finding a crypto accountant can be a daunting task, but it is an important step for anyone involved in the cryptocurrency industry. A crypto accountant is a professional who specializes in the unique accounting and tax implications of cryptocurrency transactions. In this article, we will provide some tips on how to find a crypto accountant… Continue reading How to Find a Crypto Accountant
Digital assets are mistrusted by many accountants. They are, however, fundamental to the growing Web3 vision of the internet, e-commerce, and peer-to-peer transactions. And Accounting for NFTs is vital to achieving errorless accounting for digital assets. Moreover, it can prove that a person owns tangible, intangible, and digital assets. NFTs are useful for much more… Continue reading Accounting for NFTs: Key Components & Challenges