Gains from payments received in 2002 and subsequent tax years are taxed as long-term capital gains at the rate of 2%. South Carolina taxes capital gains as income and both are taxed at the same rates. On long-term capital gains, taxpayers are allowed a deduction…

Tech companies have been scrambling to address the threat, but organizations and consumers should immediately patch any applications or systems affected by it, if possible, according to cybersecurity experts. Stephen Cavey, co-founder of Ground Labs, a cybersecurity firm in Singapore, said that while it is…

This centralized hub allows you to sync your transactions, reconcile your accounts, and manage your deposits efficiently. Now, let’s explore the step-by-step process of recording deposits in QuickBooks Online. By following these guidelines, you’ll be well-equipped to maintain accurate financial records and effectively manage your…

You can manually add funds to deposits in the bottom section of the Bank Deposit screen. You need to enter these manually (assets, liabilities and equity to accounts) since these don’t come from sales forms. There are a few ways to enter bank deposits in…

The face value and carrying amount of these receivables stand at $1 million, with the selling price at $0.9 million. After the transaction, Entity A absorbs the first 1.8% of credit losses across the portfolio, with the Factor covering the remainder. Historically, the average credit…

During production, the materials processed by workers and machines become partially manufactured products. At any time during production, these partially manufactured products are collectively known as work in process (or goods in process). For example, if accountants compute the inventory when the company has partially…

This number, created from estimates, is seen by Buffett as likely to run off into a distant horizon. The stock portfolio comes with a large deferred tax liability, with some long term positions like Coca-Cola (KO) and American Express (AXP) consisting of well over 90%…

It is calculated by subtracting all the costs of doing business from a company’s revenue. Those costs may include COGS and operating expenses such as mortgage payments, rent, utilities, payroll, and general costs. Other costs deducted from revenue to arrive at net income can include investment…

At Soho, our objective is to cater to the needs of our clients and help them see the real-time picture of their business. Akash Devasar & Co is a Singapore-based company well known for its professional services for accounting and bookkeeping services. As for the…

To receive guidance from our tax experts and community. Yes, as long as you have a separate account set up for each person you are preparing a return for, which I am assuming you are. I hope I am interpreting your question correctly. And if…