Reporting cash transactions
Article Abstract:
Entities that receive over $10,000 in cash in the course of a trade or business transaction must disclose the transaction to the IRS on Form 8300. With the IRS announcing its plan to make surprise visits to businesses, it is paramount that these cash recipients report the transactions to avoid stiff penalties. To help them in this activity, management accountants must learn the applicable cash reporting rules and teach these provisions to other employees ensure that their employers will not be subject to fines and penalties. Transactions that may be reported include sale of goods or services, sale of real property, sale of intangible property, rental of real or personal property, exchange of cash for other cash, payment of a preexisting debt and reimbursement for expenses paid. Exceptions are available to certain kinds of loan, installment sale and down payment sale.
Publication Name: Management Accounting (USA)
Subject: Business, general
ISSN: 0025-1690
Year: 1995
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Planning: the key to small business survival
Article Abstract:
Planning is essential for the success of small businesses. Potential business owners must begin by evaluating their reasons for starting the business and their ability to make this succeed. The next step is to write a business plan. The plan should specify the company's goals for the first year of operations followed by general objectives for the second and third years. In addition, the business plan must include a title page, table of contents, executive summary, company overview, financial information and capital requirements. After the business plan is established, the product or services to be provided by the company must be tested in the real market. Aside from this, the business plan should be shown to qualified business people for evaluation. Finally, business owners should decide on the amount of equity and debt financing to use.
Publication Name: Management Accounting (USA)
Subject: Business, general
ISSN: 0025-1690
Year: 1993
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Tax planning for pension plans
Article Abstract:
Defined benefit pension plans need to meet minimum funding requirements if they are to qualify for tax advantages. The funding requirements are mandated to ensure that employers contribute sufficient funds to meet all promised employee pension benefits. Employers must therefore meet all minimum funding regulations to ensure that tax planning strategies are effectively managed. The minimum funding standards are determined through actuarial methods that take into account such factors as a company's employee compensation levels, employee mortality and employee turnover.
Publication Name: Management Accounting (USA)
Subject: Business, general
ISSN: 0025-1690
Year: 1992
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