“I know you believe you understand what you think I said but I am not sure that you realize that what you heard is not what I meant.” And so it goes….

Taxes are categorized by the effect they have on the distribution of income and wealth. A proportional tax is one that puts the same relative liability on every taxpayer – i.e., when tax liability and income grow in relative levels. A progressive tax is recognised by a higher than proportional growth in the tax liability relative to the increase in income, and a regressive tax is characterizable by a less than proportional rise in the comparative burden. Ergo, progressive taxes are seen as reducing the lack of equality in income distribution, whereas regressive taxes can have the effect of increasing these inequalities.

Purchasing an apartment or unit is a massive process, particularly if it is your first time. With this in mind, here is a list of helpful things to look out for so that you will get the best deal possible and be totally happy.

All financial transactions that a business engages in must be carefully and accurately recorded. This includes not only sales and purchases, but also income revenue and expense payments. The bookkeeper’s role is to maintain these records with complete accuracy. Bookkeeper’s are not the same as accountants. The bookkeeper’s records are what an accountant will use to create the necessary financial reports.

It has become a growing trend for businesses to outsource parts of their operations, so as to focus more of their energies on the aspects of their business which make them the most money. It is therefore no surprise that mobile bookkeeping is something that is increasing in popularity. It is a great way to cut costs in your finance departments or simply save time spent bookkeeping. So, whether your business is large or small, mobile bookkeeping is something you should be looking into.

Outsourcing your bookkeeping has some very obvious advantages. At the top of the list is the amount of money you will save. The fact you do not have to pay your bookkeepers health insurance, vacation time, sick time and other benefits will outweigh the extra costs you have to pay for the outsourcing service. On average they earn three times more an hour than a full time bookkeeper.

Each business has to keep full financial records and books by law, however the majority of business owners do not have the skills required to successfully keep the company books and records to the standards needed by themselves. Even if they could, as the business grows it will become more and more difficult to keep track of finance reports due to the sheer volume. As time progresses the business owner will need to make a decision on where their time is better spent.

If you’re a victim of fraud or misrepresentation, you won’t be responsible for the debt. However, it’s important to know what your options are once it occurs. General consumer protection laws (UDAP) may let you cancel the contract, stop paying, or request a refund. If you never paid money towards the debt or are being sued by a creditor or collection agency, you can use the UDAP laws as your defense.

CPA Reciprocity and IQEX

C Level While accounting will be a very fast growing sector at 22% from 2008-2018, the growth in jobs for CPAs is expected to be the sector’s fastest growing niche. Since the Sarbanes-Oxley Act requires that senior executives of a company (such as the Chief Executive Officer and the Chief Financial Officer) take individual responsibility for the completeness and accuracy of the corporate financial reports, it is likely that those who rise to C-level will have to have more familiarity with accounting than a manager’s passing glance.