On February 23rd, the U.S. Tax Court filed T.C. Memo. 2022-5 deciding whether the Office of Appeals abused its discretion in rejecting an offer-in-compromise (OIC) . The United States Tax Court found no abuse of discretion and granted summary judgment in favor of the IRS. Why? The petitioner submitted form 12153 timely requesting Collection Due…
Revenue or Sales When recording or showing your revenues or sales on your Income Statement, make sure that you accounted for: Occurrence Make sure there are no fictitious customers Completeness Make sure your company recorded ALL sales or revenues. Check for overstatement of sales or revenues by vouching and understatement of sales and revenues by…
Revenue or Sales When recording or showing your revenues or sales on your Income Statement, make sure that you accounted for: Occurrence Make sure there are no fictitious customers Completeness Make sure your company recorded ALL sales or revenues. Check for overstatement of sales or revenues by vouching and understatement of sales and revenues by…
