차근차근 재무 공부 기록장

Part 1. IncomeGross receipts or sales- Returns and allowances- Cost of goods sold = Gross profit+ federal/ state gasoline tax credit or refund  Part 2. ExpenseAdvertisingcar and truck expensescommissions and feescontractor laborDepletionDepreciation and sec 179 exp(Qualified real property improvement)Employee benefit programsinsurance(other than health)interest+mortgage(paid to banks)legal and p..

Part1. Additional Income1. Taxable refund2. Alimony received3. Business income/loss Sch C4. Other gains or losses 4797(Sales of Business Property)5. Rental real estate, royalties, partnerships, S corporations, trust, Sch E6. Farm income Sch F7. Unemployment compensation8. Other incomea. Net operating lossb. Gamblingc. cancellation of debtd. foreign earned incomeh. jury duty payi. prizes and awar..

ActivityTaxable ActivityNon-passiveSch C/FIncome(Rev>Exp)taxable incomeLoss(Revdeductible lossPassiveSch ETaxable IncomeXnon-deductible lossNon-taxable Activitynon-taxable incomenondeductible expPassive activity (Sch E)1. Definition  1) Not materially participated(managed) in S corp & Partnership's biz operation(work 500h/Y ↑)  2) Any rental activity 2. Loss from passive activity > offset passiv..

1. Tax year1) Calender Y: 1/1~12/312) Fiscal Y (11개): 4/1~3/313) 52~53 week tax year: ex)Last Sunday of Aug* Change of tax year: must get IRS approval 2. Tax accounting method1) Accrual method2) Cash method   - Rev: Cash, property is received   - Deduction: Cash, property is paid      예외 1) Prepaid exp -> Amortize over a period              2) Capitalizable expenditure(Equipment, machine, Furnit..

Line 1. 급여나 직장에서 받게된 benefit         -  Sec132(no additional cost benefit, qualified employee discount)          - Life insurance 기본적으로 nondetectable/non taxable,            * 만일 ER가 EE의 상속자가 받는걸 대신내주면 50K까지는 ER도 공제받을 수 있음         - Incentive stock option  Qualified stock optionNon Qualified stock optionGrant date2 yearsNo income to the employeecompensation income(salary) to EE, deductible to ER..

9.1 Licensing and Disciplinary Systems9.1.1 State Board of AccountancyAuthorityLicense- State License > State Board license 직접 관리, License fee 1년에 한번씩 납부, Continuing Professional Education(CPE)- CPA's license 관련 전반 업무 9.1.2 AICPA, CPA들이 가입- 사설기관: AICPA에서 정한 윤리 기준을 어길 경우, CPA에게 Sacnstion조치할수있음Automatic explusion 자동제명되는 경우- Felony commission(felony: imprison ≥ 1yr)- Willful failure to file tax ret..

8.1 General definition8.1.1 Securities- Securities under the Securities Act of 1933 + Securities Exchange Act of 19341. TypeEquity securityDebt securityInstrumentInvestment contractInvestment profit derived from the effort of another(passive method)CS, PSbondpromissory note, checkInvestment of money in a common enterprise + expectation of profitlimited p's profit in limited pship * limited pship..

7.1 General Definition1. Applicable laws + court  - Title 11 of the United States Code + Federal court2. Purpose  - for debtors: giving a change of new start  - for creditors: distributing fairly  - Stop the enforcement of a judgment lien against property in bankruptcy3 TypeType of BankruptcyChapterRepayment methodsEducation-voluntary petitionIndividual7LiquidationCredit counseling + financial m..

6.1 Applicable Laws- Uniform commercial code 9(담보관련)- Common law + other statutes(artisan lien, mechanic lien) 6.2 Scope of Secured Transactions1. Basic concept- Debtor, Creditor- $ collateral = attachment(D, C간의 계약)- Recording to the secretary of State = perfection  (신고완료, potential creditor에게 알려줌)- Debtor is in default > foreclosure 경매2. Collateral subject to Uniform Commercial Code 9- Tangib..

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5.1 Sole proprietorships- one owner = business entity =legal entity- not required to file secretary of state- transferable ownership + int- pass-through taxation 5.2 General partnerships5.2.1 Applicable law  Revised Uniform Partnership Act (RUPA) 5.2.2 Formation of (general) partnership1. Definition of partnership- 2 or more than 2persons- business for profit- Carry on-infinite period- co-owners..

4.1 Creation of Agency RelationshipDefinition- Agency is the fiduciary relationship- agency shall act on the principal's behalf- subject to the principal's control- manifests assent Capacity to create an agency relationship PrincipalAgentAdultooPartnershipooCorporationooMinorxoUnincorporated associationxo Special issues- Principal- agent-subagent  * subagent는 agent, principal 모두에게  Fiduciary dut..

3.1 Debtor vs CreditorDebtor breaches the contract(fails to pay money, the creditor may proceed with legal actions)1) Pre-judgment attachment 딱지붙이는 것, 손대지마2) Garnishment 원천징수    garnishment up to 25% of the employee's wage Multiple creditors1) Composition agreement- by bankruptcy code or state statutes- created bet creditors- consideration is necessary bet creditors, reduction of the debt amount..

Contract2.1 Applicable laws  1. Legislative Branch~> Law    (= Congress) 입법부에서  2. Common Law   1) Service   2) Real property(land, building)  3. ACI   단체에서 협의한 법, State에서 adopts    Uniform Commercial Code2      1) tangible good   >> 종류가 섞여있다면 비중이 큰걸 택한다  2.2 Basic concept of contract  2. Acceptance: mutual assent  3. Consideration of both OR & EE     = bargain for exchanged     = Legal detrimen..

1. TestOrganization test: Religious org, education org, Private Foundation, Charitable org, Social clubOperational test: not for profit  2. Filing- Annual information return. Form 990, Due on May 15th  * exemption religious/ small organization - 990-T, unrelated business income is 1K or more- 990-PF for private foundation 3. Unrelated Business Income(UBI)- taxed at the regular rate for corporati..

inheritance인 경우- 사망일의 FMV- Alternate Valuation Date 선택하게 해준다- 항상 LT으로 해준다 gift transfer- 기본적으로 FMV가 NBV보다 높은 편이고, NBV를 사용하는 것이 원칙 - 양도하는 날 기준 NBV가 FMV보다 높다면, Gain NBV, Loss FMV, nbv-fmv 사이면 0 Purchasing property for a businessImprovements(capitalize)Repairs and maintenanceMaterials and supplies200 or less Deminis safe harbor rule- with AFS deduct up to 5000 per item- without AFS deduct up to 250..