Publisher's Note
Announcements of store closings in January are certainly nothing new. Even in fruitful economic times, we still get a bit of this type of news right after the Christmas buying season. Macy’s, Office Depot and Pep Boys are just a few of the companies shuttering stores this winter.
In our story As economy nosedives, retailers take huge hit, it’s mentioned that Walmart gained market share in 2008. Are your clients, or is your company, gaining market share? Some readers are telling us that while revenues and profits may be short for their companies/firms, they are taking advantage of the opportunity to harvest market share gains. When competitors are down...what a great time to strike while the iron is hot!
Rob Nance
Publisher
AccountingWEB, Inc.
publisher@accountingweb.com
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Questions & Advice
How to account for sales tax paid at time of purchase of resellable supplies
I am a photographer selling prints. I Purchase ink and paper,
then sell the final product to customers. I pay sales tax on ink
and paper at time of my purchase. I collect sales tax for the
entire sale price of my artwork since I am not providing labor.
Question: In what account do I accumulate "Pre Paid Sales Tax"
prior to sale of resellable items? How do I transfer this
ammount from a vendor purchase to a sales tax payment?
Add your input!
How to account for income tax expense with a credit
We calculated our income tax expense for 2008. It is 1,500,000.
We have a 3,000,000 deferred income tax asset which we can use
to offset our income tax expense in 2008. I am uncertain whether
our tax expense would be recorded as 1,500,000 because that is
the amount we would need to pay if we didn't have the DTA, or
whether it would be 0 because we are using the tax asset credit.
Share your suggestions today!
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Stay Informed with CCH Audio Seminars
Earn CPE Credit
Invite colleagues, customers, prospects and business referral sources to join you for a CCH Audio Seminar. Each seminar includes supporting CCH research materials forwarded to you after the seminar.
PREPARING FORM 709: Federal Gift Tax Return - January 21
This session will provide an overview of the basic concepts and issues of gift taxation, and then give you a helpful line-by line analysis of what must be done to accurately complete Form 709. Learn more.
What’s New and Essential for 2008 Tax Returns - January 22
An insightful program which includes a discussion of 39 changes that take effect for the first time in 2008. Learn more.
Upcoming: 1040 LAST MINUTE UPDATE and THE NEW MICHIGAN BUSINESS TAX Learn more.
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Mastering QuickBooks Seminars
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Lorman Lecture Hall
The Lorman Lecture Hall provides you with up-to-date information on upcoming teleconferences to help you stay on top. Most courses offer an opportunity to earn CPE.
Visit www.lorman.com/training/aweb for a complete list of courses.
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Book Giveaway Winners
Ed Agnes, Thomson Reuters - Chicago, Illinois
Mary Stockavas, Bosque School - Albuquerque, New Mexico
James L. Bowen, CPA - Grafton, North Dakota
Marian McGath, Children's Hospital - Omaha, Nebraska
David Morton, Clifton Gunderson LLP - Fishers, Indiana
Keep watching for our next giveaway!
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Counterpoint
