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Acceptance Agents are entities (colleges, financial institutions, accounting firms, etc.) who are authorized by the IRS to assist applicants in obtaining ITINs. They review the applicant’s documentation and forward the completed Form W-7 to IRS for processing. An ITIN is a tax-processing number issued by the Internal Revenue Service (IRS) to identify taxpayers, including undocumented …

Obtaining an ITIN from Abroad Internal Revenue Service Read More »

The cost of goods sold is separated from the operating expenses and listed in the gross margin section. This is particularly important because it gives investors, creditors, and management the ability to analyze the financial statement sales and purchasing efficiency. The components of the multi-step income statement comprise three equations that calculate a profit metric …

Single-Step vs Multi-Step Income Statement Read More »

Yes, you should keep receipts in addition to producing expense reports. While expense reports list and organize business expenses, receipts act as proof of these expenses, and are used as supporting documents when claiming business tax deductions. A business would also need to produce receipts in the event of an audit. Note that you do …

Expense Report Guide and Templates Read More »