User Account

All Pages

What are the potential tax consequences

Assignment Help Accounting Basics
Reference no: EM132450108

"Helping a Business Owner with a Tax Problem"

Kenneth, the owner of a catering company, needs business advice. He recently travelled to Massachusetts for a week for a trip and spent five days on business and two days to visit his family. While he was gone, one of his food trucks was damaged partially by vandalism and two grills were stolen. He is distraught. He does not know how to report the business expenses from his trip or the loss sustained from the vandalism and stolen grills.

Question 1: What are the potential tax consequences and what kind of record keeping do you advise Kenneth to maintain? Were there any components of the Tax Cuts and Jobs Act that impacted this area of the tax law?

Reference no: EM132450108

Questions Cloud

Some solar energy systems produce high temperature : Some solar energy systems produce high temperature water for industrial applications and produce steam to run turbines that generate electricity.
Why are pandas black and white : Why are pandas black and white? Where are they mostly found?
Evaluate the impact to a business : Evaluate the impact to a business when compensation, such as sales commissions and bonuses, are tied to achieving budgeted expectations
Discuss at least one additional method of displaying : Discuss at least one additional method of displaying the information and why you believe it would be a more effective method
What are the potential tax consequences : What are the potential tax consequences and what kind of record keeping do you advise Kenneth to maintain? Were there any components of the Tax Cut
Why is fracking so bad for the enviroment : Why is fracking so bad for the enviroment and can we ever reverse the damge?
Describe how the spectra from an incandescent light : Describe how the spectra from an incandescent light, fluorescent light, and street lamp light differs from each other. What accounts for these differences.
Describe assisting a family with their tax returns : Estimated taxable income for Judy and Walter .Summary of tax return, including any suggestions or tax planning considerations.
Prepare the journal entry to record the interest revenue : Prepare the journal entry to record the interest revenue and the amortization at December 31, 2017. Prepare a bond amortization schedule

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd