In this video, we walk through 5 REG practice questions to help in understanding the tax-payer filing statuses. These questions are from REG content area 4 on the AICPA CPA exam blueprints: Federal Taxation of Individuals. The best way to use this video is to pause each time we get to a new question in the video, and then make your own attempt at the question before watching us go through it. Also be sure to watch one of our free webinars on the 6 “key ingredients” to an extremely effective & efficient CPA study process here… Click here to watch the video on YouTube…The Tax-Payer Filing S ..read more

In this video, we walk through 3 REG practice questions to help in understanding losses from hobbies and the sale of personal-use assets. These questions are from REG content area 4 on the AICPA CPA exam blueprints: Federal Taxation of Individuals. The best way to use this video is to pause each time we get to a new question in the video, and then make your own attempt at the question before watching us go through it. Also be sure to watch one of our free webinars on the 6 “key ingredients” to an extremely effective & efficient CPA study process here… Click here to watch the video on YouT ..read more

In this video, we walk through 5 REG practice questions demonstrating how to calculate the QBI Deduction. These questions are from REG content area 4 on the AICPA CPA exam blueprints: Federal Taxation of Individuals. The best way to use this video is to pause each time we get to a new question in the video, and then make your own attempt at the question before watching us go through it. Also be sure to watch one of our free webinars on the 6 “key ingredients” to an extremely effective & efficient CPA study process here… Click here to watch the video on YouTube…How to Calculate the QBI Ded ..read more

Introduction Definition of Consolidated Financial Statements (CFS) In this article, we’ll cover most common errors when preparing consolidated financial statements. Consolidated Financial Statements (CFS) are financial reports that aggregate the financial position, results of operations, and cash flows of a parent company and its subsidiaries into a single document, as if the group were a single entity. This consolidation is essential for providing a complete picture of the financial health of a corporate group. The process involves adjusting for intercompany transactions among the entities wi ..read more

Introduction Definition of Joint Ventures In this article, we’ll cover how are joint ventures treated in consolidated financial statements. A joint venture (JV) is a business arrangement where two or more parties agree to pool their resources for the purpose of accomplishing a specific task. This may be a new project or any other business activity. In a joint venture, each of the participants is responsible for profits, losses, and costs associated with it. However, the venture is its own entity, separate from the participants’ other business interests. Unlike a partnership, a joint venture do ..read more

Introduction Explanation of Consolidated Financial Statements In this article, we’ll cover how to treat foreign subsidiaries in consolidated financial statements. Consolidated financial statements are a comprehensive set of financial documents that present the overall financial position and operations of a parent company and its subsidiaries as if they were a single entity. These statements are crucial for providing stakeholders, such as investors, creditors, and regulatory authorities, with a clear view of the company’s financial health and performance. The process of consolidation involves c ..read more

Introduction to Goodwill In this article, we’ll cover how is goodwill treated in a business combination. Goodwill in the business world represents an intangible asset that is often considered during mergers and acquisitions. It is a critical component in business combinations, reflecting the value of a company beyond its measurable physical and financial assets. Definition of Goodwill Goodwill arises when a company acquires another business for a price higher than the fair value of its identifiable net assets. This intangible asset is not something that can be bought or sold independently, unl ..read more

Introduction Overview of Business Combinations and Their Significance in the Corporate World In this article, we’ll cover equity method vs acquisition method in business combinations. Business combinations are transactions or events where one entity gains control over one or more businesses. These are pivotal events in the corporate world, serving as mechanisms for companies to achieve growth, diversify their operations, enter new markets, or acquire new technologies. Business combinations can take various forms, including mergers, acquisitions, consolidations, and joint ventures. The signific ..read more

In this video, we walk through 5 REG practice questions demonstrating how to deduct charitable contributions. These questions are from REG content area 4 on the AICPA CPA exam blueprints: Federal Taxation of Individuals. The best way to use this video is to pause each time we get to a new question in the video, and then make your own attempt at the question before watching us go through it. Also be sure to watch one of our free webinars on the 6 “key ingredients” to an extremely effective & efficient CPA study process here… Click here to watch the video on YouTube…How to Deduct Charitable ..read more

Introduction In this article, we’ll cover what is the acquisition method in business combinations. Understanding the nuances of business combinations is crucial in the realm of corporate finance and accounting. These transactions, which involve uniting separate companies or assets into a single entity, play a vital role in the strategic growth and expansion of businesses. Among the various methodologies employed to account for such combinations, the acquisition method stands out as a predominant approach in the modern financial landscape. Definition of Business Combination A business combinati ..read more