In this video, we walk through 5 REG practice questions teaching how to calculate S Corp shareholder debt basis and stock basis. These questions are from REG content area 5 on the AICPA CPA exam blueprints: Federal Taxation of Entities. 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…Overview ..read more

In this video, we walk through 4 REG practice questions teaching how to calculate the S Corporation AAA (Accumulated Adjustments Account). These questions are from REG content area 5 on the AICPA CPA exam blueprints: Federal Taxation of Entities. 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 YouTub ..read more

In this video, we walk through 5 REG practice questions teaching how to calculate S Corporation ordinary income and separately stated items. These questions are from REG content area 5 on the AICPA CPA exam blueprints: Federal Taxation of Entities. 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

Introduction Brief Overview of Form 8-K In this article, we’ll cover what is the purpose of Form 8-K. Form 8-K is a critical document for publicly traded companies in the United States, serving as a “current report” that companies must file with the U.S. Securities and Exchange Commission (SEC). This form is utilized to notify the public of significant events that may affect the company’s financial condition or share value. The necessity to file Form 8-K arises from occurrences that are considered essential for shareholders and the SEC, including but not limited to executive leadership changes ..read more

Introduction In this article, we’ll cover what is the purpose of Form 10-K. In the realm of financial compliance and corporate transparency, Form 10-K stands out as a critical document mandated by the U.S. Securities and Exchange Commission (SEC). This annual report provides a comprehensive summary of a company’s financial performance, and it is far more detailed than typical annual reports distributed to shareholders. As such, Form 10-K is an essential tool not only for investors looking to make informed decisions but also for regulators who monitor corporate activities and enforce legal stan ..read more

Introduction In this article, we’ll cover what is the purpose of Form 10-Q. The U.S. Securities and Exchange Commission (SEC) imposes stringent reporting requirements on publicly traded companies to promote transparency, ensure fair trading, and maintain investor trust. These requirements mandate that companies regularly submit a series of documents that detail their financial performance, operational changes, and other key factors that could influence investment decisions. Among these critical regulatory filings is Form 10-Q, a cornerstone of quarterly financial reporting. Brief Overview of S ..read more

Introduction Definition of Fiduciary Funds In this article, we’ll cover what are fiduciary funds in governmental accounting. Fiduciary funds are a category of funds used in governmental accounting to account for resources held by a government in a trustee or agency capacity for individuals, private organizations, or other government entities. These funds are not used to support the government’s own programs but rather are intended to benefit a third party, such as employees (in the case of pension funds) or other governments. The primary characteristic of fiduciary funds is that they are held ..read more

Introduction In this article, we’ll cover what are capital project funds in governmental accounting. Governmental accounting encompasses the processes used by various government entities to record and report their financial activities. Unlike private sector accounting, which focuses primarily on profitability, governmental accounting emphasizes accountability and the efficient use of resources to meet public needs. This field of accounting is governed by unique principles and standards that ensure transparency and help stakeholders, including the public and government officials, assess the fin ..read more

In this video, we walk through 5 REG practice questions teaching the rules around S Corporation status termination and revocation. These questions are from REG content area 5 on the AICPA CPA exam blueprints: Federal Taxation of Entities. 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…Learni ..read more

Introduction Brief Overview of Governmental Accounting In this article, we’ll cover what are debt service funds in governmental accounting. Governmental accounting encompasses the processes used by public sector entities to record and report financial information. This system is distinct from private sector accounting due to its focus on public accountability rather than profitability. Governmental entities, such as states, municipalities, and federal agencies, adhere to a set of accounting standards that are primarily defined by the Governmental Accounting Standards Board (GASB) in the United ..read more