Glossary: RTRP

By | October 20th, 2016|Categories: Glossary|Tags: , |

RTRP stands for Registered Tax Return Preparer, a program/designation the IRS tried to get off the ground a few years ago. The RTRP program would have required unlicensed tax preparers to pass an open-book exam before they could prepare tax returns. The IRS ended up losing a court battle, and the RTRP program was shelved.

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Glossary: Cost of Goods Sold

By | August 23rd, 2016|Categories: Glossary, Small Business Tax and Accounting|Tags: , , |

Cost of goods sold refers to a deduction from gross income for the cost of producing or acquiring items sold by a business.

Glossary: Iowa Form 130

By | August 15th, 2016|Categories: Glossary, State Taxes|Tags: , |

Form 130 is an Iowa income tax form used by taxpayers who live in Iowa and who had income taxed by another state.

Glossary: Sales Tax

By | June 20th, 2016|Categories: Glossary|Tags: |

Sales tax refers to a tax levied by a state on the sale of certain goods and services. Different states have different tax rates and different rules on what is subject to sales tax.

Glossary: Net Operating Loss

By | June 10th, 2016|Categories: Glossary|Tags: |

When business losses exceed business income, a net operating loss may exist.