Glossary: Form 1099-B

By | October 17th, 2018|Categories: Glossary|Tags: , , , , |

Form 1099-B is a reporting form, in the 1099 series, used primarily to report the sale of stocks by a taxpayer.

Comments Off on Glossary: Form 1099-B

Glossary: OCBOA

By | August 29th, 2017|Categories: Glossary|Tags: , , , , , |

The abbreviation "OCBOA" stands for "other comprehensive basis of accounting." Simply stated, it means any basis of accounting -- the method in which a business keeps its books -- other than GAAP (generally accepted accounting principles).

Comments Off on Glossary: OCBOA

Glossary: Generally Accepted Accounting Principles (GAAP)

By | June 22nd, 2017|Categories: Glossary|Tags: , , , |

The term GAAP, or "generally accepted accounting principles," refers to a set of accounting policies and procedures used in the formal compilation of financial statements. Some part of GAAP come from formal accounting standards from various boards and agencies, and some come from industry standards.

Comments Off on Glossary: Generally Accepted Accounting Principles (GAAP)

Glossary: 1099

By | June 12th, 2017|Categories: Glossary|Tags: , , , |

In the tax world, the term "1099" refers to a series of reporting forms issued to recipients of certain types of income.

Comments Off on Glossary: 1099

Glossary: Bonus Depreciation

By | May 24th, 2017|Categories: Glossary, Small Business Tax and Accounting|Tags: , , |

Bonus depreciation, in tax terms, refers to an accelerated form of depreciation available on certain types of assets.

Comments Off on Glossary: Bonus Depreciation