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.

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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).

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Glossary: Review (Of Financial Statements)

By | November 17th, 2015|Categories: Glossary|Tags: , , , |

In accounting terminology, a "review" is a type of report issued by a CPA regarding a company's financial statements. A review is one step below an audit. In a review, the CPA examines a company’s financials to verify that they are free of deficiencies, but the firm does not review internal controls or fraud risks as in an [...]

Glossary: Gross Income/Gross Profit

By | November 3rd, 2015|Categories: Glossary, Small Business Tax and Accounting|Tags: , , , , |

Gross income is all money coming in the door, before any expenses. Gross profit is what's left after cost of goods sold are subtracted.

Glossary: LPA (Licensed Public Accountant)

By | October 22nd, 2015|Categories: Glossary|Tags: , , |

What is an LPA? It stands for licensed public accountant and is a rare designation that is currently only issued in 3 states: Iowa, Delaware and Minnesota.