Kelly Tax Pros
Cost Accounting (Absorption)
The use of full absorption method of inventory costing In order to conform as nearly as may be possible to the best accounting practices and to clearly reflect income (as required by section 471 of the Code), both direct and indirect production costs must be taken into account in the computation of inventoriable costs in…
When is a tax return not a tax return?
For most taxpayers, the tax year is a calendar year ending on December 31st. The tax return due date is the 15th day of the fourth month following the end of the tax year, or April 15th. Sometimes holidays affect that date, so it may be extended by one or more days, but generally it…
Can your IRA or Qualified Retirement Savings be Levyed?
What is a lien or a levy? When the IRS sends a notice of lien, they are announcing their intent to claim your assets due to a tax debt. This declaration is intended to protect their interest against other potential creditors who may also make a claim. At this stage, a taxpayer receives a notice…