Storytelling with equal doses of statistics and compassion.
Most of us want to have a long Useful Life, except when it comes to accounting. Then, we might want our Useful Life long or short, depending on who’s asking.
After the invention of writing, which I’m taking credit for on behalf of all accountants throughout history, the idea of depreciation may be the most significant contribution to the way businesses operate. It’s certainly the most “accounting-y” notion and an Accountant’s Full Employment Act, since even the simplest calculation takes years.
1. True or False: Some parts of the world tax cow flatulence.
Nobody likes to pay taxes. Everybody hates tax collectors. In ancient Sumeria (as I noted in letter “C”), they had to press the taxes inside clay balls because they were “tampered” with, presumably by the tax collectors. Nowadays, the tax collectors–the IRS–has safeguards on top of security measures surrounding robust defenses against tampering. That’s a good thing for us. You might want to be more sympathetic towards the IRS. They’re safeguarding our money.
It’s True, cows are taxed extra in EU countries like Denmark and Ireland because their “expulsion” of methane gases are a significant contributor (some 18%) of greenhouses gases. Strange tax practices in history are a fascinating topic I covered before, in Tax the Peasants with this One Weird Trick!
Today, I’ll share a few fun facts about taxes in my annual post reminding you that the Volunteer Income Tax Assistance program might be able to do your taxes for you, for free.
Continue reading “T is for Taxes”
Sarbox! Sounds like a science fiction warrior–Sarbox looked across the valley of mutants and gripped his tekbar laser sword tightly, ready to lead his small band against the scourge of Junoian invaders…
Sarbox! Is it a new prescription drug? Reduces eczema and weakened spine. May cause dizziness, drowsiness, and uncontrollable twitching.
The Sarbanes-Oxley Act of 2002, enacted in the wake of a series of massive corporate scandals, mandated improvement in corporate governance for publicly-held companies. It required improved internal controls, enhanced financial disclosures, independent auditors, and stiffer penalties for violations. Public corporations hated it, especially the ones who were fiddling their books.
Continue reading “S is for Sarbanes-Oxley”