The US Internal Revenue Service released Revenue Procedure 2026-8 on January 15, 2026, updating the procedures required for section ...

The Federal Government may raise excise duties on alcohol, tobacco, and other so-called “sin goods” as part of sweeping tax ...

Future income taxes are upcoming tax costs or savings due to discrepancies between financial statements and tax returns.

Small business owners must deal with numerous accounting reports to monitor their business’s finances and ensure its financial health. Profit and loss statements, accounts receivable aging reports and ...

Andrew Bloomenthal has 20+ years of editorial experience as a financial journalist and as a financial services marketing writer. Khadija Khartit is a strategy, investment, and funding expert, and an ...

Here's a comprehensive exploration of the single-step income statement, a fundamental financial reporting tool that offers a straightforward view of a company's profitability. This analysis will cover ...

The provision for income taxes on an income statement is the amount of income taxes a company estimates it will pay in a given year. The company's final tax bill may be slightly more or less than the ...

Cost of goods sold can be determined after sales revenue and before gross profit on a multiple-step income statement. The cost of goods sold balance is an estimation of how much money the company ...