One consequence of these events was the passage of Sarbanes–Oxley Act in the United States 2002, as a result of the first admissions of fraudulent behavior made by Enron. The act significantly raises criminal penalties for securities fraud, for destroying, altering or fabricating records in federal investigations or any scheme or attempt to defraud shareholders.[75]
Tax gain-loss harvesting is another form of tax planning or management relating to investments. It is helpful because it can use a portfolio's losses to offset overall capital gains. According to the IRS, short and long-term capital losses must first be used to offset capital gains of the same type. In other words, long-term losses offset long-term gains before offsetting short-term gains. As of 2018, short-term capital gains, or earnings from assets owned for less than one year, are taxed at ordinary income rates. 
An audit of financial statements aims to express or disclaim an independent opinion on the financial statements. The auditor expresses an independent opinion on the fairness with which the financial statements presents the financial position, results of operations, and cash flows of an entity, in accordance with the generally acceptable accounting principle (GAAP) and "in all material respects". An auditor is also required to identify circumstances in which the generally acceptable accounting principles (GAAP) has not been consistently observed.[39]
Tax Advice, Expert Review and TurboTax Live: Access to tax advice and Expert Review (the ability to have a Tax Expert review and/or sign your tax return) is included with TurboTax Live or as an upgrade from another version, and available through December 31, 2020. These services are provided only by credentialed CPAs, Enrolled Agents (EAs), or tax attorneys. Some tax topics or situations may not be included as part of this service, which shall be determined in the tax expert’s sole discretion. For TurboTax Live, if your return requires a significant level of tax advice or actual preparation, the tax expert may be required to sign as the preparer at which point they will assume primary responsibility for the preparation of your return. Intuit may offer a Full Service product to some customers. For the Full Service product, the tax expert will sign your return as preparer. Payment by federal refund is not available when a tax expert signs your return. On-screen help is available on a desktop, laptop or the TurboTax mobile app. Unlimited access to TurboTax Live CPAs and EAs refers to an unlimited quantity of contacts available to each customer, but does not refer to hours of operation or service coverage. Service, area of expertise, experience levels, wait times, hours of operation and availability vary, and are subject to restriction and change without notice.
Organizations in individual countries may issue accounting standards unique to the countries. For example, in the United States the Financial Accounting Standards Board (FASB) issues the Statements of Financial Accounting Standards, which form the basis of US GAAP,[1] and in the United Kingdom the Financial Reporting Council (FRC) sets accounting standards.[53] However, as of 2012 "all major economies" have plans to converge towards or adopt the IFRS.[11]
Coverdell ESAs have similar features to 529 plans, offering tax-free growth on investments toward educational costs. However, Coverdells have advantages and disadvantages compared to 529 plans. You're free to invest Coverdell money in nearly any type of investment you want, but annual contributions are limited to $2,000. Moreover, income limits of $95,000 to $110,000 for single filers and $190,000 to $220,000 for joint filers apply to reduce or eliminate the ability to make Coverdell contributions.
The history of accounting is thousands of years old and can be traced to ancient civilizations.[12][13][14] The early development of accounting dates back to ancient Mesopotamia, and is closely related to developments in writing, counting and money;[12] there is also evidence of early forms of bookkeeping in ancient Iran,[15][16] and early auditing systems by the ancient Egyptians and Babylonians.[13] By the time of Emperor Augustus, the Roman government had access to detailed financial information.[17]
Just as managerial accounting helps businesses make decisions about management, cost accounting helps businesses make decisions about costing. Essentially, cost accounting considers all of the costs related to producing a product. Analysts, managers, business owners and accountants use this information to determine what their products should cost. In cost accounting, money is cast as an economic factor in production, whereas in financial accounting, money is considered to be a measure of a company's economic performance.
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