Accounting firms grew in the United States and Europe in the late nineteenth and early twentieth century, and through several mergers there were large international accounting firms by the mid-twentieth century. Further large mergers in the late twentieth century led to the dominance of the auditing market by the "Big Five" accounting firms: Arthur Andersen, Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers.[48] The demise of Arthur Andersen following the Enron scandal reduced the Big Five to the Big Four.[49]
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Look for a bank that has a local branch as well as robust online banking. Also, be sure the bank can integrate with your point-of-sale (POS) system and other technological needs. Business bank accounts typically charge more than personal accounts and often have a higher minimum balance. Check these numbers before committing to a bank and a business account.
There is a sort of distrust between the tax authorities on one side and business or professional community on the other. The income tax department thinks that the taxpayers sometimes are unable to distinguish between tax planning and tax evasion/avoidance and misinterpret tax laws as intended by the government, whereas the taxpayers think that their money is not being spent appropriately on infrastructure development and sanitation.
Those who qualify as head of household have higher income thresholds apply to each tax bracket, resulting in lower tax. To qualify as a head of household, the requirements include that you be unmarried and provide both housing and financial support for a child, parent, or other relative who lives with you for greater than half of the year. The financial support you provide must generally be more than half of all support the child or other relative received during the year.
Periodic Planning – Tax planning can either be of short or longer period of time, if done for less than 12 months, is known as shorter period planning, whereas planning done for more than 12 months is known as longer period planning. For example, there are short term and long-term capital gains taxes depending upon the holding period of assets/investments.
The financial statements that summarize a large company's operations, financial position and cash flows over a particular period are concise and consolidated reports based on thousands of individual financial transactions. As a result, all accounting designations are the culmination of years of study and rigorous examinations combined with a minimum number of years of practical accounting experience.
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