A balance sheet is a financial statement that provides a snapshot of a company's assets, liabilities, and shareholder's equity. A balance sheet is a type of financial statement. It gives you an ...

Sales tax liabilities are funds collected from customers to be distributed to state and local tax agencies by businesses. Business owners and companies track sales tax liabilities on a sales tax ...

You’re fresh out of college, a new hire at the local CPA firm. It’s your first tax season, and you’re handed a business tax return to prepare. As you peruse the file, you notice that in preparing the ...

When it comes to a company’s taxes, there are two important categories to understand: assets and liabilities. Tax liability is anything that a person or company owes taxes on, such as income or ...

Partnerships are unincorporated businesses run by two or more individuals. Generally, partners are responsible for partnership liabilities -- a creditor can go after the business itself of an ...

A CORPORATION THAT IS SOLD OR RESTRUCTURED faces significant uncertainty about how the government will tax contingent liabilities such as environmental, tort and similar obligations. This is ...