Guidance for reporting information returns FTB ca.gov

Guidance for reporting information returns FTB ca.gov

B. This account shall be credited with the net salvage value of uranium, plutonium, and other nuclear by-products when such items are sold, transferred or otherwise disposed. Account 120.1, Nuclear Fuel in Process of Refinement, Conversion, Enrichment and Fabrication, shall be debited with the net salvage value of nuclear materials to be reprocessed. All shipping costs of materials and components, including shipping of fabricated fuel assemblies to the reactor site.

  • If you have questions about avoiding penalties during your gold IRA rollover, talk to your custodian or a financial advisor.
  • We cannot guarantee the accuracy of this translation and shall not be liable for any inaccurate information or changes in the page layout resulting from the translation application tool.
  • The per diem rate set for the University is $ 35.00 plus an additional $4.00 for incidental purchases.
  • Distinct purchases and sales shall not be recorded as exchanges and net amounts only recorded merely because debit and credit amounts are combined in the voucher settlement.
  • Advice directed to customers as to how they may achieve the most efficient and safest use of electric equipment.
  • Such gift certificates must confer only the right to select and receive tangible personal property from a limited array of such items pre-selected or pre-approved by the University, and must not convey  cash or cash for the difference between the purchase price and the value of the gift certificate.

If a volunteer uses the organization’s equipment to produce campaign materials, reimbursement is required regardless of how much time is spent. Any reimbursement for use of facilities is considered a contribution from the individual to the political committee that benefits. All awards, regardless of dollar amount, must have a valid, documented business purpose and must comply with all University purchasing and expense procedures. The presentation of an award or gift must demonstrate that the gift benefits the University, is in furtherance of the University’s business purpose, or is clearly necessary to the University’s fulfillment of its role as a good community citizen.

1 Accumulated Provision for Uncollectible Customer Accounts—Credit

A. This account shall include revenues, expenses, gains, and losses that are properly includable in other comprehensive income during the period. Examples of other comprehensive income include foreign currency items, minimum pension liability adjustment, unrealized gains and losses on certain investments in debt and equity securities, and cash flow hedges. Records supporting the entries to this account shall be maintained so that the utility can furnish the amount of other comprehensive income for each item included in this account.

How do you use petty cash?

Petty cash is a small amount of money kept on hand for small purchases or expenses. It is typically kept in a locked box or other secure location and is often used to pay for minor office supplies, postage, or travel expenses. Typically, a petty cash fund is established and then a custodian is assigned to manage it.

Records can show whether your business is improving, which items are selling, or what changes you need to make. Good records can increase the likelihood of business success. 16,000 miles were for delivering flowers to customers and 4,000 miles were for personal use. You can claim only 80% (16,000 ÷ 20,000) of the cost of operating your van as a business expense. If you use your vehicle for both business and personal purposes, you must divide your expenses between business and personal use. You can divide your expenses based on the miles driven for each purpose.

Communication Equipment

(3) The detailed electric plant accounts (301 to 399, inclusive) shall be stated on the basis of cost to the utility of plant constructed by it and the original cost, estimated if not known, of plant acquired as an operating unit or system. The difference between the original cost, as above, and the cost to the utility of electric plant after giving effect to any accumulated provision for depreciation or amortization shall be recorded in Account 114, Electric Plant Acquisition Adjustments. Any difference between the cost of electric plant and its book cost, when not properly includible in other accounts, shall be recorded in Account 116, Other Electric Plant Adjustments. The alternative method requires that gains or losses be recorded in Account 421, Miscellaneous Nonoperating Income, or Account 426.5, Other Deductions, as incurred. When the alternative method is used, the borrower shall include a footnote to the financial statements stating the reason for using this method and its treatment for rate making purposes. The costs of employees’ fringe benefits (hospitalization, retirement, holiday, sick and vacation pay, etc.) shall be accumulated in an appropriate clearing account and allocated monthly on the basis of payroll.

IRS Petty Cash Rules

B. Recoveries from insurance companies or others for property damages shall be credited to the account charged with the cost of the damage. If the damaged property has been retired, the credit shall be to the appropriate account for accumulated provision for depreciation. This amount shall be charged with amounts sufficient to provide for losses from uncollectible utility revenues. Concurrent credits shall be made to Account 144, Accumulated IRS Petty Cash Rules Provision for Uncollectible Accounts—Credit. Losses from uncollectible accounts shall be charged to Account 144. Premiums payable to insurance companies for protection against claims from injuries and damages by employees or others such as public liability, property damages, casualty, employee liability, etc., and amounts credited to Account 228.2, Accumulated Provision for Injuries and Damage, for similar protection.

Patronage Capital and Patronage Refunds Payable

This account should be credited in the year in which the notice of the capital credit or patronage capital allocation is received. This account shall include the utility’s equity in the earnings or losses of subsidiary companies for the year. The classification of revenues of merchandising, jobbing, and contract work as nonoperating, and thus included in this account, is for accounting purposes. C. Account 411.5 shall be debited and credited as directed in paragraphs A and B, for investment tax credits related to nonutility property. Interest on tax refunds or deficiencies shall not be included in these accounts but in Account 419, Interest and Dividend Income, or Account 431, Other Interest Expense, as appropriate.

IRS Petty Cash Rules

Exclude from this account and include in the appropriate expense account the cost of preparing and filing papers in connection with the extension of the term of incorporation unless the first organization costs have been written off. When charges are made to this account for expenses incurred in mergers, consolidations, or reorganizations, amounts previously included herein or in similar accounts in the books of the companies concerned shall be excluded from this account. A. This account shall be credited with all investment tax credits deferred by companies which have elected to follow deferral accounting, partial or full, rather than recognizing, in the income statement, the total benefits of the tax credit as realized. After such election, a company may not transfer amounts from this account, except as authorized herein and in Account 411.4, Investment Tax Credit Adjustments, Utility Operations; Account 411.5, Investment Tax Credit Adjustments, Nonutility Operations; and Account 420, Investment Tax Credits, or with approval of RUS. If employee pension or benefit plan funds are not included among the assets of the utility but are held by outside trustees, payments into such funds, or accruals therefor, shall not be included in this account. B. This account shall also be debited or credited, as appropriate, with amounts of accumulated other comprehensive income that have been included in the determination of net income during the period and in accumulated other comprehensive income in prior periods.

To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your field of business, trade, or profession. A necessary expense is one that is helpful and appropriate for your business, trade, or profession. An expense does not have to be indispensable to be considered necessary. An eligible domestic corporation (or a domestic entity eligible to elect to be treated as a corporation) can avoid double taxation (once to the corporation and again to the shareholders) as long as it meets certain tests and elects to be treated as an S corporation. Generally, an S corporation is exempt from federal income tax other than tax on certain capital gains and passive income.

How do you treat petty cash on a balance sheet?

Petty cash is a relatively small amount of cash on hand available for employees of a business to make small, non-recurring purchases easily and quickly. Petty cash is a current asset and should be listed as a debit on the balance sheet.

Avoid keeping the funds in your bank account; instead, once you see them deposited, immediately transfer them into your new gold IRA account. You’ll only have income from your gold IRA rollover once you begin making withdrawals, which should be after age 59 and a half to avoid penalties. If you do want to receive dividends from your retirement portfolio, consider splitting your savings between different types of accounts instead of only investing in gold IRAs.

Asset Retirement Obligations

If all or almost all of the plan’s participants are inactive, the cost of retroactive plan amendments affecting benefits of inactive participants shall be amortized based upon the remaining life expectancy of those participants rather than the remaining service period. For a funded plan, the actual return on plan assets, if any, shall be determined based upon the fair value of plan assets at the beginning and the end of the period, adjusted for contributions and benefit payments. With the issuance of Statement of Financial Accounting Standards No. 87, Employers’ Accounting for Pensions (Statement No. 87), there have been significant changes in the accounting and reporting requirements relating to pension costs.