Blogging Beyond the Numbers

Posted by: Bruce Mayer 1 year ago
The rules for accounting for leases in a set of financial statements in accordance with GAAP (Generally Accepted Accounting Principles) will change significantly starting in 2020. The logic for making the change is that balance sheets are currently very different for businesses that own a building compared to businesses that rent a building. To enhance comparability between businesses the Financial Accounti...
Food Donation Deduction
Posted by: Bruce Mayer 2 years ago
Highlights: Food must be given to a food pantry or similar nonprofit organization for feeding the ill, the needy, or infants. The deduction is the cost of the food plus the lesser of: One-half of the gross margin using the normal retail price, or The cost of the food. This makes the maximum deduction equal to twice the cost of the food.  In a food co-op 2a will almost always apply. ...