With interest rates increasing over the last couple of years, sometimes buying the rate down can be a great strategy. A buydown is a way for a lessee to obtain a lower interest rate and payments by having points paid up front at closing. Seller-paid buydowns are the most common type of lease buydown.
The IRS uses Form 8697 to figure the interest due or to be refunded under the look-back method of section 460(b)(2) on certain long-term contracts that are accounted for under either the percentage of completion method or the percentage of completion-capitalized cost method. Below is a brief synopsis of understanding the basis of the calculation and how to compute the interest in TaxInterest software.
The Government Accounting Standards Board (GASB) issued Statement No. 96, guidance on the accounting and financial reporting for subscription-based information technology agreements (SBITAs). This statement established that a SBITA results in a right-to-use asset and a corresponding subscription liability.
Importing client information into File In Time software from Excel saves you the time of manually entering each client in the Client Information window. File In Time software is capable of importing data that is in a comma-delimited or tab-delimited text format.
In 1984, the Tax Reform Act set provisions for applicable federal rates (AFRs). This is a minimum tax rate that must be charged on all loans, including personal/family loans. The IRS provides various prescribed rates for federal income tax purposes each month and TimeValue Software offers them on our website at Applicable Federal Rates | TimeValue Software.