Rshermr
VIP Member
- Thread starter
- #781
Ah. That explains it.I really couldn't care less who taught what where, or who graduated with what degree. *I know enough to know the difference between a well supported idea and bs. *All I'm interested in are well supported ideas, because, unfortunately, my grad work got screwded when the economy tanked. *I at least got far enough to know bullshit when I read it.
And accounting has two different methods, but you pick or the other. *And when it comes to the IRS, they don't care what your "opinion" is. *If they audit you, and you can't prove, they will tell you what your "opinion" is, as they slap you with a fine.
With all due respect, Fitz? *Why would the IRS give a rat's ass about whether a company used the price of the last item purchased to set a value for all items of the same kind in inventory...or the used the price for which each individually bought for? *How does THAT alter the tax that you pay as long as you're consistent in how you apply value? *They aren't going to audit you for doing that...and they certainly aren't going to fine you for it! *I take it that your graduate studies didn't include any accounting?
Gee wiz, I just can't imagine why the IRS would expect a company to report the actual revenue instead of a fabricated number.
You're so right. *I was just reading the IRS tax form and it says, "In your opinion how much revenue do you believe you made last year?"
Doh!!![]()
Apparently Oldstyle has produced his own IRS guidelines. And as such, he is not subject to those pesky gaap rules.
Perfect. I am sure Oldstyle did that. His boss would be quite interested in him having told us this, I am sure. After all, as a "food services professional" (which Oldstyle states that he is) he would be an expert on such things. And gives him, in his own mind, the authority to make accounting rules that make gaap immaterial.
THATS THE TICKET!!