Can you disinherit your spouse? In most cases, disinheriting a spouse isn’t simple. Many places in the US and Canada protect spouses from being completely disinherited. In some places, you have to submit a memorandum of reasons for disinheriting the spouse. These protections are called statutory rights. For instance, if someone tries to leave all […]
Pledging Receivables Pledging receivables means a business using its accounts receivable (money owed by customers) as collateral to secure a loan. Here, the company agrees that if they can’t repay, the lender can collect the customers’ payments. Using accounts receivable as collateral can be a smart way to improve cash flow, but it comes with […]
What Is Unapplied Cash Bill Payment Expense? Unapplied cash bill payment expense refers to the payment that hasn’t been matched as an actual expense. It happens when cash is paid, but the expense isn’t linked to a specific bill, making it unapplied. For example, if a company pays $500 to a supplier in advance but […]
Redacted Invoice A redacted invoice is a specific invoice that hides sensitive information. For instance, if a company shares invoices publicly, it can hide clients’ names. Redaction is the process of editing a document to remove or conceal sensitive information before it’s shared publicly or disclosed. This is a common practice in legal, government, and […]
Latent vs. Patent Defects Latent and Patent defects are real estate terms that define property damage. Latent defects illustrate the hidden damage, such as a faulty foundation in a new building. On the other hand, patent defects are visible damages like a cracked window when buying a property. To understand it better, think of these […]
Involuntary Alienation Involuntary alienation describes loss of ownership without consent. An individual can lose property through legal actions like foreclosure, unpaid taxes, or death. For instance, if someone falls behind on mortgage payments, the bank might foreclose on the house, and they can lose ownership involuntarily. It reminds us of the TV remote battle in […]
Deferred Revenue Haircut A deferred revenue haircut is an accounting adjustment in which a portion of deferred revenue (undelivered payment) is reduced (haircut) to reflect risks like refunds or cancellations. For years, businesses acquiring deferred revenue as part of a merger or acquisition faced a frustrating accounting issue—a revenue “haircut.” Under previous GAAP rules, companies […]
What Is Veterinary Locum Insurance? Veterinary locum insurance is a special form of insurance for vets who temporarily or independently provide their services (locums). This insurance covers risks that may arise in short-term assignments, such as liability in the event of animal and property damage or professional errors. This type of insurance typically falls under an […]
1099 Expense Tracker A 1099 expense tracker allows independent contractors and small business owners to track business expenses, making maximizing deductions and reducing taxable income easier. It’s like having your own Alfred from Batman. Whether you use a simple spreadsheet or a dedicated app, this tool helps you log every business-related expense, from supplies and […]
Do you pay sales tax when buying a house? In the US, you don’t pay sales tax when buying a house. In Canada, you do. However, in both countries, you must consider other costs, such as property taxes, transfer taxes, or mortgage costs. It’s important to consider individual US state tax laws. We think Tony […]
