Reflect which method or methods
In 2011, a company changed from the LIFO method of accounting for inventory to FIFO. The Company's 2010 and 2011 comparative financial statements will reflect which method or methods?
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Rey and Carmen Martinez are not your tax clients, but they come to you with a question. They migrated to the United States from Guatemala five years ago and they have been self employed in Chandler, AZ ever since.
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You promise to adjust their pay as requested. Once the day is finished, you sit down and consider the ramifications. Are you legally obliged to keep your promise? What are the legal remedies?
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