Accounting Song – Death and Taxes (REG)

MP3 Download (Right-click and Save): Death and Taxes


IRS, the taxes amounting
Let’s go through cash basis accounting
Allowed for individuals owning a business
But corporations, they can’t get with this

Carryovers, passive activity loss
No carryback, no not at all
Investment interest expense
Is greater than investment income, yes, yea

Installment sales
Gross profit divided by contract price, that’s right
Home Mortgage Interest, we doin’ it real
Deductible on loans up to $1 mil

Business Gifts, Schedule C
$25 dollars per person, don’t ya see?
Service awards up to 400 bucks
Are deductible, yea that’s what’s up

Death and Taxes, both unavoidable
Death and Taxes, both unenjoyable
You got Death, You got Taxes
The IRS always coming after

Business losses are no fun
But they only offset active business income
Like W2, yea that’s true
But Passive Losses, nah they don’t do it

Conventions, personal property
Equals mid-year divided by mid-quarter
Honestly business start-up costs can ruin my day
But at least I can deduct up to 5k

Medical expense, paid on behalf of another
Like a mother, father, or brother
Then they don’t gotta live with you
But if they more distant than a cousin, then yes they do

Foreign income and real estate tax, schedule A
They are deductible on tax day
Investment expense doesn’t include interest expense
So that I hope don’t forget

Tax audits, no statute of limitations for fraud
Or failure to file, you did wrong
Non-business bad debt, well
It’s treated as short-term capital loss, STCL

Tax refund claims
3 years of return due date or 2 years of tax being paid
Scholarships are not taxable if you took
The money and used for tuition and books

See also:

IFRS: King on this Street (FAR)
Unmodified (AUD)
Economic Cycles (BEC)
Death and Taxes (REG)
2017 CPA Exam Changes (The End is Near)

CPA Review

Related Posts

Accounting Song – Unmodified (AUD)

MP3 Download (Right-click and Save): Unmodified   CHORUS: Unmodified, no longer unqualified These standards are clarified Financial Statements verified Yea, unmodifed, I gotta say welcome to the other side VERSE 1: Audit Reports must be in writing, must be signed and The location, city and state, where to find ‘em And the Unmodified Opinion The […]

Accounting Song – Economic Cycles (BEC)

MP3 Download (Right-click and Save): Economic Cycles CHORUS: It’s the E-C-O to the N – O – M – I- C -S Better do good on your test Supply & Demand, that’s the plan Economic cycles all across the land VERSE 1: Yo, let’s talk about supply curve When an item price increases, supply does […]

Accounting Song – IFRS vs GAAP (FAR)

MP3 Download (Right-click and Save): IFRS: King on this Street CHORUS: Get out your 10-key, Excel Spreadsheet Ninja CPA, we gonna beat Any exam, we achieve that feat IFRS be the king on this street VERSE 1: International Account Standards Board issues IFRS They do that and more The most authoritative place you can see […]

Leave a Reply