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Business Structures for CPA Businesses
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Which business structure would you choose if you were to set up your own CPA practice: a partnership, proprietorship, or corporation? Why? Explain what factors affect your decision. (Ch. 7 of Advanced Accounting)
Why is it important to understand the difference between an originating temporary difference and permanent difference in a company? Explain if this concept is relevant for personal finance. (Ch. 19 of Intermediate Accounting)
Then with permanent differences, how do they affect and impact the relationship between income tax expense on the income statement and income taxes payable for the amount owed to the IRS?