What Is a Personal Service Corporation?

A personal service corporation (PSC) is a type of corporation that provides services that are personal in nature. The term is typically used in the United States to refer to professional service corporations. Professional service corporations are businesses that provide services that require a high level of skill or training, such as legal or accounting … Read more

What is Tax Lot Accounting?

Tax lot accounting is a method of accounting for the purchase and sale of securities that aims to minimize capital gains taxes. When an investor buys a security, the tax lot with the highest cost basis (the original purchase price) is sold first. This method is also known as first-in-first-out (FIFO) accounting. What is tax … Read more

What is embezzlement?

In the world of economics, unfortunately, there are also acts against good customs that affect natural and legal persons. Specifically, embezzlement is a crime carried out by an authority or an official when they are carrying out their work. Embezzlement may consist of diverting funds for private or private purposes (for themselves or for third … Read more

What is an income?

In accounting, income is understood as the increase in economic resources. This increase cannot be due to new contributions from the partners, but must come from their activity, from providing services or from the sale of goods. Income causes an increase in business assets, since on the one hand it can increase the asset of … Read more

What is a virtual currency?

La cryptocurrencies or virtual currencies that are used to exchange goods and services through an electronic transaction system in which the presence of an intermediary is necessary. This could be a simple definition of cryptocurrency. Compared to other electronic money proposals, cryptocurrencies add the principles of cryptography to achieve in this way an anonymous, secure … Read more