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Tax and accounting
5 short answers on Tax and accounting. Each one is checked against primary sources and written in plain words.
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Final tax return when closing a business: what to file and when
Your final tax return when closing a business depends on the entity: Form 1065, 1120 or 1120-S, with the final return box checked. Corporations add Form 966 within 30 days.
Is data licensing income taxable? What IRS texts say
In general, yes. 26 U.S.C.
Data as an intangible asset accounting: the texts
IAS 38 does not recognize self-made customer lists as intangible assets. Treasury Regulation 1.197-2 names customer information bases as intangibles but excludes those created by the taxpayer from amortization.
1099 data licensing: which IRS form applies
For 1099 data licensing, the IRS splits royalty payments at $10 or more into Form 1099-MISC box 2. Other payments go to 1099-NEC box 1a (services, $2,000+) or 1099-MISC box 3 (other income, $2,000+).
How to record data licensing revenue: ASC 606 text
Under ASC 606, a sales-based royalty on an IP license is recorded when the sale or usage happens or the performance obligation is satisfied, whichever is later. No source we found settles whether a data corpus is IP or a one-time sale is a license.
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