We would simply overstate your net income by 384%!
Not surprisingly, the White House and Congress speak of the yearly deficit in amounts of 1.3 trillion.
However, if we use the same accounting rules that your business and my business are required to follow, the numbers change to roughly 5 trillion.
Most financial statements would look great to the readers, if you just omitted 90% of the company’s debt. According to this article in USA Today, that’s exactly what governmental accounting rules permit.
I have a novel idea! What not do the same thing that the stockholders would do to a business that pulled this kind of accounting chicanery? Let’s remove these employees from their positions in November.
He is also a founding Board Member and Finance Director of the Fayette Pregnancy Resource Center and serves on the Board of the National Equal Rights Institute.
Latest posts by David Conley (see all)
- A Tax Court decision you’re going to hate:
Joint Returns Valid Despite Wife's Forged Signature- September 5, 2018
- Tax Reform in a Picture Format:
10 Major areas of tax reform via our infographic- August 31, 2018
- Hiring your child in your business:
It pays to keep it all in the family- August 10, 2018