Qaddoura, CPA

Income tax was first introduced in the United States with the Revenue Act of 1861. A flat 3% tax on income above $800 was used to fund the Civil War and repealed 11 years later. In 1894, a new flat federal income tax was ruled unconstitutional by the U.S. Supreme Court. It was not until the 16th Amendment was ratified in 1913 by 36 of the then 48 states and became part of the U.S. Constitution. The 16th Amendment made income tax a permanent fixture in the U.S tax system.

Wishing you and your families a happy and blessed Eid! #eidmubarak

Luca Pacioli wrote the first book on double entry accounting in 1494. He is referred to as the father of accounting. In this book, he warned that one should not go to sleep at night until the debits equaled the credits.

Mother’s day is around the corner and while certainly, mothers are deserving of our thanks and appreciation year-round, Mother’s day is a great time to reflect and appreciate the many sacrifices they make and say thank you! Happy Mother’s Day!

Located at The Ohio State University, the Accounting Hall of Fame was founded in 1950 for honoring accountants who have made or are making significant contributions to the advancement of accounting.

People who received a federal tax refund in 2020 may have been paid interest. The IRS sent interest payments to individual taxpayers who timely filed their 2019 federal income tax returns and received refunds. Most interest payments were received separately from tax refunds. Interest payments are taxable and must be reported on 2020 federal income tax returns. In January 2021, the IRS will send a Form 1099-INT, Interest Income, to anyone who received interest of at least $1...0. If you have questions, shoot us a message, or send us an email. We’re here to help!

Accountants have controlled the ballots for the Academy Awards ever since 1935. A team of nine CPAs spend up to 1,700 hours prior to Oscar night counting the ballots cast in each category by hand.