Every good business keeps at least two sets of books.
One set for operational administration and management.
The other for financial accounting purposes.
I’ve spent a considerable portion of my career combining these into one set of books that does both.
Obviously reported by people who have never actually had to run a business and deal with taxes and regulations.
These people are totally ignorant about the ultimate results of the policies they advocate.
I always associated that with the phrase:
Double Entry Bookkeeping...
...A generally acceptable accounting practice
Impeach. /S
I get two different numbers when looking at our property appraisal, assessed and just or market value. I would think that lenders would be interested in market, not assessed. The tax authorities already know about the county's appraisal of the properties.
Banks and financial organizations care about certain particular things, which have nothing to do with renovation, upgrades, or day to day expenses. The tax audit folks have an entirely different prospective on what matters. If you have a property worth $20 million or more....you put effort into making each uniquely happy when they ask about the ‘books’.
It is a crock. Financial accounting records differ from tax accounting records, as any idiot familiar with tax and accounting knows.
Another nothing burger. There’s accounting rules and procedures for managing a company. Then there’s IRS rules and they are not exactly the same.
Most companies have at least two sets of books. One for the IRS so that returns are filed the way IRS requires. The other is for financial reporting standards. Sometimes another set which is to aid in managing a company.
I’d be really disappointed if DJT wasn’t knowledgeable enough to keep at least 2 sets of books.
The walls are closing in.
What it probably means is that one “set” of books in in the computer system, and another set is the hard-copy printout of the data in the computer. Two sets; identical info.
I call BS. He has been audited yearly for quite a while. They would have caught him by now. Especially because Hillary’s dirt team found nothing it could win with.
Sorta like 'Shot him in the back', or 'Shoot the gun out of his hand', from the old cowboy movies.
Oh, boy. This is gonna be embarrassing. And NOT for Trump.
Note to the enemedia: Your profound ignorance about anything biz/finance/economics related is about to bite you on the a$$. Again.
And another group of anonymous news media "experts" who's expertise is being anonymous media experts.
How many Social Security numbers did Barack Hussein Obama use?
Banks base value on cash flow. Property taxe vakue is based on comparable sales of other buildings. Nothing fraudulent about two different values.
Running this country is secondary to a 10 year investigation while our enemies here and abroad continue to plot our demise.
Yes, one set was GAAP accounting (for banks, which require accrual) and one set was tax accounting (for taxes).
Every company of any size has this because banks want accrual and taxing authorities want tax.
And they diverge. For example, I. 2017 Trump prepaid insurance for 2018. The cost shown in 2017 for tax was the entire amount. The GAA0 accrual method shows less as the expense is accrued over to 2018.
This story is one of the most patently dishonest things I’ve ever read.
The reality is that there ARE different numbers for lenders and governments.
That’s why, when you buy or sell a house, the price is usually not equal to the assessed value. Your loan is based on anticipated market value. Commercial properties, like Trump’s, adds the complicating factor of anticipated revenue.
DM the trump hate site.
Trump won a huge court settlement against this
left wing hater rag .