![]() Commission earned from Advertising agency was to be Turnover and not the entire value of service.Sale on principal to principal basis: Gas Cylinders Agency, the agreement clearly indicated that the appellant was appointed as a distributor on principal to principal basis for sale of gas cylinders to consumers. So essentially they are saying “gross receipts” is not actually gross receipts in the traditional sense of the term and is actually gross receipts less COGS.ĭo any of you have an interpretation of this or thoughts on how you believe it is appropriate to present or handle this on applications?Īppreciate any and all insights as I am trying to handle this for a client first thing in the AM. Examples on Meaning of Turnover Or Gross Receipts. Because of the way GRT is calculated, it can lead to tax pyramiding and cost a lot of money. Not all states have GRT, and the tax does not apply to all types of businesses. States often impose a gross receipts tax in lieu of a corporate income tax or sales tax. What I don’t understand here is they appear to be including COGS in this calculation. A gross receipt tax (GRT) is a state tax on the gross sales of a business. All other items, such as subcontractor costs, reimbursements for purchases a contractor makes at a customer's request, investment income, and employee-based costs such as payroll taxes, may not be excluded from gross receipts.” Gross receipts do not include the following: taxes collected for and remitted to a taxing authority if included in gross or total income (such as sales or other taxes collected from customers and excluding taxes levied on the concern or its employees) proceeds from transactions between a concern and its domestic or foreign affiliates and amounts collected for another by a travel agent, real estate agent, advertising agent, conference management service provider, freight forwarder or customs broker. Generally, receipts are considered “total income” (or in the case of a sole proprietorship, independent contractor, or self-employed individual “gross income”) plus “cost of goods sold,” and excludes net capital gains or losses as these terms are defined and reported on IRS tax return forms. ![]() “Gross receipts includes all revenue in whatever form received or accrued (in accordance with the entity’s accounting method) from whatever source, including from the sales of products or services, interest, dividends, rents, royalties, fees, or commissions, reduced by returns and allowances. The definition is on page 22 about halfway down on the line starting with (2)(i): The gross receipts determined as earned from the sale of property transactions (as referenced in (c) above), shall be the gain from such transactions for both. Moving forward, you can file and pay your tax return on our user-friendly, online portal, ND TAP. However, in reading through the IFR on PPP2, the SBA defines gross receipts as income less COGS. (1) Gross receipts means the entire amount received by the taxpayer as determined by using the taxpayers method of accounting used for federal income tax. Gross receipts tax is applied to sales of. To most anyone (I would assume), gross receipts means income aka only money coming in.
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![]() ![]() There will be two Cybertruck models available - one with two motors for $60,000 and another with three motors for $70,000. ![]() Musk has touted the Cybertruck, expected to be released by the end of 2023, as “better utility than a truck with more performance than a sports car.” Ford boss Jim Farley said Tesla’s upcoming Cybertruck as a as a vehicle “for Silicon Valley people while Ford’s F-150 Lightning electric truck is “for real people who do real work.” AFP via Getty Images “If he wants to design a Cybertruck for Silicon Valley people, fine,” the Ford boss added when asked if he was worried that Tesla’s electric truck venture would eat into Ford’s customers.įarley’s criticism of Elon Musk’s first EV truck came despite the Michigan-based car maker’s recent charging deal with Tesla. “The reality is, America loves an underdog - and we are the market leader for EV trucks and vans, and we know those customers better than anyone,” Farley said Tuesday after announcing better-than-expected earnings during an interview with CNBC’s Jim Cramer. GM adopts Tesla’s EV charging system in win for Elon Musk: ‘This is pretty huge’įord recalling 125K vehicles due to engine issues that could cause firesįord’s chief executive Jim Farley slammed Tesla’s Cybertruck as a vehicle “for Silicon Valley people” while his company’s F-150 Lightning electric truck is “for real people who do real work.” Ford to ax at least 1,000 contract, salaried workers to offset billion-dollar EV investmentsįord supervisor followed worker home, raped her in bedroom: lawsuit These molecules are the building blocks of just about everything in your body, and not all sources of protein have all of the essential amino acids.Īnimal-based sources of protein, like dairy, eggs, and meat, have a balanced amino acid profile, but with vegetable sources, you’ll need to mix and match to get a full profile of regular and branched chain amino acids. Protein is also the only macro that provides amino acids, which are essential no matter who you are. It has several unique properties that make it an essential part of all but the most obscure diets.įor weight loss, protein has the unique capability to increase your feelings of fullness (“satiety” in technical terms) as well as increase your body’s energy expenditure.Īccording to research published in 2004 in the Journal of the American College of Nutrition, protein’s ability to increase your energy expenditure is a result of the increased caloric expenditure needed to break down the amino acids in protein ( 3).Īnimal protein seems to be slightly more effective at achieving this increase in caloric expenditure, but plant-derived protein will also work. Protein plays an incredibly versatile role when it comes to weight loss, gain, or maintenance. Beyond this, there’s the option of protein powder, which comes in both animal and plant-derived forms. There are plenty of vegetarian protein sources too: you’ll find tons of protein in chickpeas, soybeans, and tofu, to name just a few sources. Protein makes up the lion’s share of the calories you’ll find in lean meats like chicken, turkey, and fish, and is plentiful in all kinds of animal products like dairy, beef, lamb, and pork. Still, it emphasizes that tracking carbohydrate intake is very important if you think that insulin and blood sugar have to do with obesity, weight gain, and fat mass. Now, this theory is not without its critics, as indicated by a counterpoint article published by Kevin Hall and other researchers at the National Institute of Diabetes and Columbia University ( 2 ). According to this theory, hunger and overeating aren’t the cause of obesity-they’re a symptom. ![]() ![]() This vicious cycle, according to researchers like Ludwig, explains many facets of obesity in a new light. The result is that, a few hours after a carbohydrate-rich meal (especially if it’s mostly refined carbs), blood sugar crashes, body fat increases, and you get hungry again. This theory states that excessive carbohydrate consumption causes a spike in insulin, which in turn causes your body to pull blood sugar out of the blood and store it as fat. ![]() ![]() Not all carbs are created equal, but emerging research suggests that refined carbohydrates (like white flour or white rice) behave a lot like sugars when it comes to determining your body’s response, so lumping them into the same category is starting to make more sense.Īccording to the “carbohydrate-insulin model of obesity”, advocated by researchers like David Ludwig at the New Balance Foundation Obesity Prevention Center at Boston Children’s Hospital, carbohydrates are at the heart of fat gain ( 1). We’ll take a quick look at each of these macros first, then dive in to how to use our macro calculator to achieve your health goals, whether those are weight loss, weight gain, or simply maintenance of your weight while ensuring long term health.Ĭarbohydrates, or carbs for short, are the macros you’ll get in bread, pasta, fruit, vegetables, and other starchy or sugary foods. Tracking your macros, and not just your overall caloric intake, is important because each macro has different effects on your body. The specifications of your diet are going to dictate your macro ratio, as different weight loss programs are going to call for different ratios of fats, carbs, and proteins. Each of these macros play a different role in nutrition, and their amount and distribution is going to change based on whether you are trying to gain weight, lose weight, or maintain the same weight. |