Ask Joey ™ a Question

What is the government accountability office (GAO)?

The United States Government Accountability Office (GAO) is an independent, nonpartisan agency that works for Congress that is responsible for examining how taxpayer dollars are spent.

The GAO also issues and manages GAGAS, which is the auditing standards used to guide the audit of an government related entity.


You might also be interested in...

  • What must the budgetary comparison include?

    The budgetary comparison schedules will need to show the original budget, the final budget, and the actual budget (actual inflows and outflow. The entity may choose to include a separate column that shows the calculated variances between the final budget and actual results. The variance column is “optional” and not required.

  • How many years can a C Corporation carry forward capital losses?

    C Corporations can carry forward losses 5 years and carry back losses 3 years. Additionally, capital losses cannot be used to offset ordinary income.

  • How many years can a C Corporation carry back capital losses?

    For C Corporation, capital losses cannot offset ordinary income (which is different from individual taxpayers). Additionally, capital losses can be carried back 3 years and forward 5 years.