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The 'red account' on Transformice doesn't exist. It is only a myth.

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11y ago

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Continue Learning about Accounting

What do you mean by Income and Expenditure account?

An account that says what you get and what you waste. When you get more than you waste you have a positive balance. When you waste more than you get you fall onto the red mark.


What are the disadvantages to having offshore accounts?

There are pros and cons of having an offshore account. An offshore account can wave a red flag of warning to others thinking that there is something being hidden for some reason.


What does it mean when an account has been charged off on a credit report?

Charged off is a shortened version of "charged off to profit and loss". This is an accounting term which describes actions taken by creditors to avoid showing loss (red ink) on their books. For a consumer, charge off is the same as a collection account. It is a defaulted debt that remains owing until paid in full, at which time it is called a paid charge off.


How do you find out if you are red flagged by the IRS?

To determine if you are red flagged by the IRS, you can review your tax returns for discrepancies, unusual deductions, or patterns that might raise suspicion. Additionally, you may receive a notice or audit letter from the IRS if there are concerns about your filings. Monitoring your IRS account online can also provide insights into your status. If you're worried, consulting a tax professional can help clarify your situation.


Where do you get a 1099 MISC form?

During tax season, you can find these forms almost anywhere. Your local library and post office typically carry the red-ink forms for free. Office Depot and Staples will sell them to you in a packet. There is one thing you cant do. And that's downloading the form from the web and print it. 1099-MISC has a special red-ink that scans well. Even if your printer could print in red, its not the same kind of scannable red-ink that the Government needs when scanning. If you submit just a black and white Copy A of 1099-MISC, the IRS will eventually reject it.