Accounting Concepts and Practices

Understand the operational changes at the IRS during a government shutdown. Learn which core functions continue, which are paused, and what this means for taxpayers.

Learn about the essential IRS reporting that connects former employees with their deferred retirement plan benefits through the Social Security Administration.

A transfer of a partnership interest creates distinct tax consequences for the seller, buyer, and the partnership. Learn how basis and gain are treated.

Learn how to determine if your durable medical equipment costs are tax deductible, from meeting IRS expense criteria to navigating income and deduction rules.

Learn how fiduciaries report capital transactions for an estate or trust, covering key tax implications from determining correct cost basis to final distribution.

An overview of the BEAT, a U.S. minimum tax that adjusts a multinational’s taxable income by adding back certain payments made to foreign affiliates.

Understand the partnership’s duty to file Form 8308 when a partner’s interest is sold, focusing on the role of ordinary income assets in the transaction.

Understand the tax rules for paying yourself from an LLC. Learn how business profits, not your draw amount, create your personal tax responsibilities.

A canceled debt doesn’t always equal a new tax liability. Learn the important distinctions and how to correctly address a Form 1099-C on your tax return.

Understand your tax obligations when living in Illinois and working in Indiana. This guide explains how to correctly handle state and local taxes for your situation.

In Washington, DC, your legal residency status dictates your tax obligations. Learn the factors that define it and how to manage your filing requirements.

Learn how to navigate the $4,000 Used Clean Vehicle Credit. This guide details the process for confirming eligibility and the options for receiving the funds.

Discover how forming an LLC or corporation creates an $800 annual state tax liability, independent of your business’s income or operational status.

Learn how the structure of an oil well investment impacts your tax liability, from generating deductions against other income to the rules governing a sale.

Renting personal property to your business has unique tax consequences. Learn how IRS rules on this arrangement affect the character of your income and losses.

Explore the criteria for classifying restaurant workers. Understand how the level of business control and financial independence defines a worker’s proper status.