Will the Next Tax Reform Be Retroactive?
Uncertainty over tax reform often includes whether new laws will apply to past income. Learn the framework for how a tax law’s effective date is determined.
Accounting Concepts and Practices
Capital Gains Tax on a Primary Residence in California
Understand the tax implications of selling your primary residence in California. Learn how federal exclusion rules and state tax law interact to determine your liability.
Does Florida Tax Lottery Winnings?
Florida may not tax your lottery prize, but that’s only part of the story. Learn how federal tax and your payout decision will affect what you keep.
What Is a Tax Levy and How Does It Work?
Understand the formal process of a tax levy, the legal seizure of assets for unpaid taxes, and the specific options available for its resolution.
What Is a Settlement Account and How Does It Work?
Learn how a settlement account works as the central cash hub in your brokerage, handling funds for trades, dividends, and other transactions.
What Is the IRS Form 433-D Installment Agreement?
Understand how to use IRS Form 433-D to establish a direct debit installment agreement, allowing you to make automated payments on your federal tax debt.
What Are the Roth IRA Contribution Limits for 2024?
Navigate the 2024 Roth IRA contribution rules. Learn how your income and age determine your contribution limit and what to do if you over-contribute.
AU-C Section 320: Materiality in an Audit
Explore the core audit principle of materiality, a professional judgment that guides an audit’s scope by focusing on what could influence a user’s decisions.
Accounting General Ledger: What It Is & How It Works
Learn how the general ledger systematically organizes every transaction to provide a complete and verifiable basis for a company’s financial reports.
What Is Section 291 Recapture for C Corporations?
Learn how Section 291 requires C corporations to treat a portion of their gain on real property sales as ordinary income, reducing the capital gain benefit.
What Does the IRS Consider Reasonable Compensation?
Paying yourself as a business owner requires a careful balance. Learn how to establish a reasonable salary that satisfies IRS guidelines and your company’s needs.
Income Tax Comparison: DC vs. Virginia
Choosing between living in DC or Virginia involves a complex tax calculation. Explore how each jurisdiction’s rules can impact your overall tax burden.
How to Audit Cash: Key Audit Procedures
Learn the auditor’s systematic process for verifying cash, moving from risk assessment to the validation of financial statement balances and disclosures.
What Income Is Exempt From FICA Taxes?
Not all income is subject to Social Security and Medicare taxes. Understand the specific circumstances and criteria that exempt certain wages from FICA.
Can You File for Unemployment if You Are 1099?
While 1099 status generally precludes unemployment benefits, exceptions exist. Understand the specific scenarios that can lead to eligibility and how to prepare.
How to Fill Out Form 5329 for Missed RMD
Learn the correct procedure for using Form 5329 after a missed RMD. This guide shows how to address the shortfall and request a waiver of the tax penalty.
Can I File Form 941 Online? Requirements and Process
Navigate the full electronic process for Form 941. Understand the key preparations needed before you file and the separate steps for submission and payment.
What Are Japan’s VAT and Consumption Tax Rates?
A guide to Japan’s consumption tax, explaining the dual-rate system and the rules impacting residents, international visitors, and registered businesses.
ASC 718: Accounting for Share-Based Payments
ASC 718 establishes the accounting principles for recognizing the cost of share-based payments throughout an award’s lifecycle on financial statements.
Is There a Different Tax Rate for People Over 65 Years Old?
Your tax rate doesn’t change at 65, but the way your taxable income is calculated does, providing unique advantages that can lower your overall tax burden.