What Is a 408a Plan and How Does It Work?
Understand the mechanics of a Roth IRA (IRC Section 408a), from its after-tax funding structure to the specific rules governing tax-free distributions.
Accounting Concepts and Practices
How the Transfer of Trust Assets to a Beneficiary Works
Learn about the structured journey of trust assets, from the required administrative preparations to the procedural mechanics of a compliant final transfer.
Are Money Market Funds Cash Equivalents?
Explore the accounting classification of money market funds as cash equivalents and the subtle but important distinctions in their risk and structure.
Can I Use My FSA Account for My Child?
Understand the requirements for using your Health or Dependent Care FSA for your child, from defining a qualifying dependent to identifying eligible expenses.
What Is the Completeness Assertion in Accounting?
Explore the completeness assertion, a core principle for ensuring financial statements accurately reflect all transactions, assets, and liabilities without omission.
Meeting PCAOB Expectations for Management Review Controls
Understand the key attributes of effective Management Review Controls to align your internal control processes with PCAOB inspection criteria.
What Is ITBIS in the Dominican Republic?
An essential guide to the Dominican Republic’s ITBIS (VAT), covering the core principles and procedural requirements for business tax compliance.
What Is a Conduit Trust and How Does It Work?
Learn how a conduit trust provides control over inherited retirement funds while allowing for tax-efficient distributions to your beneficiaries.
What Is a Debit Memo and When Is It Used?
Learn how a debit memo serves as a key accounting tool for formally adjusting financial obligations and maintaining accurate records between business partners.
Classified vs. Unclassified Balance Sheet: Key Differences
Understand how the organization of a balance sheet reveals a company’s ability to meet short-term obligations and support deeper financial analysis.
How the EV Tax Credit Transfer to a Dealer Works
Understand how to use the EV tax credit as an upfront reduction on a vehicle’s price and the tax responsibilities that follow the point-of-sale transfer.
How to Pay Michigan Estimated Taxes Online
This guide provides a clear process for making Michigan estimated tax payments online, ensuring you have the correct information and documentation for tax time.
The IRS New Child Tax Credit: What to Know for 2024
The rules for the Child Tax Credit have been updated for 2024. See how a change in calculating the refundable portion may affect your family’s tax return.
How to Use the Ohio Sales Tax Exemption for Manufacturing
Navigate the specifics of Ohio’s manufacturing sales tax exemption. Learn the criteria for direct use and maintain compliance to reduce your operational tax burden.
Federal Excise Tax Exemptions for Trailers
Understand the specific conditions and procedural requirements for legally exempting a trailer sale from the 12% Federal Excise Tax.
How Does the IRA Rollover 12-Month Rule Work?
Understand the IRA 12-month rule, how it applies specifically to indirect rollovers, and why all of your IRA accounts are aggregated for this regulation.
Who Qualifies Under the IRS Definition of a Dependent?
Understand the IRS definition of a dependent for tax purposes. Learn the specific criteria beyond financial support that determine who you can claim on your return.
How Roth IRA Catch-Up Contributions Work
Understand the mechanics of making Roth IRA catch-up contributions after age 50. This guide provides a clear framework for navigating the process to enhance your savings.
Can You Write Off Golf as a Business Expense?
Writing off golf as entertainment is a thing of the past. Discover how certain related costs might be deductible under different parts of the tax code.
Are Land Clearing Expenses Tax Deductible?
Understand the tax rules for land clearing expenses. How you account for these costs depends on the land’s use and the nature of the improvements made.