Can I Borrow From My IRA to Buy a House?
While you can’t get a loan from an IRA, you can use the funds for a home. Discover the rules for penalty-free withdrawals and tax considerations.
Accounting Concepts and Practices
What Does Unapplied Cash Payment Income Mean?
Explore the financial distinction between a received customer payment and recognized revenue. Learn the proper handling of unapplied cash on your books.
How to Use Parent LLC and Subsidiary LLCs
Understand the parent-subsidiary LLC structure for isolating business risks, protecting assets, and organizing operations with legal and tax clarity.
How to Deduct and Capitalize Your Startup Expenses
The tax treatment for costs incurred before your business opens differs from regular expenses. Learn the correct approach for managing these initial outlays.
Do All Pensions Increase With Inflation?
Your pension’s ability to keep pace with inflation isn’t automatic. Learn what determines if your retirement income will maintain its purchasing power.
Is It Illegal to Keep Cash in a Safe Deposit Box?
While not illegal, storing cash in a safe deposit box involves crucial distinctions between law, bank policy, and significant financial risk.
What Happens When You Sell a 1031 Exchange Property?
Selling your 1031 replacement property makes deferred taxes due. Understand how the total taxable gain is determined and explore strategies for handling the outcome.
What Are the Tax Rules for a Classic Car?
Understand the tax implications of owning a classic car, which is viewed by authorities as a collectible asset with distinct financial rules.
What Are 1120-H Deductible Expenses?
For HOAs using Form 1120-H, properly classifying income is essential for identifying allowable deductions and correctly calculating your tax liability.
Where Do I Find My Gross Income on My Tax Return?
Your tax return lists different income totals. Learn to locate the correct figure for loan applications and understand which number the IRS uses for taxes.
Are Consulting Fees Taxable? How to Report Your Income
This guide clarifies tax responsibilities for consultants, from calculating net income after expenses to fulfilling filing and payment requirements.
Do You Have to Report SSI on Taxes?
Understand the tax implications of receiving government benefits. Learn why SSI is treated differently than other Social Security income for tax purposes.
What Are the Rules for a Semi-Weekly Depositor?
Understand your IRS payroll tax deposit obligations. Learn the specific timing and conditions that define a semi-weekly depositor for accurate, timely payments.
What Belongs on an Entity-Level Controls Checklist?
Learn to build and assess the foundational controls that set your organization’s tone, ensure reporting integrity, and create a strong governance structure.
How to Get a Win Loss Statement From a Casino
A casino win/loss statement helps substantiate gambling losses for tax purposes. Understand what this unaudited estimate covers and its role in your records.
FASB 115: Accounting for Debt and Equity Securities
Understand the core principles of FASB 115, which established how a company’s intent for its investments directly shaped their financial statement reporting.
How to Complete a Solo 401k Profit Sharing Calculation
Learn how to accurately determine your Solo 401k profit sharing contribution, a calculation that differs based on your business income and structure.
ESOP Dividends: How They Are Handled and Taxed
Explore the unique financial and tax framework for ESOP dividends. Learn how a company’s choices for distribution impact both employee and corporate tax outcomes.
U.S. Virgin Islands Tax Advantages and How to Qualify
Understand the requirements for accessing U.S. Virgin Islands tax benefits, which link bona fide residency with specific economic development programs.
IRS WISP Requirements for Tax Professionals
Fulfill your federal obligation by translating complex IRS data security rules into a practical, compliant plan for safeguarding sensitive client information.