ASC 845: Accounting for Nonmonetary Transactions
Explore ASC 845 guidance for nonmonetary transactions. Learn how an exchange’s impact on future cash flows determines its proper accounting and asset valuation.
Accounting Concepts and Practices
The Transfer of Tax Credits Under IRC Section 6418
Navigate the transfer of clean energy credits under IRC §6418. This guide covers the complete procedural framework and tax consequences for buyers and sellers.
Why Has My Tax Code Changed and What Should I Do?
A change to your tax code can be confusing. This guide clarifies what your code means and provides the necessary steps to ensure you are paying the right tax.
Can I Deduct Mileage as a W2 Employee?
Recent tax law changes suspended mileage deductions for most W2 employees. Learn the nuances of state-level rules and employer reimbursement alternatives.
163 j Aggregation Rules: How to Calculate the Limitation
Navigate the 163(j) interest limitation when related entities must be treated as one, from calculating a shared limit to allocating the final deduction.
Can You Contribute to a Roth IRA After Retirement?
Your ability to contribute to a Roth IRA after retiring depends on your financial circumstances, not your employment status. Learn what makes you eligible.
What Are Progress Billings and How Do They Work?
Understand progress billing as a system that connects contract terms to invoicing and financial reporting, ensuring steady cash flow on long-term projects.
SIMPLE IRA for a Sole Proprietor: Rules and Contributions
For sole proprietors, a SIMPLE IRA has unique financial mechanics. Understand how to correctly calculate contributions and navigate critical access and timing rules.
How to Set Up a Section 105 Medical Reimbursement Plan
Understand the essential compliance framework and operational steps required to properly establish and manage a Section 105 medical reimbursement plan.
What Are the FICA Limits for Social Security & Medicare?
Your payroll tax obligations for Social Security and Medicare are determined by specific income thresholds. See how the 2024 FICA wage limits affect your pay.
The IRS Look Back Rule: How Long Can the IRS Audit You?
Understand the IRS statute of limitations for tax audits. Learn how long the IRS can assess past taxes and what determines the length of this period.
Tax Deductions for Married Couples Filing Jointly
Understand the tax-saving strategies available to married couples filing jointly to help you make informed decisions and lower your taxable income.
How Is Tax on Horse Race Winnings Calculated?
Winnings from horse racing are taxable income. Understand the complete process for correctly handling your tax obligations, including documentation and filing requirements.
Do I Claim Myself as an Exemption on My Taxes?
The personal exemption was eliminated from federal tax returns. Learn how this change impacts your filing and what now lowers your taxable income.
How to Lower Your Adjusted Gross Income
Discover how strategic financial choices can lower your Adjusted Gross Income, a key figure that directly influences your annual tax outcome and eligibility.
What Are the New R&D Capitalization Rules?
A mandatory change in tax law has altered how R&D costs are treated, impacting the timing of deductions and requiring new long-term financial strategy.
Can a 529 Be Used for High School?
Federal law allows 529 plans for K-12 tuition, but state tax treatment and narrow expense definitions create important financial considerations for account owners.
What Is State Apportionment and How Is It Calculated?
Explore the framework states use to calculate a multistate company’s tax liability, ensuring income is sourced fairly among different jurisdictions.
What Is IRS Form 8895 and How Do I Use It?
Learn the function of IRS Form 8895 and how it provides a simplified path for eligible taxpayers to calculate their Qualified Business Income deduction.
What Is Arizona’s Transaction Privilege Tax (TPT)?
Navigate the requirements of Arizona’s Transaction Privilege Tax. Learn how this business tax is structured and the essential steps for proper compliance.