FX Netting: How It Works, Key Entities, and Settlement Terms Explained
Learn how FX netting streamlines foreign exchange settlements, reduces counterparty risk, and optimizes cash flow through structured agreements.
Accounting Concepts and Practices
Changes to Alternative Minimum Tax: What Taxpayers Need to Know Now
Learn how recent updates to the Alternative Minimum Tax may affect your income calculations, exemptions, and filing requirements for the upcoming tax year.
How Are Trusts Taxed in California? Key Rules for Trustees and Beneficiaries
Understand how California taxes trusts, including key rules on trustee residency, income distribution, and state filing requirements.
Income Tax Journal Entry: Steps for Accurate Accounting and Reporting
Learn how to accurately record income tax journal entries, manage deferred taxes, and ensure proper reconciliation for reliable financial reporting.
How to Record Treasury Stock Purchase in Your Accounting Records
Learn how to accurately record treasury stock purchases, choose the right accounting method, and reflect changes properly in your company’s equity section.
Unbilled Revenue: Accounting Treatment and Impact on Financial Statements
Understand how unbilled revenue is recognized, its role in accrual accounting, and its influence on the accuracy of financial statements.
IRC 102: Tax Rules for Gifts and Inheritances Explained
Understand how IRC 102 defines the tax treatment of gifts and inheritances, including key exclusions, exceptions, and reporting requirements.
Unbilled Receivables: How They Arise and Their Impact on Financial Statements
Understand how unbilled receivables develop, where they typically occur, and their subtle effects on financial reporting and accounting practices.
Are Advisory Fees Tax Deductible for a Trust?
Learn how trusts can handle advisory fee deductions, which expenses qualify, and what documentation is needed to support claims on tax returns.
What Is the Average Percentage Taken Out of a Paycheck?
Understand the common paycheck deductions, including taxes and benefits, and learn what factors influence the percentage taken from your earnings.
FET Tax on Trucks: What Owners and Buyers Need to Know
Understand how the federal excise tax applies to trucks, including key thresholds, calculation methods, and common filing mistakes to watch for.
ESOP Exit Strategy: Key Steps for a Successful Ownership Transition
Learn how to navigate ESOP exit strategies with insights on structuring deals, managing valuations, financing, tax implications, and owner payouts.
How Long Can the IRS Freeze Your Bank Account and What Happens Next?
Learn how long the IRS can freeze your bank account, what factors affect the duration, and what happens to your funds once the freeze is lifted.
Nonprofit Fund Accounting Journal Entries: Categories and Best Practices
Learn how nonprofits can accurately manage fund accounting with clear journal entries, proper expense allocation, and effective balance tracking.
Is SBP Taxable? Tax Rules and Reporting for Survivor Benefit Plan
Understand how Survivor Benefit Plan (SBP) payments are taxed, reported, and managed, including key rules, withholding details, and recordkeeping tips.
IRS Foreign Currency Conversion Rules and Approved Exchange Rates
Learn how the IRS requires foreign currency conversions, which rates are acceptable, and what documentation you need to stay compliant.
Accretion and Amortization: Key Differences and Financial Statement Impact
Understand how accretion and amortization differ, their roles in financial reporting, and how they influence the presentation of assets and liabilities.
Gift Receiver Tax: When Are You Responsible and What to Know
Understand when gift recipients may have tax responsibilities, key exclusions, documentation tips, and how to stay compliant with IRS rules.
How to Record 401k Employer Contributions Journal Entry in Accounting
Learn how to accurately record 401(k) employer contributions in accounting, including key accounts, contribution types, and reconciliation best practices.
Do You Close Retained Earnings at Year-End? How the Process Works
Learn how retained earnings are adjusted at year-end, how closing entries work, and what impacts the final balance on your company’s financial statements.