Revenue Ruling 59-60: Valuing a Closely Held Business
Explore the foundational framework for valuing a private business, a process blending quantitative analysis with qualitative judgment for tax reporting purposes.
Business and Accounting Technology
IRC 2631: Generation-Skipping Transfer Tax Exemption
Explore the mechanics of the generation-skipping transfer tax exemption, including the strategic considerations and procedures for its proper allocation.
HOA Capital Improvements: A Homeowner’s Overview
Understand the lifecycle of an HOA capital improvement, from how projects are funded to the impact special assessments have on your home’s future tax basis.
ASC 605-50: Accounting for Customer Payments & Incentives
Understand the nuanced guidance of ASC 605-50 to correctly classify customer payments as a price concession or a distinct, separable business expense.
What Are Inventory Carrying Costs & How Are They Calculated?
Understand the full financial impact of holding unsold inventory. These often overlooked expenses directly influence profitability, cash flow, and business strategy.
What Is Form 8955-SSA and Who Needs to File It?
A guide for plan administrators on the annual reporting process for separated participants with deferred vested benefits via IRS Form 8955-SSA.
A List of Tax-Deductible Office Expenses
Understand the criteria for deducting office costs for both commercial and home-based businesses, and learn the best practices for accurate record-keeping.
How to Perform a Search for Unrecorded Liabilities
Explore a crucial audit process for ensuring financial completeness by using subsequent records to verify all obligations are properly reported.
How to Record Carried Interest Accounting Entries
Accurately record carried interest by translating complex profit allocation logic into the precise journal entries required for fund accounting and distributions.
What Is an IRS Civil Penalty and How Do You Handle It?
An IRS civil penalty isn’t necessarily the final say. Learn about the formal process for requesting penalty relief and the valid reasons the IRS may grant it.
Can You Use Dependent Care FSA to Pay a Family Member?
Using your Dependent Care FSA to pay a family member is possible, but it creates important tax and documentation responsibilities for you and the caregiver.
Where to Send Form 4506-T: Mailing and Faxing Addresses
Ensure your Form 4506-T tax transcript request is processed correctly by using the proper IRS submission address and fax number for your specific location.
Rent Abatement Accounting Under ASC 842
Discover how ASC 842 lease accounting addresses rent-free periods, distinguishing between concessions planned at signing and those granted later on.
What Are the Trust Tax Rates on Capital Gains?
Understand the tax implications when a trust realizes capital gains. Explore how compressed tax rates and distribution strategies affect the total tax paid.
IRC Section 152: Domestic Partner Dependency Rules
Understand the specific federal tax requirements for claiming a domestic partner as a dependent, which go beyond state or local relationship definitions.
Additional Standard Deduction for Blind and Over 65
Taxpayers age 65 or older or who are legally blind can take a higher standard deduction. Understand the specific IRS rules to accurately lower your tax liability.
When Is a State or Local Tax Refund Taxable?
Understand the federal tax implications of a state or local tax refund. Learn how your prior year’s filing choices determine if it counts as income.
Is the IRA 70 1/2 Rule Still in Effect?
The long-standing 70 1/2 rule for IRA withdrawals has changed. Learn the current age requirements to ensure proper management of your retirement distributions.
AU-C Section 315: Identifying and Assessing Risk
Learn how auditors apply AU-C 315 to synthesize information about a company and its operations, forming a basis for assessing financial statement risk.
The Difference Between a Charge-Off and a Write-Off
Understand the distinction between a general asset write-off and a charge-off, an accounting term specifically applied to delinquent consumer debt.