What Are Generally Accepted Accounting Principles (GAAP)?
Understand the framework governing U.S. financial reporting, a system designed to ensure statements are consistent, comparable, and reliable for all users.
Business and Accounting Technology
Famous Inventory Fraud Cases and Their Red Flags
Explore how and why inventory is intentionally misstated on financial records, and learn to spot the analytical and operational clues left behind.
Can I Use a 529 Plan for Homeschool Expenses?
Understand the financial nuances of using 529 plan funds for homeschooling, including key differences between federal and state tax treatments and what costs qualify.
Do You Pay Taxes When You Trade in a Car?
Understand how a car trade-in impacts your sales tax calculation and learn about other financial considerations that can affect your final transaction price.
Can You Do a Roth Conversion From an Inherited IRA?
Whether you can convert an inherited IRA to a Roth depends on your relationship to the original owner. Understand the key differences in eligibility and next steps.
Can You Section 179 a Leased Vehicle?
Your vehicle “lease” may be considered a purchase by the IRS. Understand the critical distinctions in your agreement to ensure you claim the correct deduction.
How to Get a Tax ID Number for a Trust After Death
When a trust becomes a distinct legal entity after the grantor’s death, a new federal tax ID is required. Learn the steps for this key trustee duty.
IRS Rules for Being Permanently and Totally Disabled
A permanent and total disability status has a distinct meaning to the IRS, influencing your tax return, retirement funds, and overall financial picture.
Performance Materiality vs. Tolerable Misstatement
Learn how auditors apply materiality from a strategic, overall audit level down to the tactical testing of individual accounts and transactions.
Deferred Commissions Accounting Under ASC 606
Learn the principles of deferring sales commission costs as an asset and expensing them over time to accurately reflect contract profitability.
What Are the 1099 Filing Requirements for 2024?
Navigate the 2024 Form 1099 requirements. This guide clarifies the complete reporting process for businesses and the tax implications for their recipients.
Illinois ST-556 Form: Vehicle Sales Tax Exemption
Understand the official process for certifying a private vehicle transfer as tax-exempt in Illinois, ensuring your transaction meets state requirements.
Reasonable Compensation Guidelines for an S Corp
This guide provides a framework for S Corp owners to set a reasonable salary, ensuring compliance with IRS rules and properly managing tax obligations.
Can You Claim Homestead Exemption on Two Homes?
This tax benefit is tied to one designated home. Learn how authorities determine your main residence and the rules for making a proper claim.
Does Portugal Tax US Social Security Benefits?
For US expats in Portugal, the tax treatment of Social Security is determined by its country of origin, creating distinct obligations in both nations.
Tax Consequences of Selling Intellectual Property
Selling intellectual property involves key tax considerations. Understand how to properly calculate the taxable gain and determine its character for reporting.
Which States Charge Sales Tax on Streaming Services?
State and local sales tax rules for digital media are evolving. Understand how tax on streaming services is determined and applied based on your location.
Professional Athlete Tax Deductions You Can Take
Navigate the unique financial landscape of a professional athlete’s career. Understand how specialized tax rules affect your income, expenses, and overall bottom line.
How to Calculate Built-In Gains Tax for S Corporations
Navigate the built-in gains tax for S corporations. This guide details the layered calculation method and factors that limit your final tax liability.
What Is the UK’s Top Income Tax Rate?
Understand how the UK’s top income tax rate is applied. This guide clarifies how income thresholds and allowance tapering combine to create your effective tax rate.