Do You Have to Pay Taxes on a Boat?
A boat’s tax implications extend beyond the sale price, affecting your finances during ownership and even after you sell the vessel.
Business and Accounting Technology
TEFRA vs. BBA Partnership: What Are the Differences?
Understand how new IRS audit rules impact partnerships by shifting tax liability to the entity level and centralizing decision-making authority.
How to Calculate Estimated Tax Payments
Translate your projected earnings into accurate quarterly tax payments. This guide explains the framework for staying current with your federal tax obligations.
ASC 815: Accounting for Derivatives and Hedging
Navigate the U.S. GAAP standard for complex financial instruments. Learn how to measure and report these instruments to align with risk management objectives.
What Are Guaranteed Payments on a Schedule K-1?
Understand the unique tax and financial nature of guaranteed payments on a K-1, clarifying their purpose separate from your share of partnership profits.
415 Safe Harbor Compensation vs. W-2 Compensation
The definition of compensation for retirement plans is a technical choice, distinct from W-2 wages, that is critical for correct plan administration.
What Is Cost Basis in Crypto and How Do You Calculate It?
Understanding your crypto’s cost basis is fundamental for tax reporting. Learn how to establish and track this value across all your transactions.
Section 743(b) vs. 734(b): Key Differences in Adjustments
Clarify partnership tax basis adjustments under a 754 election. Learn when a 743(b) personal adjustment applies versus a 734(b) common partnership adjustment.
How Does Selling Stocks at a Loss Affect Taxes?
Selling stocks at a loss can be a strategic tool to manage your tax liability. Learn the process for offsetting gains and the rules for deducting losses.
What Is a 953(d) Election and How Do You Make One?
Learn how a foreign insurance company can elect for U.S. domestic tax treatment, a strategic choice that alters tax obligations for the entity and its shareholders.
IFRS 16 vs. ASC 842: Key Differences in Lease Accounting
While IFRS 16 and ASC 842 both bring leases onto the balance sheet, their differing approaches can significantly alter a company’s financial profile.
Federal Tax Benefits for 100 Percent Disabled Veterans
A 100% VA disability rating provides unique federal tax considerations. Learn how this status affects your income and can help lower your overall tax burden.
How to Report Tip Income for Tax Purposes
Fulfilling your tax obligations on tip income goes beyond your annual return. Learn the complete framework for proper reporting and compliance.
What Was ASC 605 Revenue Recognition?
Understand the historical framework of ASC 605, the former U.S. GAAP revenue standard, and the rationale for its transition to a modern, unified approach.
IRS Section 48: The Energy Investment Tax Credit
Navigate the Section 48 Investment Tax Credit for energy projects. Understand how labor rules impact credit value and explore new monetization pathways.
Does Montana Tax Social Security Benefits?
Learn if your Social Security is taxable in Montana. The state’s approach is based on your total income, with specific provisions that can lower what you owe.
The Meaning, Purpose, and Scope of Internal Audit
Understand how internal audit provides independent assurance to improve an organization’s effectiveness by evaluating its risk, control, and governance processes.
What Is the Title Ad Valorem Tax on a Vehicle?
Understand the Title Ad Valorem Tax, a one-time fee based on your vehicle’s value, and the essential steps required to complete the titling process correctly.
Trust Distributions: How They Are Made and Taxed
Gain insight into the financial mechanics of trust distributions, from the trustee’s duties to the beneficiary’s tax reporting obligations.
Are Meal Reimbursements From an Employer Taxable?
The taxability of employer meal reimbursements depends on the business purpose and documentation. Find out how IRS rules classify these payments.