Business and Accounting Technology

Learn how a nongrantor trust functions as a separate taxable entity, shaping its federal income tax treatment and enabling strategic state tax planning.

Understand the key distinctions that determine if a per diem allowance is a non-taxable reimbursement or must be reported as taxable income.

Explore the financial and procedural rules for a business making a 529 plan contribution, including tax advantages for the company and the recipient.

Social Security is not earned income, a critical distinction that affects IRA contribution eligibility and how your overall income is taxed in retirement.

Discover why a fixed car allowance is considered taxable compensation and how this impacts both employee take-home pay and employer payroll costs.

For military personnel, California tax liability depends on your domicile, not just where you are stationed. Learn how these rules affect your state filing.

Driving a company car for personal reasons is a taxable benefit. Learn how its value is determined and added to your W-2 as reportable income.

The decision to shred tax returns is more complex than a single rule. Understand the varying retention periods for different documents and situations.

Learn the process for claiming Oregon’s Residential Energy Tax Credit, from determining eligibility and project standards to filing the final paperwork.

Clarify your U.S. reporting obligations when you have authority over a foreign account, even if you do not have a financial interest in its funds.

Trust decanting modernizes a trust, but this flexibility has complex tax considerations that can affect beneficiaries, asset ownership, and a trust’s tax status.

A review of pandemic-era tax relief from the IRS. Understand how past provisions may still allow you to claim valuable funds on prior-year tax returns.

When moving retirement savings, the transfer method you choose dictates your tax consequences and the complexity of the rules you must follow.

Understand how Hawaii’s tax system impacts retirees. The state treats Social Security uniquely compared to other forms of retirement income and savings.

Understand the purpose of Form 8886 and the taxpayer’s duty to disclose certain transactions, a key component of IRS tax transparency and compliance.

Filing Form 8832 involves more than finding the right address. Understand the complete procedural requirements to ensure your entity classification is valid.