What Is the IRS Still Working Exception for 401k RMDs?
Working past the standard retirement age can alter your 401(k) withdrawal obligations. Learn the key distinctions of this specific IRS provision.
Business and Accounting Technology
Tax Basis vs. Book Basis: The Primary Differences
Explore how differing rules for financial reporting and tax compliance lead to two unique values for assets and the financial implications of this duality.
Executor Commission: How It’s Calculated and Taxed
Serving as an executor involves key financial rules. Learn how compensation is structured based on specific assets and the tax implications of receiving payment.
Does California Tax Military Pay or Retirement?
Understand the financial nuances of California’s tax system for service members. This guide clarifies state tax obligations for military-related income.
Should I Add Sales Tax to My Invoice?
Learn the key factors that determine your sales tax obligations and the steps for correctly incorporating them into your invoicing and business operations.
How Much Should I Put in My HSA Per Paycheck?
Determine the right HSA contribution for your paycheck by balancing your health plan’s costs, your budget, and your long-term savings objectives.
What Are NYS Tax Warrants and How to Resolve Them?
Understand the legal standing of a New York tax warrant and the formal procedures required to address an outstanding tax liability with the state.
What Are Nonrecaptured Section 1231 Losses?
The tax treatment for a gain on business property isn’t determined in a single year. Learn how prior losses can alter the character of your current gain.
Livestock Tax Rules for Farmers and Ranchers
The tax treatment of your livestock depends on its purpose. This overview explains the financial rules for managing your agricultural operation’s bottom line.
What Is an Affiliated Service Group?
Learn how business ownership and service structures can create a single employer entity for benefit plan testing and compliance under IRS rules.
What Is the Difference Between 1231 and 1245 Property?
The tax treatment of gains from selling business assets depends on a key interaction: how prior depreciation deductions can reclassify a portion of your gain.
How to Get an ITN for Your Export Shipment
Navigate the requirements for obtaining an Internal Transaction Number (ITN) to ensure your U.S. export shipment complies with federal regulations.
Do You Owe Sales Tax on Used Equipment?
Buying or selling used equipment involves specific tax considerations. Explore how the nature of the transaction and proper procedure can impact your final tax obligation.
What Are Key Audit Matters in an Audit Report?
Gain insight into the auditor’s perspective on financial statements. Learn how Key Audit Matters highlight the most significant judgments made during an audit.
What Are Roll Forward Procedures in an Audit?
Explore how auditors leverage interim findings to validate year-end balances, an efficient audit strategy grounded in risk assessment and analytics.
IRS Rules for R&D Expenses and Tax Credits
Understand the current IRS approach to R&D costs, covering the mandatory tax accounting for expenses and the separate process for claiming tax benefits.
How Step-Up in Basis Works in California
Learn how step-up in basis can reduce capital gains tax on inherited assets in California, and how this differs from property tax reassessment rules.
GASB 34: New Requirements for General Capital Assets
Understand GASB 34’s comprehensive framework for accounting for general capital assets, from their initial valuation to their presentation in financial statements.
Liabilities: Are They a Debit or a Credit?
Clarify how liabilities are recorded in accounting. Learn the fundamental logic of debits and credits and how they keep your company’s finances in balance.
How to Report an OID Adjustment on Your Tax Return
The OID income reported on your tax form isn’t always the correct taxable amount. Learn when an adjustment is necessary to ensure tax reporting accuracy.