How to Calculate the Basis for a 1031 Exchange
The tax deferral from a 1031 exchange is preserved in the basis of your new property. Learn the calculation that establishes this important starting value.
Investment and Financial Markets
Is Rent a Qualified 529 Plan Expense?
Learn the conditions for using a 529 plan for student rent. The qualified amount depends on enrollment status and the school’s official housing allowance.
IRS Delays $600 Threshold: What It Means for Taxpayers
The IRS has delayed the $600 reporting threshold, creating a transition period. Learn what this phased implementation means for your current and future tax obligations.
Current Account vs. Capital Account: The Main Differences
Discover the accounting system nations use to track global trade and investment. Understand how a country’s spending abroad is financed by foreign capital.
How Much Can You Convert to a Roth IRA?
Converting to a Roth IRA has no income or dollar limits. Learn how your existing accounts and tax situation define your ideal conversion amount.
FIN 18: Accounting for Income Taxes in Interim Periods
Explore the methodology for interim income tax accounting, which applies a full-year tax perspective to quarterly results to prevent volatile tax expenses.
ISA 330: The Auditor’s Responses to Assessed Risks
Understand how ISA 330 guides auditors from risk assessment to action, detailing the design of a responsive audit strategy to address specific threats.
What Are Actuals in Accounting and Finance?
Explore how actuals represent the financial truth of a business, providing the essential data for measuring performance and shaping future strategy.
How to Qualify for Public Charity Status 170(b)(1)(a)(vi)
Understand the financial thresholds and procedural steps required to secure and maintain public charity status as a 170(b)(1)(a)(vi) organization.
Crummey Letters: What They Are and How They Work
Understand the formal notice process that enables contributions to an irrevocable trust to qualify for key tax benefits in estate planning.
Can You Amend a Gift Tax Return?
Filing a corrected gift tax return follows a distinct process. Learn how to properly amend a Form 709 to ensure accurate lifetime gift reporting.
How to Claim a Climate Change Levy Exemption
Understand the official framework for Climate Change Levy relief. This guide clarifies the process for UK businesses to lower their energy tax liability.
What Is the IRS Family Glitch and How Is It Fixed?
If your employer’s family health plan seems too expensive, a recent rule change may now allow your family to qualify for subsidized ACA Marketplace plans.
Capital Gains Tax on Home Sales in North Carolina
Understand the tax implications of selling your North Carolina home. Learn how federal exclusions apply and how the state treats any resulting taxable gain.
Can You Use Your 401k to Buy Land?
Understand the financial mechanisms and strict IRS guidelines for using retirement funds to invest in land while protecting your account’s tax-deferred status.
Does Owning a Mobile Home Count as First Time Homeowner?
Learn if your mobile home ownership impacts your first-time homebuyer status, as eligibility often depends on its legal property classification.
AU-C 706: Emphasis-of-Matter and Other-Matter Paragraphs
Understand how auditors provide crucial context in reports, highlighting key matters without altering their fundamental opinion on the financial statements.
Private Foundation Distribution Rules Under Section 4942
Navigate the annual distribution requirements for private foundations under IRC § 4942 to ensure financial compliance and fulfill charitable obligations.
AT-C 205: Assertion-Based Examination Engagements
Learn how practitioners follow the AT-C 205 standard to methodically evaluate a company’s assertion and deliver a formal, independent opinion on the subject matter.
Do I Have to Pay Taxes on PSLF Forgiveness?
Learn about the tax treatment of Public Service Loan Forgiveness, including the federal exclusion and how to determine your specific state tax obligations.