Investment and Financial Markets

Understand how assuming liabilities in a business transaction is treated for tax, impacting the transferor’s gain and the transferee’s asset basis.

Changing a worker from 1099 to W2 mid-year creates distinct payroll and tax obligations. This guide covers the process for a compliant year-end reconciliation.

Understand your legal obligations for retaining employee W-2 forms. Adhering to varied federal and state timelines is crucial for tax compliance.

Understand the tax rules for universal life withdrawals. Learn when cash value access is a tax-free return of premium and when it becomes taxable income.

Navigate the requirements for changing your business tax year. Learn if you need to file Form 1128 or if you qualify for an automatic change from the IRS.

Understand the financial framework for an owner-occupied multi-family. Learn the correct tax approach when your property is both a home and an investment.

The clean vehicle tax credit depends on an interaction of buyer, vehicle, and tax rules. Learn how these factors determine your ultimate financial benefit.

Learn the correct process for filing IRS Form 843 to request a refund or abatement on specific taxes, interest, and penalties unrelated to income tax.

Understand the key compliance and tax considerations when offering employees cash for declining health coverage to ensure your waiver program is structured correctly.

Learn how your business entity dictates whether you receive a dividend or a distribution, and understand the critical tax differences for each payout.

Learn the strategic methods for recovering the cost of restaurant equipment and improvements to effectively manage your business’s annual tax liability.

Understand the key distinction between an inheritance tax and the Massachusetts estate tax, and how it determines the ultimate value of assets passed to heirs.

An asset’s cost basis is more than its purchase price. Learn how to calculate this key figure for tax purposes, including the adjustments that occur over time.

Paying final wages for a deceased employee involves unique tax rules. Learn how the timing of the payment determines the correct tax form and withholding.

Understand how Maryland treats 401(k) distributions as income. This guide explains the state and county tax rules and the key provisions available to retirees.

Navigate the requirements for establishing a 501(c)(3) nonprofit. This guide covers the essential legal structures and procedural steps for IRS approval.

If your S corp was once a C corp, its passive income may be taxed. Learn how past earnings can create current tax liabilities and how to navigate the rules.