Section 1061 Rules for Carried Interest Capital Gains
Understand the tax implications of Section 1061, which recharacterizes certain partnership capital gains by applying a three-year holding period to carried interest.
Investment and Financial Markets
IRS Notice 2016-16: Safe Harbors for GST Trusts
IRS Notice 2016-16 provides a clear framework for fiduciaries altering irrevocable trusts, defining actions that preserve a trust’s valuable GST-exempt status.
How Do I Find Out If I Owe the IRS?
Unsure of your standing with the IRS? Learn the official methods to securely check your account balance and get a definitive answer directly from the source.
How to Account for the Impairment of Inventory
Learn the accounting principles for adjusting inventory to its true market value, ensuring financial statements are accurate and do not overstate assets.
The New 529 Grandparent Loophole for Financial Aid
Recent FAFSA rule changes remove a key financial aid obstacle for grandparent-owned 529 plans, altering the strategic landscape for family college funding.
Which States Have No Inheritance Tax?
Understand the tax rules for inherited assets. Learn how the decedent’s state of residence and your relationship can impact your financial responsibility.
What Are Financial Assets? Definition and Core Types
Explore financial assets, the intangible instruments representing a claim on future value that are fundamental to personal and corporate financial structures.
What Is the Section 198A Qualified Business Income Deduction?
Explore the Section 198A deduction for pass-through businesses. This guide explains how qualified income is defined and how complex rules can limit the benefit.
What Are Underpayment Penalties?
Understand the principles of the IRS underpayment penalty. Learn how to manage your tax payments throughout the year to comply with the rules and avoid extra charges.
What Is an Accumulation Fund and How Is It Taxed?
Learn how an accumulation fund’s reinvested income drives growth and creates unique tax considerations for both ongoing earnings and eventual capital gains.
How Does Charitable Giving After Death Work?
Discover how structuring a posthumous charitable gift through your estate plan can fulfill philanthropic goals while providing financial advantages.
IRC 162(f): Can You Deduct Government Fines?
The tax deductibility of government fines and penalties hinges on specific legal and documentary requirements, not simply the nature of the payment itself.
ESPP Tax Examples With Calculation Breakdowns
Understand the tax implications of selling ESPP stock. Our guide uses clear calculations to show how your holding period determines your final tax liability.
How to File Form 8829 for Your Home Office
Learn the process for claiming your home office deduction with Form 8829. This guide details the actual expense method for self-employed individuals.
Broker Dealer Accounting Rules and Regulations
Understand the unique accounting system governing broker-dealers, a framework designed to ensure financial responsibility and protect client funds and securities.
How ASU 2015-17 Changes Deferred Tax Classification
Understand how ASU 2015-17 streamlines the balance sheet by unifying the accounting presentation for all deferred income tax assets and liabilities.
Can a Trust Take the Section 179 Deduction?
While a trust is generally unable to claim the Section 179 deduction, its specific tax structure determines how and if the benefit can be used.
What Is an Accounting Period and Its Common Types?
Defining your business’s accounting period is a foundational step. Learn how this timeframe impacts financial reporting, tax obligations, and operational insight.
What Is a Qualifying Event for a Dependent Care FSA?
Life events can impact your child care needs. Learn how these changes may allow you to modify your Dependent Care FSA contributions outside of open enrollment.
Can Cost of Goods Sold Be Negative?
Discover the unusual accounting circumstances that can lead to a negative Cost of Goods Sold and what this anomaly signals on a financial statement.