What Is the IRS Definition of Disabled?
The IRS has its own definition of disability for tax purposes. Understanding these specific criteria is key to determining your eligibility for tax relief.
Investment and Financial Markets
Is a 401(k) a Qualified Retirement Plan?
Understand how a 401(k)’s status as a qualified plan, governed by IRS rules, creates significant tax advantages for your long-term retirement savings.
Can I Max Out Both a 401k and 403b?
Holding both a 401k and 403b? Understand the distinct rules that govern your personal contributions versus total plan limits to optimize your retirement strategy.
What Is Tax Registration and How Does It Work?
Discover how tax registration works to create your business’s official identity with government agencies and ensure you meet foundational legal requirements.
What Is IRS Enforcement and How Does It Work?
Understand the systematic approach the IRS follows for tax compliance, covering the complete sequence of events from initial contact to final resolution.
ASU 2020-10: A Summary of Codification Improvements
Gain insight into ASU 2020-10, an update that enhances U.S. GAAP by improving the usability and consistency of the FASB Codification through minor amendments.
How IRS Revenue Ruling 79-53 Affects Buy-Sell Values
IRS Revenue Ruling 79-53 provides key guidance on whether a buy-sell agreement’s valuation will be respected for estate and gift tax purposes.
What Is Public Law 109-280, the Pension Protection Act?
Examine the Pension Protection Act, a law that redefined retirement security by increasing employer accountability and reshaping individual savings habits.
What Are Tax-Free Distributions From a 529 Plan?
A 529 plan’s value is in its tax-free withdrawals. Learn the essential rules and procedures for taking distributions to ensure they meet IRS guidelines.
Keogh Plan vs. SEP IRA: Key Differences
Learn how Keogh plans and SEP IRAs differ in administrative complexity, contribution structure, and access to features like participant loans.
What Are Examples of Tests of Controls in an Audit?
Learn how auditors assess the operational effectiveness of a company’s internal controls to determine the reliability of its financial processes.
What Is Revenue Code 9816 for Surprise Medical Bills?
Learn how Internal Revenue Code 9816 redefines financial responsibility for surprise medical bills, limiting patient costs for out-of-network care.
Is Electricity a Fixed or Variable Cost?
Properly classifying your business electricity expense is essential for accurate financial forecasting and reveals key opportunities for cost control.
Tax Code 174: R&E Expenditure Amortization Rules
Recent changes to Tax Code 174 impact how your business accounts for R&E costs. Learn the process for capitalizing and recovering these expenditures over time.
How Your Business Should Handle Taxes for Payroll
Navigate the complexities of payroll tax management with a guide to the fundamental procedures for calculation, payment, and reporting for your business.
What Is the Alabama Overtime Tax Exemption?
A guide to Alabama’s temporary overtime tax exemption for hourly workers, explaining its impact on state income tax withholding and annual reporting.
The Widows Tax: How to Prepare for the Tax Increase
For a surviving spouse, household income may not drop by half, but the tax bill can. Explore the reasons for this tax shift and how to plan ahead.
Where to Report Exempt Interest Dividends on Form 1040
Correctly report your exempt-interest dividends on your tax return. This guide clarifies the informational reporting process and potential tax implications.
Publication 4687: Canceled Debts, Foreclosures, Repossessions
Understand the tax implications of forgiven debt and property loss. This guide clarifies how to calculate taxable income and report a gain or loss on your return.
What Is a Reduction in Basis and Why Does It Matter?
Understand how an asset’s tax basis is adjusted downward over time and why tracking these changes is essential for accurate capital gains reporting upon sale.