IRS Form 4952: Investment Interest Expense Deduction
Learn how Form 4952 allows taxpayers to deduct interest on investment loans, subject to limitations based on their net investment income for the year.
Investment and Financial Markets
EITF 88-18: Accounting for Sales of Future Revenues
EITF 88-18 provides the framework for classifying proceeds from future revenue sales, clarifying the critical distinction between debt and revenue treatment.
Can You Claim a Tax Credit for Your Pets?
While typical pet expenses are not deductible, discover the narrow circumstances where an animal’s specific role can make its costs a valid tax deduction.
Partnership Termination: Tax Rules and Process
Navigate the tax and procedural requirements for ending a partnership, from settling financial obligations to finalizing each partner’s tax position.
Form 8288-A: How to File for FIRPTA Withholding
Navigate the FIRPTA withholding process with Form 8288-A. Learn how this form connects the buyer’s payment to the foreign seller’s U.S. tax credit.
What Is Point in Time Revenue Recognition?
Learn the accounting framework for determining when a transaction is complete. This guide explains the logic for pinpointing the exact moment to recognize revenue.
What Is Form 8835 and How Do I File It?
This guide explains how to report renewable energy production on Form 8835 to secure the general business credit for your qualified facility.
What Are Your Termination Distribution Options?
Leaving your job? Understand the critical choices for your retirement account to preserve your savings and navigate the financial implications of your decision.
What Is a Quid Pro Quo Contribution?
When a payment to a charity provides a benefit in return, part is a gift and part is a purchase. Learn how this distinction affects your tax deduction.
Are Savings Accounts Taxable? Reporting Interest Income
Your savings account interest is taxable income. Learn the essential principles of how this income is reported to ensure you meet your annual tax obligations.
Horizontal vs. Vertical Equity in Taxation
Explore the core principles that define a fair tax system, examining the tension between treating equals equally and taxing based on ability to pay.
How Are Mutual Fund Dividends and Distributions Taxed?
The tax on your mutual fund distributions is determined by their source within the fund, a crucial detail for accurate reporting and tax planning.
SEC Rule 13a-14: Officer Certification Requirements
Explore the framework of SEC Rule 13a-14, which mandates personal executive accountability for the integrity and accuracy of corporate financial reporting.
S-Corp Officer vs. Shareholder: Key Distinctions
In an S-Corp, your role defines your compensation. Differentiating officer salaries from shareholder distributions is crucial for tax compliance and planning.
Where Do You Mail Your State Tax Return?
Submitting a paper state tax return involves more than just an envelope and a stamp. Ensure your return is sent to the correct location for proper processing.
IRC Section 3121: Defining Wages and Employment Status
Understand the tax principles defining compensation and employment for FICA purposes, clarifying critical payroll obligations for employers and workers.
Revenue Ruling 83-42: Below-Market Shareholder Loans
Explore how tax law treats below-market loans from a corporation to a shareholder, recharacterizing the transaction to create both income and a dividend.
What Is Line 15 on Form 1040? Your Taxable Income
Understand how deductions lower your income to arrive at the taxable income on Line 15 of Form 1040, the key number used to calculate your tax bill.
How Wayfair Affects Income Tax Nexus
The legal reasoning from the Wayfair decision now extends to corporate income tax, creating new compliance duties for businesses based on revenue, not just location.
26 U.S.C. § 6012: Who Is Required to File a Tax Return?
Understand the specific criteria that establish a legal duty to file a U.S. tax return, from gross income thresholds to other mandatory circumstances.