79/19 Plans: An IRS Listed Transaction
An analysis of how 79/19 plans use life insurance for tax deductions and why the IRS designated these arrangements as a listed transaction.
Investment and Financial Markets
Does Oregon Tax Military Retirement?
Understand how Oregon treats military retirement pay. While this income is generally taxable, state-specific provisions can reduce your final tax obligation.
What Happens If I Don’t Pay My State Taxes?
Ignoring a state tax bill initiates a formal collection process with significant financial and legal implications. Explore how states secure and resolve unpaid liabilities.
How to Record a Purchase Allowance Journal Entry
Learn the proper accounting for a purchase allowance to ensure financial accuracy. This guide covers how to correctly adjust inventory and payables.
ASU 2014-17: An Overview of Pushdown Accounting
ASU 2014-17 provides the framework for pushdown accounting, an election for an acquiree to adopt the new owner’s accounting basis in its separate financials.
Affiliated Transactions: Accounting and Tax Considerations
Understand the key principles for transactions between related entities, ensuring objective financial reporting and tax compliance.
Section 664 Trust: What You Need to Know
Learn about the structure and function of Section 664 trusts, a key tool for integrating charitable giving with your personal estate and tax planning goals.
Can I Cash Out My HSA After Leaving My Job?
Understand the options for your Health Savings Account after a job change. Your funds are portable, but how you access them determines the tax consequences.
Can You 1031 Exchange a Second Home?
A second home may qualify for a 1031 exchange. Learn how its specific use, not its label, determines its eligibility for deferring capital gains tax.
The General Ledger Audit Process and Preparation
Understand an auditor’s approach to reviewing your general ledger. Learn how effective preparation aligns with the examination process for reliable financial results.
Revenue Procedure 2001-43: Claiming a Worthless Stock Loss
Discover how to claim a capital loss for the amount previously reported as income when your employee stock compensation becomes worthless.
Treas. Reg. §1.451-8: Deferring Advance Payments
Understand the tax accounting method under Treas. Reg. §1.451-8, which allows accrual-based businesses to defer income from advance payments to a subsequent tax year.
Calculating Cost Basis and Depreciation
Learn the principles for establishing an asset’s tax value, from its initial cost to the adjustments that determine the final gain or loss upon its sale.
How Do I File Head of Household on My Tax Return?
The Head of Household filing status provides a lower tax liability than Single. Learn the specific circumstances required to claim this beneficial tax status.
Rev. Rul. 82-39: The Tax Benefit Rule in Liquidations
Explore the tax principle that requires a liquidating corporation to recapture prior deductions for assets it distributes to shareholders.
Bankruptcy Code 523: Exceptions to Discharge
A bankruptcy discharge has limits. Learn which debts are excluded by law, which a creditor can challenge, and how your filing choice affects the final outcome.
Are Alimony Payments Considered Taxable Income?
Federal tax rules for alimony hinge on your divorce agreement’s date. Learn if payments are a tax deduction for the payer or taxable income for the recipient.
What Are the Due Diligence Requirements?
Gain a comprehensive understanding of due diligence, from the core principles of investigation to the practical steps for executing a review and its mandates.
Buying a New Car Qualifies for a Tax Deduction
Using a new vehicle for business can lower your tax liability. Learn how the vehicle’s characteristics and your accounting choices affect your potential deduction.
Can I Use My SSN as My Taxpayer ID Number?
Understand when your Social Security Number serves as your Taxpayer ID and when business activities legally require a separate Employer Identification Number (EIN).