Gift vs. Loan: What Are the Tax Implications?
The structure and documentation of a financial transfer determine its tax treatment. Learn the IRS criteria for classifying funds as a gift or a loan.
Investment and Financial Markets
Does New Hampshire Have Property Tax?
New Hampshire’s property tax funds local government in a state with no sales or income tax. Learn how your bill is calculated and what relief is available.
Do Husband and Wife Pay Separate Medicare Premiums?
While Medicare premiums are paid individually, a couple’s shared income and tax filing status directly determine the monthly cost for each spouse.
What Is the Difference Between a Tax Credit and Tax Deduction?
While both reduce your tax burden, they operate differently. A credit cuts your tax bill directly, while a deduction lowers your taxable income.
The Pros and Cons of an Estate Tax Repeal
An estate tax repeal involves more than a tax cut. It includes critical trade-offs that could shift the tax burden on inherited assets for heirs.
IRC 101(a): Are Life Insurance Proceeds Taxable?
Understand the tax treatment of life insurance payouts. Learn why death benefits are generally received tax-free and review the key exceptions that create a liability.
What Is H.R. 636 and How Does It Affect Veterans?
Explore the impact of H.R. 636, which authorizes a digital alternative to the paper-based process for appointing a VA claims representative.
What Is Net Unrealized Built-In Gain?
Learn how net unrealized built-in gain measures pre-conversion appreciation for C corps electing S corp status and its impact on future tax liability.
What Is Tax Research and Why Is It Important?
Understand the systematic approach tax professionals use to interpret tax law, providing sound guidance for both compliance and strategic planning.
Taxpayer Relief Initiative: What It Is and How It Works
Explore how taxpayer relief initiatives provide a formal pathway for resolving tax debt and achieving compliance when facing financial difficulties.
How Much Dividend Income Is Tax Free?
The tax on your dividend income depends on its type and your overall financial picture. Learn the specific conditions that can make this income tax-free.
S Corp Change in Ownership After a Shareholder’s Death
Understand the procedures for handling an S corp ownership transition after a shareholder’s death to ensure compliance and preserve the entity’s tax status.
What Is a Unit of Account in Accounting and Economics?
Learn how a common measure of value provides a basis for pricing in an economy and makes consistent financial reporting possible for businesses.
The 80% NOL Limitation With a Calculation Example
Clarify how the 80% net operating loss limitation affects taxable income. This guide explains the rules for new and old NOLs with a detailed calculation.
ASU 2014-02: Goodwill Accounting for Private Companies
ASU 2014-02 offers a simplified accounting path for private companies, reducing the burden of goodwill valuation through an amortization and streamlined impairment model.
What Activities Are Protected Under PL 86-272?
Explore the federal law that establishes the threshold for state income tax liability and see how its decades-old framework is interpreted for modern business.
Form 1040 Line 15: How to Report IRA Distributions
Guidance for reporting IRA withdrawals on Form 1040, Line 15. Learn to distinguish the total distribution from the taxable amount for accurate tax filing.
Does Filing Form 8300 Trigger an IRS Audit?
Understand the link between filing Form 8300 and an IRS audit. Learn how the IRS uses cash transaction data to identify discrepancies, not as a direct trigger.
Do All LLC Businesses Get Tax Refunds?
Whether an LLC gets a tax refund depends on its tax structure. Understand how your IRS election determines if a refund is issued to you or directly to the business.
What Legislation Put a Tax on Gas Guzzling Automobiles?
The Gas Guzzler Tax is a federal excise tax originating from the 1978 Energy Tax Act. It applies to new, low-MPG cars and is paid by the manufacturer.