The Age 59 1/2 Withdrawal Rule for Retirement Accounts
Understand the financial implications of accessing your retirement funds after age 59 1/2. Learn how to navigate withdrawals to manage tax obligations.
Investment and Financial Markets
How Is IRS Reasonable Collection Potential Calculated?
Learn the IRS’s objective formula for calculating your ability to pay tax debt, which relies on standardized financial values rather than your personal budget.
What Is an IRS Closing Agreement and How Does It Work?
Learn how a formal contract with the IRS provides a definitive and legally binding resolution to specific tax matters, ensuring finality for the taxpayer.
What Are Sumptuary Taxes and How Do They Work?
Explore the dual purpose of taxes designed to influence consumer habits and fund public services, and learn how their structure creates economic effects.
An Overview of IRS Practice and Procedure
Explore the formal rules that define how the IRS operates and the procedural steps taxpayers can take to navigate and resolve tax matters.
What Are Examples of a Material Weakness?
Explore how deficiencies in a company’s internal controls, whether procedural or cultural, can rise to the level of a material weakness.
What Is IRS Notice 1452 and How Do I Respond?
IRS Notice 1452 is a common security step to confirm your tax filing. This guide details the verification process and its outcomes for your return.
What Qualifies for a FUTA Exemption?
Not all employers must pay FUTA tax. Understand the criteria for exemptions based on your organization’s structure or the nature of certain employee payments.
What Is the Age Limit for SEP IRA Contributions?
Understand how SEP IRA rules separate contribution eligibility from age. Earned income is the key factor, even when mandatory withdrawals are required.
Can You Use Coverdell Funds to Pay Student Loans?
Learn the critical rules for Coverdell ESA distributions to correctly apply funds toward education costs and avoid unintended tax consequences.
NIPA Profits vs. Book Profits: What’s the Difference?
Beyond accounting figures, see how economic adjustments to corporate profits offer a more precise measure of the corporate sector’s health and output.
What Is the Beneficiary IRA 10-Year Rule?
The 10-year rule for inherited IRAs sets complex withdrawal requirements. Learn how your beneficiary status and the original owner’s age define your obligations.
Calculating Form 8995 Line 12 for the QBI Deduction
Learn how the QBI deduction is limited. This guide clarifies the Form 8995, Line 12 calculation, where your taxable income sets the final cap on your benefit.
What Are Transfer Pricing Adjustments?
Understand the process of aligning intercompany transaction prices with tax regulations and the established methods for resolving cross-border discrepancies.
Can You Be Denied a Hardship Withdrawal?
A hardship withdrawal is a last resort with strict rules. Learn about the criteria your request must meet beyond just proving a significant financial need.
How to Change LLC Ownership Percentages
Altering LLC ownership is a formal process, not just a simple agreement. Learn the necessary legal and financial protocols to ensure a valid transfer.
What Are Frivolous Tax Arguments?
Explore the distinction between legitimate tax disputes and positions the IRS considers baseless, which have established legal and financial consequences.
How to Determine Estate Tax Valuation
Calculating an estate’s value for tax purposes involves a series of key decisions and specific methodologies for different types of property.
Common IRS Tax Issues and How to Fix Them
Interacting with the IRS can be complex. Learn about the established procedures for addressing tax discrepancies and finding a clear path to compliance.
What Is the Section 277 Carryover Deduction?
Understand the tax rule that lets membership organizations defer losses from member services by applying them as a deduction against future member income.